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 January 12 SING reported it has entered into a letter of intent (the “LOI”) with EnergyWyze, LLC, a premiere digital and direct marketing firm focused on customer centric lead generation in the solar energy industry. Under the terms of the LOI, SinglePoint will acquire the assets and business relationships, including an extensive database of validated leads, of EnergyWyze to form a premier solar lead generation engine. Additionally, three principals of EnergyWyze with extensive experience from lead generation to closed sales will join SinglePoint as employees to bolster the Company’s marketing team.
EnergyWyze is an emerging industry leader providing qualified preset appointments to the nation’s leading solar installation companies. Customer acquisition can account for a significant percentage of the spend in solar contractors cost of doing business. SinglePoint aims to reduce those costs and increase the conversion rate of new customers through creating a premium customer experience the solar industry is lacking at this point in time. SinglePoint believes that EnergyWyze’s customer-centric focus will bring to market a value-add service for homeowners and solar installation contractors.
“We believe this agreement represents a catalytic moment for SinglePoint and will play an integral piece in our overall business strategy as we work to maximize our online presence and lead generation capabilities. EnergyWyze adds tremendous value and brings with it an extensive database of potential customers who have actively requested solar installation to their home,” commented Wil Ralston, President of SinglePoint. “We believe this acquisition, together with our other subsidiaries, will help us to further unlock value and strengthen the launching pad of SinglePoint to our next phase of growth. We are committed to adding companies to our portfolio that will mutually benefit one another to create a network effect and drive economies of scale. The acquisition of EnergyWyze is a critical component as the company that acquires the customers ultimately controls the growth.”
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.