Singlepoint Inc is on another fast rise up since reversing off $0.01 lows on significant volume and Investor interest after the Company reported a deal with Elite Foundation LLC of North Carolina to supply more than 275,000 pounds of premium hemp flower over a period of 15 months. The initial 1000 pounds of product has been approved and purchased. It is easy to see why Investors are excited; SING has seen significant growth through acquisition and is involved in Bitcoin and digital currencies as well as the Cannabis sector which have all seen spectacular growth over the past year.
SinglePoint is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed, the company is providing products and services to the cannabis industry.
Last year SING announced the acquisition of Dr. FeelGood, a profitable cannabis distribution company headquartered in Phoenix, Arizona. Dr. FeelGood is a leading distribution company with expansion plans to add proprietary delivery and ordering technology application. Per the agreement terms, SinglePoint will acquire fifty-one percent (51%) of the company in a combination of cash and stock, which will allow SinglePoint to recognize all revenue. The acquisition will add an additional revenue stream to SinglePoint, solidifying the company’s revenue-by-acquisition strategy.
SING popped in May after the Company signed a comprehensive supply chain and co-selling agreement with Nevada based JMSJ Holdings. The scope of the agreement provides SinglePoint, guaranteed access to $50 Million USD of industrial hemp derived CBD isolate each month. SinglePoint will then in turn offer for sale CBD Distillate, CBD Isolate, and Hemp Biomass to fortune 500 and B2B companies to be used in the manufacturing of retail products.
President Wil Ralston said at the time “There’s a lot of confusion among the CBD marketplace, specifically companies that are actively endeavoring to purchase Hemp and CBD raw materials necessary to formulate/fabricate retail products. We dove into this intricacy and quickly saw an opportunity for SinglePoint to step in and streamline the exchange between buyers and sellers. Our agreement with JMSJ Holdings gives us access to a consistent supply of products and a direct co-selling relationship. We are confident that customers will respond favorably and SinglePoint’s revenues attributed to the CBD market segment will grow exponentially as a result.
On June 26 SING saw a significant surge when the Company announced it has signed a $109,465,000 (One Hundred Nine Million Four Hundred Sixty Five Thousand Dollars) contract with Elite Foundation LLC of North Carolina to supply more than 275,000 pounds of premium hemp flower over a period of 15 months. The initial 1000 pounds of product has been approved and purchased.
The contract is the first major deal arising from the previously announced supply chain and co-selling agreement with Oregon based Easy Street Services Company and J&J Empire, LLC. SinglePoint stands to make a large profit in the deal. Company management believes this deal along with the major success in solar provides the basis to move up to a listed exchange such as the NASDAQ or the NYSE.
According to President Wil Ralston, “Our team specifically our VP of Sales Don Smith has worked tirelessly to make this a reality. We believe this is the catalyst toward closing a stream of substantial deals in our pipeline. Not long ago, SinglePoint made a significant commitment to be a major provider in the industrial hemp space; this agreement solidifies our place in the industry. In addition to raw material supply we are negotiating distribution agreements to place finished goods in retail stores. There is a lot of opportunity in this burgeoning market and we are getting in everywhere we can. Our newest team member, Don Smith, is a leader in these efforts.”
Currently trading at a $22 million market valuation SING has just under $400k in the treasury, rising debt and fast growing revenues reporting $262k for the 3 months ended March 31, up from $188k for the same period last year. SING is an exciting story in small caps; the Company made 3 significant acquisitions last year including the acquisition of DIGS Hydro, Convectium and Dr. FeelGood which has brought significant revenues to Singlepoint. The massive deal with Elite Foundation as well as the recently announced intention to up-list to a major exchange could certainly bodes well for Singlepoint and its growing Investor base.
Christopher Ferraris is a third-year student at Temple University in Philadelphia. Having already completed an Associates Degree in Psychology, Christopher is now finishing his Bachelor’s degree in Finance. In preparation for working in the financial sector, Christopher is writing financial content and analysis. Every day, Christopher works on articles regarding the following topics: finance, cryptocurrency and technology.