SingleSeed Subsidiary Preps for Open Banking System Amid "Green Rush" of Legalized Marijuana
SEATTLE, WA / ACCESSWIRE / December 6, 2016 / SinglePoint, Inc. (OTC PINK: SING) is pleased to issue an update on a number of corporate initiatives taken by its SingleSeed (www.singleseed.com) subsidiary now that more than half of all U.S. states have legalized marijuana use for either recreational and/or medicinal purposes.
Dubbed the "green rush," the evolution of the cannabis industry is expected to rapidly generate billions in tax revenue for these states, and SingleSeed sees this progression as a catalyst to an open banking system for cannabis businesses. As a provider of credit card processing solutions for this particular market, SingleSeed is preparing to meet demand and fuel its own growth and market penetration.
Leveraging its existing presence in the cannabis industry, SingleSeed is actively pursuing and discussing acquisition opportunities in the cannabis market, as well as complementary verticals such as daily fantasy sports (DFS) and non-profit organizations. SinglePoint is now in the process of negotiating with a major Wall Street investment group to fund such acquisitions.
The legislative changes in the marijuana market also mean that industry merchants are navigating uncharted territory, and many of them still struggle to open bank accounts. This is expected to change, however, as financial institutions pursue ways to work with cannabis businesses moving forward.
In full support of the anticipated shift toward an open banking system, SingleSeed is activating and updating its website (www.SingleSeed.com) to enable text message marketing program and enable pre sign-ups for credit card processing for dispensaries.
"With the 2016 elections behind us, the favorable outcome for the cannabis industry has opened a floodgate of opportunity for cannabis merchants, consumers, and companies providing much-needed industry services, such as those offered by SingleSeed," says SinglePoint CEO Greg Lambrecht. "Additionally, we are already receiving significant demand from dispensaries asking for our payment solutions. We are excited that our fast-paced progression is well-aligned with market demand as we pursue and act on opportunities to capitalize on this billowing market."
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. For more information visit www.SinglePoint.com. Connect on social media at: www.facebook.com/SinglePointMobile, www.twitter.com/_SinglePoint_, www.linkedin.com/company/SinglePoint, and www.youtube.com/user/SinglePointMobile
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
SOURCE: SinglePoint, Inc.