SinglePoint, Inc. (OTCMKTS:SING) is looking to carry its 2018 momentum to next year following changes in hemp laws. Following the signing of the Farm Bill, the SinglePoint management has made a move to add hemp products to its subsidiary company Singleseed.com. SinglePoint is looking to continue building their hemp business, and as a result, they are adding $1 million on top of their 2018 investments. The company expects to triple their investments in 2019 by adding new acquisitions to their existing portfolio of businesses.
Market prospects
The company considers hemp as the central focus area for growth, and as a result, they are putting pressure on SingleSeed who are their main distributor of CBD merchandise. According to the Cannabis Business Times, the market CBD resulting from hemp is projected at around $591 million. Brightfield Group indicates that the passing of the 2018 Farm bill is likely to drive the figure upwards in a tune of $22 billion by the year 2022.
Greg Lambrecht, the CEO, says that once the Farm Bill is passed, they expect to make a breakthrough because of the massive market opportunities and the contacts that they have. The CEO equally indicated that the chance to distribute hemp products is an exciting one and as a result, they are looking to add more acquisition to help them get distribution stores swiftly.
SinglePoint growth and expansion
According to the president, Wil Ralston, there is considerable potential in the CBD market, and as a result of sales through SingleSeed.com they have been getting good margins, and their business continues to grow.
One of their company portfolios, DIGS has grown in the CBD market, and it has been meeting the demand for SingleSeed. Equally the company is working towards supplying of CBD bulk orders in both isolate and crude form by labelling and shipping the products. DIGS has done well for SinglePoint regarding earnings, and the trend is likely to continue as more states legalise Cannabis.
SinglePoint has been working to make more acquisitions, and they have made investments in Jacksam DBA Convectium as a way of growing their portfolio.