The marijuana industry is growing at a fast and steady pace, being set to reach $6.7 billion by the end of the year and approximately $20.6 billion by 2020 – making it one of the fastest growing sectors in the United States economy. The figures could go even higher as demand continues to grow and nine more states are voting next week on legalizing either medical or recreational marijuana use. To help the industry face new challenges and its expanding reach, Singlepoint, Inc. (OTC: SING) subsidiary SingleSeed (http://nnw.fm/voH36) is awakening from a quiet period to provide state-of-the-art payment solutions and mobile marketing aimed at helping industry players grow their businesses safely and securely.
The company already has an established client base created a couple of years ago, when it positioned itself as one of the first merchant service providers for the industry, according to Singlepoint CEO Greg Lambrecht in a company press release (http://nnw.fm/oV0uu). He explained that this was an ideal time for his group to become actively engaged in the industry and work to expand its reach by acquiring a number of other smaller companies in the market. Lambrecht further explained that Singlepoint’s board of directors is confident that the November 8 vote will be favorable to the industry and will make way for the companies working in this market to become bankable.
At the moment, cannabis business owners, most of them providers of medical marijuana products, have a growing need for financial solutions, as a large number of banking and financial institutions are not allowed to maintain relationships with the industry. According to the Financial Crimes Enforcement Network, there are 266 depositary institutions across the U.S. that maintain accounts with marijuana businesses. A recent survey also indicated that 40% of cannabis industry businesses had bank accounts.
Lambrecht explained that even if credit unions and banks do not openly admit opening cannabis business accounts, a growing number of them are deciding to be open about their acceptance. SingleSeed and its processing partner have extensive relationships and technology partners they can leverage to develop the necessary apps and tools that will help protect the cannabis industry and provide safe ways for business owners to operate money transactions legally and in line with state and federal laws, the CEO said.
SingleSeed can provide three main services to the industry: Cashless ATM, Pay by Text™, and Text Message Marketing. The Cashless ATM system is ready to use out of the box, requiring only a functional Internet connection. The system is advertised to provide added safety, convenience and inventory tracking for dispensaries that also offer delivery services. Pay by Text™ is an anytime-anywhere payment solution that allows customers to pay by mobile phone via a text message they receive with a direct link to the product they want to purchase and a checkout page. The Text Message Marketing service is designed to help cannabis business owners develop a close relationship and communicate with their customers. The service allows businesses to increase customer loyalty, communicate effectively, and ultimately drive sales.
Singlepoint, Inc. is a leading provider of mobile technology and marketing services serving a diverse customer base and primarily targeting small to mid-sized companies. With subsidiaries in different markets, such as cannabis products or Daily Fantasy Sports, Singlepoint operates with the main goal of providing innovative mobile technology, payment solutions in particular, at reasonable rates.
For more information, visit the company’s website at www.Singlepoint.com
CBDWire (CBDW) provides news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of journalists and writers, CBDW is uniquely positioned to best serve private and public companies who need to reach a wide audience of investors, consumers, journalists and the general public. CBDW has an ever-growing network of more than 5,000 key distribution outlets across the country. By cutting through the overload of information in today’s market, CBDW brings its clients unparalleled visibility, recognition and brand awareness. CBDW is where news, content and information converge. For more information, visit www.cbdwire.net.
Please see full disclaimers on the CBDWire website: http://nnw.fm/Disclaimer