SinglePoint takes multiple orders and collects sales leads for over 2500 interested retail stores
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Phoenix, AZ, Oct. 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SinglePoint Inc. (OTCQB:SING) is pleased to announce major success at the 2019 National Association of Convenience Stores show (NACS) in Atlanta. As the master distributor of Pure American Hemp™ Cigarettes, SinglePoint sold multiple cases during the show to retail store owners representing approximately 2500 stores. SinglePoint was able to directly interact with interested store owners, national distributors, and buying groups, accounting for well over 20,000 retail locations. This week the company has ordered additional product to meet demand.
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With the passage of the 2018 Farm Bill and the mainstreaming of CBD hemp flower, the market for innovative products such as hemp cigarettes is growing rapidly. There is a significant need for reliable suppliers with the capacity to move product. Its demonstrated capacity to deliver has established SinglePoint as one of the dominant players in the CBD and hemp marketplace.
“Our success at NACS was beyond what anybody in our group imagined. It truly gave us deep insight to how large of an opportunity this is. With interest from parties representing over 20,000 retail locations we are excited to move into this convenience store industry accounting for over 150,000 locations. Over the next 90 days we will be following up with these owners to finalize their purchase orders. I am ecstatic to say that again we had people waiting in line to speak about our hemp cigarettes. It reminded me of the successful product introduction of Premium Cigars International and PrimeTime™ to the convenience store industry. We expect this new product to dramatically increase revnue in the near future,” said Greg Lambrecht, CEO SinglePoint.
BDS Analytics and Arcview Market Research projects that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024 while New York-based investment bank Cowen & Co. estimates that the market could pull in $15 billion by 2025. The smokable hemp market currently represents approximately 2% of the overall CBD market, but with a 250% growth from 2017 to 2018. Brightfield Group, a Chicago-based cannabis market research firm, identifies dried and smokable hemp flowers as one of the fastest-growing segments of the CBD market.
Due to the success at NACS the company’s next major retail show event will be December 11-13 at the MJBIZCON in Las Vegas. The company will be introducing its innovative hemp cigarette, pioneering a new industry product for dispensaries.
About SinglePoint, Inc.
SinglePoint, Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through SingleSeed, the company is providing products and services to the cannabis industry.
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Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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