SinglePoint Signs Deal to Manufacture CBD Hemp Oil Patches
July 10th, 2017
News, Top News
The cannabis industry is projected to exceed $50 billion by 2026, according to Cowen & Co., driven by the ongoing legalization of medical and recreational marijuana. While recreational marijuana has drawn a lot of attention, tetrahydrocannabinol’s (THC) non-psychoactive cousin, cannabidiol (CBD), has been experiencing tremendous growth as researchers continue to unlock its potential across a wide range of medical conditions.
In this article, we will look at SinglePoint Inc.’s (OTC Pink: SING) recent agreement with Premier Biomedical Inc. (OTCQB: BIEI) to begin manufacturing Premier’s newly designed CBD Hemp Oil Patch products in high volume.
SinglePoint recently announced a deal with Premier Biomedical to mass-manufacture its CBD Hemp Oil Patch and potentially future products. The deal provides the company with a consistent stream of revenue while it continues to execute organic growth initiatives and make strategic acquisitions in the cannabis industry. In addition, the potential to add future products to the mix opens the door to scaling these revenue streams higher.
“We have been working very hard on making acquisitions and inside sales to boost revenue,” said SinglePoint CEO Greg Lambrecht in a press release announcing the partnership. “This new business will contribute significantly to our revenue goals.”
Premier Biomedical benefits from the mass manufacture of its topical pain relief products, which will help the company aggressively expand its distribution network through retail outlets, health care facilities, pharmacies, and various online shopping platforms.
“We are excited that we found a volume supplier for our products,” said Premier Biomedical President & CEO William Hartman in the same press release. “This significantly increases the company’s initiatives and enables us to grow revenues through expansion of sales volumes in both domestic and foreign markets. We look forward to working with SinglePoint to continue bringing current and future planned new products [to market].”
Horizontal Market Strategy
SinglePoint has evolved from a mobile technology provider to a diversified cannabis holding company with a presence in several industry segments. Management’s horizontal market diversification strategy involved acquiring portfolio companies, leveraging economies of scale, and unlocking incremental value through synergies. For example, the company’s recent acquisition of 90% of DIGS provided it with an online, retail, and consulting arm.
At the center of the so-called “hub-and-spokes” business model, SingleSeed has become a supplier of products and services to the cannabis industry. The company’s strong historical presence in the cannabis industry – cultivated over several years through its payment offerings – provides a strong base for growth, while SingleSeed is designed to connect various portfolio companies by sharing customers and synergies.
The company has also established partnerships designed to enable its entry into other market segments. For instance, the company recently raised $1 million from an institutional investor to close deals in the cryptocurrency market. The company’s new funding and partnership with First Bitcoin Capital (OTC: BITCF) is designed to expedite the development of effective payment solutions for the cannabis industry.
SinglePoint Inc. (OTC Pink: SING) represents a compelling and diversified opportunity within the cannabis industry. While its primary focus is on payments, the company’s agreement with Premier Biomedical to manufacture CBD products opens the door to near-term revenue opportunities that could help finance its ongoing growth and future acquisitions. Investors may want to keep an eye on the stock as these initiatives come to fruition.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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