Before the opening bell, Singlepoint, Inc. (OTC: SING) was announced as a featured company on this week’s episode of MoneyTV with Donald Baillargeon. MoneyTV is an internationally syndicated television program about “money and what makes it happen.” The show includes informative interviews with company CEOs, offering prospective investors insight into their operations and outlooks for the future.
To view this week’s program, visit www.MoneyTV.net
In the interview, Greg Lambrecht, chief executive officer of Singlepoint, gave shareholders an update on the awakening of the company’s SingleSeed subsidiary, which is focused on providing credit card processing solutions for the rapidly expanding cannabis industry. Originally announced in a news release earlier this week, the relaunch of SingleSeed is expected to strategically position Singlepoint to capitalize on rising demand and recent legislative shifts in the domestic cannabis market. Moving forward, the company intends to leverage key relationships with existing clients in this space to accelerate growth.
“Two years ago, we were placing point-of-sale terminals and allowing debit and credit cards to go through dispensaries, and the banks shut it down,” Lambrecht stated in the interview. “Now, with these new states coming on and the new administration, we feel very optimistic that they’re going to open those banks back up and we’re going to be back in the processing business for marijuana consumption.”
Undoubtedly, November will be a landmark month for the burgeoning cannabis industry in the United States. In addition to the presidential election on November 8, five new states will vote on ballot initiatives that would legalize cannabis for adult use, and three others will vote to legalize the drug for medicinal purposes. With most polls indicating that the majority, if not all, of these measures will likely pass, the current scale of the recreational marijuana market is expected to rapidly expand in the coming years. According to Arcview Research, the market for both medical and recreational marijuana is projected to grow from $7 billion this year to roughly $22 billion by 2020. Lambrecht believes that this market performance will lead to a shift in policy that makes banking more accessible for legal cannabis businesses.
“It’s not only more convenient for customers to use their debit or credit card to purchase cannabis, which is where we come in as a merchant processor, but those dispensaries that don’t have bank accounts can’t place their cash anywhere,” continued Lambrecht. “I think, with more and more states passing [cannabis legalization measures], the legislators in those states and also the new administration are going to have to look at allowing the banks to take debit and credit cards. That’s why we’re back in this game.”
Lambrecht wrapped up the interview by reminding shareholders of the company’s history in the marijuana space. With existing relationships and experience offering payment processing services to dispensaries in Colorado and Washington, Singlepoint is primed to benefit from the ‘green’ revolution that’s currently rolling across the nation.
“We get about five calls a week from dispensaries wondering if we can handle their processing, and, hopefully, in short order, we’re going to be able to say yes,” Lambrecht added.
For more information, visit the company’s website at www.Singlepoint.com
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