- SinglePoint anticipates significant growth for online CBD product distribution subsidiary SingleSeed in 2019
- The growth will be fueled by legislative changes and the growth of SingleSeed’s organic reach in 2018
- Following approval of the federal Farm Bill that legalizes the commercial production of hemp, the CBD market is expected to reach volume of $20 billion by 2022
SinglePoint, Inc. (OTCQB: SING), a technology company providing mobile payments and ancillary cannabis services, is looking forward to 2019, anticipating the expansion of its line of CBD products following recent legislative changes in the U.S. (http://ibn.fm/lQ8iB).
At the end of December 2018, the U.S. Senate approved a new federal Farm Bill that legalizes the commercial production of hemp. This means that hemp will be removed from the list of controlled substances.
The 2018 Farm Bill offers reclassification after decades of campaigning due to the fact that hemp and marijuana were treated the same way by law. While the two are related, hemp lacks the concentration of THC in marijuana that produces the so-called “high” of smoking.
Analysts predict that hemp and CBD products are poised for a massive boom following the approval of the Farm Bill.
CBD products reached a sales volume of $350 million in 2017, regardless of U.S. legislative issues (http://ibn.fm/u51cx). Following the complete legalization, much faster growth is anticipated in the coming years, with some forecasts suggesting industry expansion to $20 billion by 2022 (http://ibn.fm/rlMVe).
SinglePoint has put a lot of emphasis on the distribution of CBD products in 2018. Its subsidiary, SingleSeed, distributes products derived from hemp via its website – www.SingleSeed.com. Multiple new product listings were added to the site in 2018, and a lot of work was done to increase the platform’s organic reach.
“We are excited about the opportunity to be in the distribution space for CBD products, I took a distribution company public on the NASDAQ in 1996. I believe with the contacts and the massive opportunity in the market SinglePoint may be able to break in to the big box stores once the Farm Bill passes and the exact rulings shake out,” SinglePoint CEO Greg Lambrecht stated in a news release.
SinglePoint is focused on becoming a large CBD distributor that relies on a massive online presence and significant retail distribution reach. So far, the company has gotten excellent results from CBD product distribution. Additional funnels will be added in 2019 to drive an even larger number of customers to SingleSeed.
Company forecasts suggest that SingleSeed will be one of the top SinglePoint revenue producing subsidiaries over the coming year. As the expansion is taking place, SinglePoint is seeing a number of new customers and nice margins, SinglePoint president Wil Ralston said.
The expansion is further aided through the activities of another SinglePoint subsidiary – DIGS. The company is fulfilling many of the SingleSeed orders through the provision of bulk CBD in crude and isolate form supplies.
For more information, visit the company’s website at www.SinglePoint.com
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