SEATTLE, WA--(Marketwired - Feb 14, 2017) - CFN Media Group, the leading creative agency and digital media network dedicated to legal cannabis, announces the publication of an article discussing recent developments and progress made by SinglePoint, Inc. (OTC PINK: SING).
SinglePoint recently signed a Letter of Intent to acquire an interest in a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry. Under the terms of the deal, the company will pay cash and stock consideration totaling $800,000 for an unspecified stake in the private company.
Jacksam Corp., dba Convectium, developed the world's first cartridge and vape pen oil filling machine for wholesale distribution to dispensaries. The 710Shark and 710Seal systems can fill and package over 100 cartridges or disposable vape pens in 30 seconds and are sold to dispensaries through its EquipCanna.com brand. The company also operates a consumer brand that includes BlackoutX and HazeSticks and reaches customers in over 52 countries.
Jacksam anticipates that its revenue will increase 150% year-over-year to $3.5 million while generating an unspecific profit. If successfully executed, the transaction will provide SinglePoint shareholders with their first revenue and net income since its existing operations remain in development stages. The exact impact of the acquisition won't be apparent, however, until the company reports consolidated financial statements during the third or fourth quarters.
SinglePoint recently announced that it became debt-free in conjunction with raising more than $300,000 and signing a Letter of Intent to secure an additional $1 million in funding. The move provides management with ample capital to execute its business plan, while avoiding debt repayments that can eat into cash flow and reduce flexibility over time. It's also a rare development for a development-stage company in the cannabis industry.
The company also plans to uplist to the OTCQB and become a fully reporting company during the current fiscal year. By doing so, the company aims to increase transparency and attract a greater number of larger investors to the stock.
Please follow the link to read the full article: http://www.cannabisfn.com/singlepoint-diversifies-operations-cleans-up-financials/
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