- Diversified strategy capitalizing on emerging growth opportunities in mobile payments, cannabis and blockchain markets
- 2018 revenue are expected to top $1 million, while 2019 revenues are expected to triple with additional acquisitions and continued portfolio growth
- Subsidiary SingleSeed.com added multiple CBD product listings in 2018, organically increasing reach
- Industrial hemp included in massive 2018 Farm Bill compromise unveiled by lawmakers
SinglePoint, Inc. (OTCQB: SING) expects its subsidiary, hemp-CBD distribution line SingleSeed.com, to be one of the company’s top revenue-producing holdings in 2019 – especially with recent news that industrial hemp is firmly rooted in the bipartisan 2018 Farm Bill legislation that could be signed into law as early as this week (http://cnw.fm/Bm3k2). SinglePoint’s heavy emphasis on SingleSeed, which distributes CBD products via the SingleSeed.com website, will continue through 2019, as the company is aiming to have both a large online presence and retail distribution reach (http://cnw.fm/tpZX5).
Hemp farmers and CBD-related companies are sure to benefit from the 2018 Farm Bill, which moves industrial hemp to the Department of Agriculture and away from the Justice Department. Language in the bill amends the Controlled Substances Act and legalizes CBD (http://cnw.fm/7QbcL). Another huge benefit to the nation’s up-and-coming hemp farmers is that they would finally be eligible to purchase crop insurance, something that traditional farmers have always been able to buy to protect their business from weather or other harmful events.
That’s good news on many levels, as detailed by Wil Ralston, president of SinglePoint.
“We have seen a huge explosion in the CBD space, and we are actively selling products through SingleSeed.com now. We are making a nice margin on the products and are seeing many new customers come to the site as we expand,” Ralston said, noting in the company’s annual recap that SingleSeed.com added multiple product listings in 2018 and has been organically increasing its reach.
The hemp CBD industry is expected to become a $5.7 billion market by 2019, according to a new report from Brightfield Group, but that amount pales next to the firm’s projection that CBD market growth will balloon by 40 times to $22 billion by 2022, as suggested by a Green Market Report article (http://cnw.fm/M0sXa). Brightfield Senior Analyst Jamie Schau is quoted as saying, “These numbers reflect the substantial changes we anticipate will follow full federal legalization of hemp-derived CBD.”
SinglePoint is poised to announce a record revenue total for 2018 topping $1 million and expects to triple that in 2019 with additional acquisitions and continued growth of current portfolio companies, a recent article on the company states (http://cnw.fm/Eh6lE).
“SinglePoint has had an excellent 2018, and, overall, it has been a huge year for establishing the company. We plan to take that momentum and carry it forward into 2019. Adding revenue, adding a portfolio of companies, being diversified and bringing multiple new solutions to market has made for a great setup to a big 2019,” Greg Lambrecht, SinglePoint CEO, said in the company’s annual recap. “We expect to get back to the levels we were at in early 2018 and grow to surpass those numbers. We have the right team, the right products and opportunities to make a successful business and look forward to our shareholders sharing in that success as well.”
For more information, visit the company’s website at www.SinglePoint.com
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