- As the 2018 Federal Farm Bill legalizes hemp across the U.S., SinglePoint prepares for rapid growth in 2019
- The company is working on development programs and potential acquisitions in order to establish its leading industry position
- Through hemp legalization, the industry is expected to grow exponentially in the years to come, reaching a volume of $20 billion by 2022
Congressional approval of the 2018 Federal Farm Bill that removes hemp production from federal prohibition is expected to create amazing new opportunities for industry representatives in 2019 and beyond. SinglePoint, Inc. (OTCQB: SING) released an official statement underlining that the legislative change will provide a huge chance for growth for the company via subsidiary SingleSeed (www.SingleSeed.com) – an ecommerce seller and distributor of industrial hemp-based CBD products (http://ibn.fm/ruZvq).
The mainstream approval of hemp and it turning into a federally legal commodity will enable the company to expand its portfolio and add more offerings. Industrial hemp now has an opportunity to be competitive in the global marketplace, SinglePoint’s statement reads.
In addition, SinglePoint is currently negotiating potential acquisitions across different sectors, the company announced. Through its acquisition model, SinglePoint expects to continue growing revenue in 2019. The company was among several companies positioned to capitalize on the legislation measures and continue growing, according to InvestorIdeas.com, a leading investor news resource covering hemp and cannabis stocks in a 2019 outlook for the sector (http://ibn.fm/ovsY1).
SinglePoint is exploring opportunities to produce industrial hemp through joint ventures with leading industry representatives. Investment and development programs are also under consideration. Through such programs, strains of CBD extracted from hemp will be grown in a photobioreactor for the purpose of making the process faster and more cost-efficient.
According to company CEO Greg Lambrecht, SinglePoint is working to become a key player in the distribution and sourcing of the best hemp products on the market. The company’s managerial team is confident that the current business model and the planned expansions will contribute to its sustainable growth and reputation establishment efforts in 2019.
The Federal Farm Bill was ratified by President Donald Trump on December 20, 2018. As a result, hemp is no longer considered a schedule one substance. Before the passing of the bill, hemp production in the U.S. was mostly limited. The legislative change that turns hemp into a lawful agricultural commodity is expected to contribute to exceptionally rapid growth in the field.
According to some forecasts, the industry could top $20 billion by 2022 (http://ibn.fm/dNr3f). Right now, the largest share of the hemp market is formed by CBD products, and their dominance will likely remain unchanged. Investor interest in the sector is expected to grow rapidly once hemp production goes outside the realm of pilot programs and research initiatives.
Since hemp is now legal in all 50 states, experts predict that 2019 is going to be the ‘year of CBD’ (http://ibn.fm/ju0TI). In 2018 alone, the U.S. saw an 80 percent increase of the CBD market. The growth was fueled mainly by small and medium-sized retailers. The Federal Farm Bill could now turn the attention of much larger entities toward the industry, contributing to more rapid growth in the years to come.
SinglePoint specializes in the acquisition of small and medium-sized companies with an emphasis on new technologies. The company enables investors to make investments across a wide range of assets, including blockchain, cryptocurrency applications and cannabis, among others.
For more information, visit the company’s website at www.SinglePoint.com
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