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SinglePoint Inc. (SING) Adds Solar to Diversified Portfolio, Sees Potential to Reduce Power Costs for Indoor Cannabis Growers

  • Plan to acquire solar energy business Direct Solar and solar marketer AI Live Transfers marks SinglePoint’s entry into power conservation industry
  • Solar and wind power use rising in U.S. with government incentives, conservation efforts seen as huge draw for projected $57 billion sector
  • CBD-based product line continues to generate interest with launch of Phyto-Bytes pet care product

SinglePoint Inc. (OTCQB: SING), a fully reporting company with assets across multiple sectors including mobile technology, ancillary cannabis services and sustainable technologies, continues to add branches to its family tree with new acquisitions and joint-venture announcements. SinglePoint first began as a full-service mobile technology provider – which remains a mainstay of the business – but has since diversified with new opportunities in several horizontal markets, including the rapidly-evolving CBD (cannabidiol) sector and solar power systems.

A review of SinglePoint’s recent successes and intentions for the future reveals a strategy focused on capturing opportunities when they arise through an aggressive expansion strategy across a broad range of assets. Most recently, SinglePoint signed an agreement to acquire Direct Solar and AI Live Transfers – two companies utilizing the Lending Tree model to market products and services to solar power consumers (http://cnw.fm/tM408).

“This is a phenomenal opportunity for SinglePoint. This changes the entire financial fundamentals for the company and enables us to continue to push forward with opportunities to continue increasing shareholder value and the overall value of SinglePoint,” SinglePoint President Wil Ralston stated in a news release.

Analysts at Zion Market Research report that the global solar panel market accounted for $30.8 billion in 2016 and is expected to reach $57.3 billion by 2022, growing at a compound annual growth rate of 10.9 percent between 2017 and 2022 (http://cnw.fm/Hh06d). Increasing government initiatives to boost adoption of renewable energy alternatives for power generation are a major selling point for consumers and businesses alike, the report notes.

Solar power and wind power met nearly 9 percent of U.S. power demand in 2018, with solar generation, provided by rooftop panels and through utility scale solar farms, growing at 25 percent, according to pv magazine’s analysis of data provided by the U.S. Department of Energy’s Energy Information Administration (http://cnw.fm/h0TJl).

Pairing solar with energy-hungry cannabis operations is another huge potential market for SinglePoint as indoor growers seek to cut back on the high cost of electricity. Legal cannabis growers are taking a hard look at solar, co-generation and battery systems as ways to combat rising energy costs, as an article published by GreenTechMedia details (http://cnw.fm/gV8MO).

SinglePoint’s SingleSeed subsidiary distributes CBD-based produced derived from hemp via its website – www.SingleSeed.com. Multiple new product listings were added to the site in 2018, including the recently launched Phyto-Bites product. This pet-friendly brand is formulated to reduce stress, pain, separation anxiety and inflammation – particularly for dogs. The company is working with manufacturer CBD Unlimited (formerly Endexx) to distribute the product online and in stores.

“We are very excited to add this to our list of products. The pet market is a tremendous opportunity and we plan to attend and use all our contacts to promote this product at every opportunity we are presented with,” SinglePoint CEO Greg Lambrecht said in a news release (http://cnw.fm/cDmx5).

For more information, visit the company’s website at www.SinglePoint.com

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