Singlepoint Takes a Low Risk Approach to the Cannabis Industry -- CFN Media
SEATTLE, WA--(Marketwired - Mar 2, 2017) - CFN Media Group, the leading creative agency and digital media network dedicated to legal cannabis, announces the publication of an article discussing recent comments by Sean Spicer, President Trump's Press Secretary, about the enforcement of federal cannabis regulations, and what those regulations mean for a company like Singlepoint, Inc. (OTC PINK: SING).
The cannabis industry could be worth upwards of $24 billion by 2025, according to New Frontier Data, which noted that external factors like federal rescheduling or a full-scale crackdown could shake up the near-term. The analyst projects that medical marijuana will account for roughly half of the market, while recreational marijuana will become the fastest growing segment if the Trump administration doesn't crack down on state-approved programs.
These 'external factors' that New Frontier Data references underscore the big risks that the industry may face over the coming months and years. For example, White House Press Secretary Sean Spicer recently indicated that the Justice Department would step up enforcement of federal laws against recreational marijuana. Crackdowns on recreational marijuana could hurt many companies operating in the space. In the same comments, he took care to mention the administration's support for medical marijuana, drawing a major distinction between the two and noting how medical uses could help those in need.
Singlepoint has stepped in to address some of these industry challenges with its own solutions in a way that doesn't involve touching the drug at all. In particular, the company has focused most of its efforts on developing marketing programs, payment solutions, and innovative products targeting the medical marijuana sector. This approach differentiates it from other companies in the space that have greater risk by handling the drug itself.
In January 2014, the company began developing mobile payment systems branded for the cannabis industry along with text message marketing services for dispensaries. The technology enables cannabis companies to avoid cash transactions that entail security risk and make accounting more difficult, while effectively marketing to existing and potential customers through their mobile devices when they're most engaged.
More recently, the company signed 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 in the cannabis industry that is capable of filling cartridges or disposable vape pens for wholesale distribution to dispensaries.
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About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
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