PHOENIX, June 26, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- SinglePoint (OTCQB: SING) announced today that it has signed a $109,465,000 (One Hundred Nine Million Four Hundred Sixty Five Thousand Dollars) contract with Elite Foundation LLC of North Carolina to supply more than 275,000 pounds of premium hemp flower over a period of 15 months. The initial 1000 pounds of product has been approved and purchased.
The contract is the first major deal arising from the previously announced supply chain and co-selling agreement with Oregon based Easy Street Services Company and J&J Empire, LLC. SinglePoint stands to make a large profit in the deal. Company management believes this deal along with the major success in solar provides the basis to move up to a listed exchange such as the NASDAQ or the NYSE.
According to President Wil Ralston, “Our team specifically our VP of Sales Don Smith has worked tirelessly to make this a reality. We believe this is the catalyst toward closing a stream of substantial deals in our pipeline. Not long ago, SinglePoint made a significant commitment to be a major provider in the industrial hemp space; this agreement solidifies our place in the industry. In addition to raw material supply we are negotiating distribution agreements to place finished goods in retail stores. There is a lot of opportunity in this burgeoning market and we are getting in everywhere we can. Our newest team member, Don Smith, is a leader in these efforts.”
Don Smith has extensive experience in building startup companies that explode within emerging markets. Prior to joining SinglePoint, Smith spent eight years focused on the advancements in organic sustainable food industry and its applications to the cultivation and growth of the legal cannabis business. In that time, he co-invented a "vertical cultivation" device, the invention and successful hydroponics business was sold to Greengro Technologies, Inc., where Smith served in various capacities including Chairman and CEO.
“I am elated to have closed this deal. It has been a long series of negotiations and we have arrived at a point where everyone is happy and has made the first purchase. We are working multiple other deals that are in the pipeline for additional hemp flower product to other buyers as well,” states Don Smith VP of Sales SinglePoint.
BDS Analytics and Arcview Market Research project 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. SinglePoint’s bold entry into the hemp flower market positions the company as one of the leading hemp flower wholesalers in the country.
With the passage of the 2018 Farm Bill and the mainstreaming of CBD hemp flower, the market 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 hemp flower marketplace.
Interested parties can contact SinglePoint via its dedicated hemp-line: 855-203-3318 or sales@singlepoint.com
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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Forward-Looking Statements
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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