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Tuesday, November 29, 2022

BitCoin Payments Solution: Singlepoint Inc(OTCMKTS:SING)

Singlepoint Inc(OTCMKTS:SING) is one volatile stock that saw a spectacular rise up at the beginning of this year from $0.0075 lows to recent highs near $0.15 a share SING is an exciting story in small caps that has quickly attracted legions of shareholders who believe this one goes way higher.

The Company is involved in Bitcoin and digital currencies as well as the Cannabis sector which have all seen spectacular growth over the past year.

Singlepoint Inc(OTCMKTS:SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry.

Earlier this year SING closed a $1 million company friendly Convertible Promissory Note with an institutional investor. Proceeds from the investment will be used to execute on the company’s previously announced BitCoin Payments solution, as part of its partnership with First BitCoin Capital (OTC: BITCF). With the new round of funding, SinglePoint management believes the company will be able to move very quickly to develop a crypto currency solution and continue acquisitions in cannabis space.

“This is great timing for SinglePoint. We have many acquisitions deals in the pipeline, and access to this capital will exponentially increase the chances of getting these done. In addition, we have many technical developments that are ready launch. We will be able to develop our solutions and really start driving sales,” states Greg Lambrecht CEO of SinglePoint.

SinglePoint has started building an in-house solution enabling consumers to obtain Bitcoin at any point of sale. The new solution can be utilized by any business, from convenience stores to medical and recreation cannabis dispensaries. The company states it will be “a payment service to make instant bitcoin powered purchases possible when all you have is a credit (or debit) card.” The application will be KYC-AML compliant. Through a simple sign up form and easy ID verification component a customer will be able to set up their account online beforehand or will be able to sign up within seconds directly at the point of sale.

Beyond Bitcoin, SinglePoint is currently in negotiations to make a major purchase from a company that has recently ICO’ed a cannabis specific crypto currency to be used specifically for the cannabis industry. SinglePoint will roll this into its point of sale crypto currency offering. Enabling the consumer to purchase which ever coin they would like to as well as giving the dispensaries the option of which coin they would like to accept, which could be both.

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On August 23 SING announced it has signed a Letter of Intent (LOI) to acquire Dr. FeelGood, an already profitable Phoenix-based medical marijuana distribution company with plans to develop a proprietary delivery and ordering technology. Per the LOI, SinglePoint will acquire 51% of the company in a combination of cash and stock. The acquisition will add an additional revenue stream to SinglePoint, solidifying the company’s acquisition-based revenue strategy.

SinglePoint anticipates it will quickly close this acquisition, demonstrating its ability to grow its portfolio of investments in established high-growth, high-potential cannabis businesses. SinglePoint successfully acquired two companies earlier this year, and expects that the acquisition of Dr. FeelGood will be a highly successfully addition to its portfolio.

“This acquisition is right in our wheel house. I previously took a distribution company public on the NASDAQ and believe with my experience in distribution we can grow this company quickly. The acquisition of Dr. FeelGood will be the third acquisition of the year. Through the acquisition of DIGS Hydro and Convectium, SinglePoints revenue has increased 378 percent compared to the first quarter of 2017. SinglePoint is in a better position than it has ever been before. We are looking at additional companies and plan to complete additional acquisitions prior to the end of the year. We are well capitalized to continue acquisitions and we are optimistic to complete around three more acquisitions and significantly increase the company’s revenue. ” says SinglePoint CEO Greg Lambrecht.

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Currently trading at a $62 million market valuation SING has little assets or revenues and rising short term debt. But SING is an exciting story in small caps; while the company is involved in the cannabis sector they have been making huge stries in digital currencies as well as a BitCoin payments solution that attracted $1 million in funding. We will be updating on SING on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with SING.

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Disclosure: we hold no position in SING either long or short and we have not been compensated for this article.

 

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