The U.S. cannabis market is expected to continue and even speed up its exponential growth as a result of last week’s vote to legalize recreational or medical marijuana in eight more states. This is good news for an industry that is already growing at a fast pace, being set to exceed $7 billion this year, according to ArcView Research estimates. The trend is likely to continue, as experts predict the marijuana market to reach roughly $22 billion by 2020 and $50 billion by 2026. But even if the market is growing so quickly, legal businesses operating in the sector still do not benefit from the same support, tools and solutions that most other businesses receive, due largely to the fact that marijuana is still classified as an illegal drug by the Federal Government’s Drug Enforcement Administration.
Banking and financial institutions in particular are cautious when it comes to providing service to cannabis industry players, as legislation bans them from opening accounts or enabling transactions involving marijuana business owners. In this climate, it is up to companies such as Singlepoint, Inc. (OTC: SING) subsidiary SingleSeed to help legitimize the industry by assisting medical or retail marijuana businesses to grow safely and securely. The company’s management hopes that the current situation will change following last week’s vote to legalize recreational marijuana use in California, Maine, Massachusetts and Nevada, and to allow medical marijuana in Arkansas, Florida, Montana, and North Dakota.
“The issue is now too big to ignore, and we expect that Washington will have to hammer out details to create a ‘bankable environment’ for institutions ready to take part in history,” Singlepoint CEO Greg Lambrecht said in a recent news release.
Until then, SingleSeed Payments, one of the first merchant service providers in the cannabis industry, is determined to help cannabis business owners thrive by providing them with state-of-the-art non-cash payment solutions and mobile marketing tools. The company awoke from a quiet period only recently, prompted by the unprecedented growth of the industry, and is now working to bring the latest technology and the most effective payment tools to the market. With a declared goal of educating and informing shopkeepers and customers about key issues on the retail and medical marijuana market, SingleSeed provides three main services: Pay by Text™, Cashless ATM and Text Message Marketing, each of them designed to help businesses be more effective.
The Pay by Text™ system is a payment solution that allows customers to pay anytime, anywhere, via text message. The message includes a direct link to the product the customers want to purchase and a checkout page. Cashless ATM is a ready-to-use out of the box system, requiring only a functional Internet connection. The system provides inventory tracking options and added safety and convenience for marijuana dispensaries that also offer delivery services. The Text Message Marketing service is designed to help marijuana business owners develop a closer relationship and improve communication with their customers, with the ultimate goal of increasing sales.
For more information, visit the company’s website at www.Singlepoint.com
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