Singlepoint Inc. (OTCMKTS:SING) which specializes in acquiring small to mid-sized firms has announced closing its first round of acquisition of a part of Jacksam Corp., dba Convectium. Convectium is engaged in the development of unique oil filling systems. The deal is expected to revolutionize the cannabis market.
Convectium recorded sales of $3.5 million representing a triple-digit increase from the previous year. This acquisition is one among several strategic investments lined up by SinglePoint in a move to diversify its revenue channels in the multi-billion dollar cannabis sector.
According to a recent announcement, SinglePoint plans to invest a cash and stock consideration amounting to $800,000 to go towards funding growth and expansion of Convectium as well as marketing of its 710Seal and 710Shark system. The system, which was developed by Convectium is able to fill and package over 100 cartridges or disposable vape pens in just 30 seconds. This makes the system the fastest and a filling and sealing system of its kind. Convectium also produces B2C products which SinglePoint intends to sell online through its SingleSeed.com subsidiary.
Driven by increase in demand for products and a well brand visibility index, Convectium is projecting the full year 2017 revenues of $3.5 million representing a 150% increase compared to the previous year where the company recorded $1.4 million in revenue collection. The company is well on track to archive these projections after reporting that it the 2017 first quarter sales have already surpassed the first-quarter sales in 2016.
Danny Davis a managing partner of Convectium says it is pleasing to be part of such big funding opportunities adding that it will be a big boost to the implementation of targets of increasing its revenue.
The investment will offer opportunities for growth for both companies and steer SinglePoint’s plan of profitably participating in the highly profitable industry of cannabis.
SinglePoint (ticker symbol: SING) is a publicly-traded holding company. Founded in 2006 as Lifestyle Wireless, Inc. SinglePoint is incorporated in Nevada. SinglePoint specializes in acquisitions of small to mid-sized companies, with an emphasis on mobile technologies. We provide our investors the opportunity to make investments across a wide range of assets.
Singlepoint Inc (OTCMKTS:SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry.
SinglePoint CEO Greg Lambrecht founded LifeStyle Wireless, the predecessor to SING, in 2006. LifeStyle was a mobile network text-messaging technology company with a partners that included AT&T Wireless, T-Mobile and Verizon. Originally focused on its “Text a Day” product, LifeStyle shifted its focus to developing mobile transaction technology following the devastating 2010 earthquake in Haiti. This core technology has now evolved into SING’s Pay-by-Text product. (i.e. payment enabled text messages). The company is now taking a targeted approach to bringing this technology to market, focusing on key vertical-market opportunities.
In 2011 Mr. Lambrecht took LifeStyle Wireless public via a reverse merger with Carbon Credits International. The public company name was changed to SinglePoint in 2012. In 2013, the company purchased the assets, largely customer contracts and the corporate name, of Six Sigma Services.
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