- Technology investment enterprise SinglePoint recently reported that its Direct Solar subsidiary recorded $1.7 million in solar installation contracts during a 30-day period, causing the company to ratchet up its revenue forecasts for the year
- The company expects to see about $803,769 in gross revenue and $361,541 in net profit from the contracts
- SinglePoint has also been focusing on the development of the hemp market, as hemp legalization in the United States has created a new pathway for agricultural profits
- SinglePoint’s ‘Strategics’ program, in cooperation with a national distribution partner that has access to several large retail chains, is providing a pathway to store shelves for startups
Innovative technology investment enterprise SinglePoint Inc. (OTCQB: SING) is celebrating the success of its bet on solar power broker Direct Solar, a company that uses the Lending Tree model of connecting loan seekers to a variety of loan providers nationwide to allow them to effectively shop for a service that most closely fits their needs.
SinglePoint acquired Direct Solar in April with expectations that sales would exceed $8.2 million during the four quarters following closure of the agreement (http://cnw.fm/Srm4v), but Direct Solar “surpassed everyone’s expectations” by signing contracts to deploy $1.7 million in solar installations over a 30-day period ending in June, putting the company on course to profitability from a cashflow standpoint more quickly than anticipated.
“This acquisition puts SinglePoint on a huge trajectory path. This is not only a home run, but a grand slam in our eyes,” CEO Greg Lambrecht stated in a news release issued by the company on June 18 (http://cnw.fm/n3Wxo). “These revenues and profits provide SinglePoint the ability to be in a profitable cash flow position and the opportunity to aggressively expand sales. For every dollar we are putting into marketing we are seeing a return of five.”
The company expects to see about $803,769 in gross revenue and $361,541 in net profit from the sales. Direct Solar is also preparing to add operations in Missouri and Florida to the six states where it has been brokering residential installations, a move that it expects to generate additional explosive revenue.
In addition to SinglePoint’s support for the clean energy interests of solar power customers, the company has been dedicating a significant measure of its focus to the hemp market, seeking a place in the burgeoning cannabidiol (CBD) supply chain that New York-based investment bank Cowen & Co. foresees as pulling in $15 billion by 2025 and researchers at BDS Analytics and Arcview Market Research predict could reach $20 billion by 2024 (http://cnw.fm/8YmXc).
According to SinglePoint, Direct Solar is now negotiating a line of credit for cannabis businesses and other small businesses that would allow Direct Solar to not only generate the sale but the ability to provide the financing for these business owners as well. The cannabis industry has long suffered from difficulty in completing transactions because of the banking industry’s general unwillingness to support businesses that can’t qualify for the federal government’s deposit insurance backing in light of the government’s prohibition of cannabis-related sales.
The federal government’s passage of the 2018 Farm Bill and its attendant approval of hemp cultivation as an agricultural product provided encouragement to farmers and ancillary businesses to support hemp as an alternative agricultural product – one that’s in steady demand from consumers as of late (http://cnw.fm/7qI1f).
SinglePoint’s ‘Strategics’ program is an effort to provide a pathway to market through a national distribution partner for qualifying companies with annual revenue above $2 million. The partner has access to chain outlets such as CVS, Walgreens, Rite-Aid, Dollar Tree and Kroger grocery stores.
“Until now, startup, established and fast-growing CBD product companies have faced tremendous challenges in growing their business beyond e-commerce and regional distribution due to the enormous capital and logistics involved,” SinglePoint President Wil Ralston added (http://cnw.fm/95JFu).
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://cnw.fm/SING
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CannabisNewsWire.com
Do you have a questions or are you interested in working with CNW? Ask our Editor