- SinglePoint has completed its third acquisition of 2017
- Company’s revenue has grown 378-fold since first quarter 2017
- Delivery application in development will directly compete with Leafly and WeedMaps
- Company well-positioned to continue acquisition strategy and further increase revenue
Marking its third acquisition of 2017, SinglePoint, Inc. (OTC: SING) announced on September 6 that it has acquired profitable cannabis distribution company Dr. FeelGood. According to the agreement terms, SinglePoint will acquire 51 percent of the company in a combination of cash and stock, allowing SinglePoint to recognize all revenue.
This acquisition adds yet another revenue stream for SinglePoint, further affirming the company’s strategy of revenue by acquisition. The acquisition further provides SinglePoint with new team members who have been active within the cannabis industry for many years.
Based in Phoenix, Arizona, Dr. FeelGood is a leading medical marijuana distribution company that has expansion plans to add a proprietary delivery and ordering technology application. Dr. FeelGood’s founders have established a development plan to create a proprietary mobile application that will both enhance the experience for users and streamline the company’s operations. The app is scheduled to be released within 90 days. Once the app is completed, both companies will be able to license the technology to other distribution companies throughout the United States.
The two companies are also collaborating on a delivery platform, and SinglePoint will leverage its location-based delivery application and add other features, including a directory and ordering system that will compete directly with Leafly and WeedMaps. Dr. FeelGood was already pursuing plans to build the app; with SinglePoint’s progress, the company will be able to utilize the app much earlier than anticipated and begin providing it to interested entities.
Dr. FeelGood offers a broad array of products that are distributed through both B2B and B2C. Current owners Scott Riley and Jeff Clevenger will continue overseeing the company’s day-to-day operations, with plans in view to expand the business and license the Dr. FeelGood brand in other states.
Other SinglePoint acquisitions that have taken place in 2017 include California-based companies DIGS Hydro and Convectium. With these acquisitions, SinglePoint’s revenue has increased 378-fold in comparison with 2017’s first quarter, ideally positioning the company like never before. SinglePoint is well-capitalized to continue its acquisition strategy and further increase revenues.
For more information, visit the company’s website at www.SinglePoint.com
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