SinglePoint, Inc. (OTC Pink: SING) is engaged in mobile technology and marketing solutions. In addition, the company operates a cannabis-based subsidiary called SingleSeed. Shares of SinglePoint, Inc. are rallying 29% through early trading on Friday, November 4, 2016. Over the past three months, SinglePoint, Inc. has seen average daily volume of 816,801 shares. However, nearly 13.7 million shares or dollar volume of $238,380, has already exchanged hands through early trading Friday.
Shares of SinglePoint, Inc. are rallying Friday, after the company’s cannabis subsidiary, SingleSeed, announced it is focusing on the development of credit card processing services for the legal cannabis industry. Currently, legal marijuana businesses are deemed “unbankable” due to the fact that the U.S. Federal Government continues to hold marijuana under the Schedule 1 designation. This creates a huge demand for banking-type services to help the emerging industry. Here is the press release detailing of the money processing plans from SinglePoint, Inc.:
SinglePoint, Inc. Press Release:
SEATTLE, WA / ACCESSWIRE / November 3, 2016 / SinglePoint, Inc. (SING) today announces that SingleSeed (www.singleseed.com), a subsidiary focused on providing credit card processing solutions for the cannabis industry, is awakening from a quiet period to take advantage of increased demand and legislative shifts within the cannabis market.
“This is an ideal time to actively engage the marketplace. A couple years ago we established a significant presence as one of the first merchant service providers targeting this industry, and we will be leveraging relations with existing clients to accelerate growth,” states SinglePoint CEO Greg Lambrecht. “Additionally, there are a number of other smaller companies in this space that, as part of our overall rollup initiative, we would seek to acquire.”
Politicians on both sides of the aisle are pushing for solutions to the marijuana banking conundrum on state and federal levels. SinglePoint’s Board of Directors is confident that results of next week’s election will not derail unified efforts to make way for allowing these companies to be “bankable.”
There is a growing need to protect business owners as legalization continues to increase nationwide. Anderson Economic Group predicts that the following the seven states are the most likely to legalize cannabis by 2017: Arizona, Maine, Michigan, Missouri, Nevada, Rhode Island and Vermont. With more and more states pushing legalization, analysts from financial services firm Cowen and Co. are projecting a $50 billion legal cannabis market in the United States by 2026, with such progression based on federal legislation.
The Financial Crimes Enforcement Network (FinCEN) reports that 266 depository institutions nationwide currently maintain accounts with marijuana-related businesses. These entities are known in banking jargon as MRBs. In a recent survey of 400 respondents in the cannabis industry, Marijuana Business Daily reported that 40 percent had bank accounts. SingleSeed and its processing partner have key relationships to facilitate what the Board of Directors and Officers agree to be an optimal climate for SingleSeed to thrive.
“Though banks and credit unions will not openly acknowledge whether or not they will open Cannabis operations accounts, more and more are deciding to be vocal about their acceptance, and our processor has extensive relationships in a fast-growing industry that has developed to a point where we are confident to proceed toward ramp-up on SingleSeed operations and initiatives. As we look to further engage the marketplace, we will work with our technology partners to develop apps which help protect the industry with a safe way to transact monies for business owners operating within the confines of state laws and guidelines set forth for banks by federal authorities,” adds Lambrecht.
Lambrecht concludes, “The bottom line, shareholders, is that we know this business, we have amassed a customer base in this business and we are prepared to aggressively enter this market with resources and legislation that were previously unavailable to us.”
About SinglePoint, Inc.
SinglePoint Inc. is a full-service mobile technology and marketing provider that serves a diverse clientele. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. SinglePoint recognized the strength in acquiring interest in undervalued subsidiaries in other markets, such as Daily Fantasy Sports, to create a diversified holding base.