- Hemp-based CBD products are sold through SinglePoint’s e-commerce subsidiary, SingleSeed.com
- 2018 Farm Bill signed into U.S. law, removing hemp from list of controlled substances
- $1 billion hemp-derived CBD industry projected to reach $22 billion by 2022
- SinglePoint expects to top $1 million in 2018 sales and build to $3 million in 2019
SinglePoint, Inc. (OTCQB: SING), a fully reporting technology company providing mobile payments, blockchain solutions and ancillary cannabis services, sees the recent passage and signing of the 2018 Farm Bill as a game changer for its SingleSeed.com subsidiary and its future growth plans. In a video discussion ranging from which CBD-infused product is topping the sales chart at SingleSeed.com to negotiations underway for new acquisitions, SinglePoint President Wil Ralston and CEO Greg Lambrecht share their thoughts on the impact of the 2018 Farm Bill as it relates to the hemp-derived cannabidiol (CBD) space (http://cnw.fm/ZmF9G).
“It seems like two years ago I started to hear a little bit about CBD and what it was doing for people. Momentum has really been building for CBD. People are using it for a variety of things,” Lambrecht stated in the video. “As CBD becomes legal, you’re going to see this product sold in more traditional stores like Walgreens and 7-Eleven. We’re really excited about our online presence, but we’re also very focused on putting this product into retail, too.”
Thanks to the 2018 Farm Bill, which President Trump signed into law on December 20, farmers in the U.S. will be able to legally plant and harvest hemp. CBD derived from hemp is commonly used to promote wellness products, since it does not produce the expected ‘high’ of the THC compound found in marijuana. Interest in the nascent but booming $1 billion CBD industry is quickly moving toward the mainstream, according to BusinessInsider (http://cnw.fm/CV5Qa), although CBD is not a new investment field for SinglePoint.
“We’ve been in the space over a year and have a first-mover advantage,” Lambrecht continued. “Now with the Farm Bill, CBD is going to be legal and we want to go full force into that product. We expect to see an enormous amount of funding and investors to come into the market.”
SinglePoint subsidiary SingleSeed is an ecommerce site that distributes CBD products derived from hemp via the SingleSeed.com website. The addition of multiple product listings on the site during 2018 has proven successful as consumers seek out a variety of CBD choices. SinglePoint President Wil Ralston noted in the video that the company’s best sellers to date are its CBD-infused water products, which are proving to be very popular with consumers.
SinglePoint anticipates that SingleSeed will be one of the company’s top revenue-producing subsidiaries over the coming year. Another portfolio company, DIGS, has continued to expand its footprint in the CBD space and is currently fulfilling many of the orders for SingleSeed.com. The company is also working on supplying bulk orders of CBD in crude and isolate forms and can white label and handle drop shipping for many products. DIGS has provided SinglePoint with additional revenue, as well as many contacts in the cannabis and CBD industries. SinglePoint plans to expand this entity through additional distribution points and tap into the cultivation side of the industry, which is seeing major growth as more states open and legalize cannabis (http://cnw.fm/MdG7E).
For more information, visit the company’s website at www.SinglePoint.com
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