Singlepoint Inc (OTCMKTS:SING) has been performing bullishly as traders digest the impact of the company’s recent announcement that SingleSeed (www.singleseed.com), a subsidiary focused on providing credit card processing solutions for the cannabis industry, “is awakening from a quiet period to take advantage of increased demand and legislative shifts within the cannabis market.”
In other words, the company is watching all these pot stocks heading through the cloud layer and into orbit, and wants everyone to remember that they were a play in the space a couple years ago. It would appear that there is also a paid promotional investor awareness campaign now active in the stock at this point as well. Of course, none of that means this won’t catch some major attention next week. After all, this “the new pot stock.”
Singlepoint Inc (OTCMKTS:SING) trumpets itself as a company that provides mobile technology and marketing solutions for small to mid-size businesses, nonprofits, and religious organizations. Its solutions enable clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices.
The company offers Text2Bid, a mobile bidding solution that allows users to bid in auctions from text or Web-enabled phones; Donate by Text, a solution that allows nonprofits to securely collect donations via text; Pay by Text that allows customers to pay for products using their mobile phones; and Point of Sale terminals to provide customers the convenience of using debit/credit cards right at checkout.
It also provides Oomy, a solution that enables companies to track and manage their fleet vehicles, drivers, and deliveries; text mobile marketing solutions; SingleSwipe that enables customers to turn any device into a point of sale payment processor with the SingleSwipe card reader; and other solutions.
Singlepoint Inc was formerly known as Carbon Credits International, Inc. and changed its name to SinglePoint, Inc. in February 2013. The company was founded in 2006 and is headquartered in Phoenix, Arizona.
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As the company puts it in their press messaging, “SinglePoint Inc. is a full-service mobile technology and marketing provider that serves a diverse clientele. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. SinglePoint recognized the strength in acquiring interest in undervalued subsidiaries in other markets, such as Daily Fantasy Sports, to create a diversified holding base.”
In their recent press communique last week, the SinglePoint Inc CEO, Greg Lambrecht, was quoted as saying:
“This is an ideal time to actively engage the marketplace. A couple years ago we established a significant presence as one of the first merchant service providers targeting this industry, and we will be leveraging relations with existing clients to accelerate growth…Additionally, there are a number of other smaller companies in this space that, as part of our overall rollup initiative, we would seek to acquire.”
As we know, politicians have certainly been keen on getting these companies into the commercial banking fold for some time. In fact, many are searching for solutions to the marijuana banking conundrum on state and federal levels right now. The company believes that results of voting on Tuesday won’t derail unified efforts to make way for allowing these companies to be “bankable.”
“There is a growing need to protect business owners as legalization continues to increase nationwide. Anderson Economic Group predicts that the following the seven states are the most likely to legalize cannabis by 2017: Arizona, Maine, Michigan, Missouri, Nevada, Rhode Island and Vermont. With more and more states pushing legalization, analysts from financial services firm Cowen and Co. are projecting a $50 billion legal cannabis market in the United States by 2026, with such progression based on federal legislation.”
Now commanding a market cap of $6M, SING has almost no cash on the books, alongside total assets a bit less than $550K, which compares with an appreciable load ($537.17k) of total accumulated debt. Traders will note 56% tacked on to share pricing for the company in the past week.
Market participants may want to pay attention to this stock. SING has evidenced sudden upward volatility on many prior occasions. What’s more, the company has registered increased average transaction volume recently, with the past month seeing approaching 2200% over what the stock has registered over the longer term. For continuing coverage on shares of $SING stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!