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, reflected on Tuesday’s polling results, particularly as they relate to the legalization of recreational and medicinal marijuana in states across the country. In total, four states – including California, Maine, Massachusetts and Nevada – voted to legalize marijuana for recreational use, bringing the nationwide total to eight states, in addition to the District of Columbia. Additionally, four states voted to legalize or expand the availability of medicinal marijuana. With this vote, a nationwide majority of 28 states and Washington, D.C. have now legalized cannabis for medicinal purposes.
“As more and more states pass not only recreational but medical marijuana, there’s going to be more and more pressure on the legislators and also the administration to allow them to have bank accounts which, in turn, will allow us to put in our credit card merchant processing and let customers pay with their credit cards for cannabis,” Lambrecht stated in the interview.
This result is big news for Singlepoint, as the company recently awakened its SingleSeed subsidiary from a quiet period in order to actively engage the roughly $6 billion industry. Though banks and credit unions across the country have been extremely reluctant to open accounts for dispensaries and other companies operating in the burgeoning cannabis industry, SingleSeed already has experience servicing this market. Lambrecht alluded to this experience in the interview.
“We already spent the time and money of understanding this business and we’re in hundreds of accounts allowing people to use their debit cards, and the banks shut it down. As this gets back opened up, we’re really ready to go,” he continued. “In fact, we’re going to be putting on our SingleSeed.com website a sign-up now for dispensaries to kind of get in line and put their name and information down. That way, when it opens up, we can call them immediately and get them started.”
There’s little doubt that change is coming in the domestic cannabis industry, even as the drug remains illegal at the federal level. To date, about 266 depository institutions nationwide have begun serving marijuana-related businesses, and the U.S. Treasury Department’s 2014 decision to green light banks to offer their services to the industry, as long as any suspicious activity is reported to federal authorities, will likely play a role in continued growth in the financial sector moving forward. This hypothesis played a role in Arcview Research’s projection that the combined domestic medicinal and recreational marijuana markets will climb to a valuation of $22 billion by 2020.
With Singlepoint’s renewed interest in the sector, Lambrecht finished off the MoneyTV interview by announcing plans to attend the 5th Annual Marijuana Business Conference & Expo® in Las Vegas, which begins on November 15. According to Lambrecht, he intends to discuss possible acquisitions within the space, as well as to present the benefits of SingleSeed to existing dispensaries.
For more information, visit the company’s website at www.Singlepoint.com
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