Regulated cannabis sales in North America totaled $6.9 billion in 2016, a 30% increase from the previous year, and sales are projected to grow to $21.6 billion by the year 2021, which represents a 26% compound annual growth rate.
Voters in four states – California, Massachusetts, Nevada and Maine, voted legalize recreational Cannabis this November. Florida, Arkansas, Montana and North Dakota, voted in favor of cannabis use for medical use.
SinglePoint is now involved in the legal cannabis market. It has recently announced that the subsidiary SingleSeed is set to provide credit card processing solutions for the cannabis industry.
SinglePoint is has inked a Letter of Intent to acquire an interest in Jacksam Corp., dba Convectium, a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry.
Convectium is the creator of the world’s first oil filling machine focused on the cannabis industry that is capable of filling cartridges or disposable vape pens for wholesale distribution to dispensaries.
Per the LOI, SinglePoint will pay Jacksam a stock and cash consideration totaling $800,000. The transaction is expected to accelerate SinglePoint’s existing presence in the cannabis industry – established by its SingleSeed subsidiary – while creating another avenue of participation in the “Green Rush” of the multi-billion dollar cannabis industry.
SinglePoint is a full-service mobile technology and marketing provider that serves a diverse clientele. The company provides solutions that allow clients conduct business transactions, accept donations, and engage in targeted communication through mobile devices. The company’s products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates.
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