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Monday, October 19, 2020

Singlepoint Inc (OTCMKTS:SING) Beefs Up Its Cannabis Portfolio

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Singlepoint Inc (OTCMKTS:SING) is a micro-cap player in the cannabis patch that has been exploding higher in recent action. The company is starting to receive increasing attention of late, and new dynamics have been emerging, including the announcement that SING has signed a Letter of Intent to acquire an interest in Jacksam Corp., dba Convectium, a profitable California-based provider of equipment, branding, and packaging solutions for the cannabis industry.

According to the release, Convectium is the creator of the world’s first oil filling machine focused on the cannabis industry that is capable of filling cartridges or disposable vape pens for wholesale distribution to dispensaries. The company’s 710Shark and 710Seal system can fill and package up 100+ cartridges or disposable vape pens in 30 seconds, making it the fastest filling and sealing system of its kind.

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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According to the company’s release, “Convectium operates a B2B equipment division in addition to its legacy B2C products. The proprietary equipment is solely distributed by EquipCanna.com, the Convectium B2B brand. Based on its market position and increasing demand for its products and services, Convectium forecasts revenues for 2017 at $3.5 million, an increase of 150% compared to revenue of $1.4 million for 2016. Convectium ships its consumer brands to over 52 countries. The company’s line of B2C brands include BlackoutX as well as HazeSticks, inspired by the Jimi Hendrix Cannabis Collection.”

“To say we are excited about this opportunity is an understatement,” states SinglePoint CEO, Greg Lambrecht. “Convectium’s 710Shark and 710Seal system is incredible, and its capabilities are unmatched. After looking at hundreds of cannabis companies, finding an acquisition opportunity like we have found in Convecitum adds a new dynamic to our endeavors and the cannabis industry as a whole.”

As noted in their press communique, SinglePoint will pay Jacksam a stock and cash consideration totaling $800,000. The transaction is expected to accelerate SinglePoint’s existing presence in the cannabis industry – established by its SingleSeed subsidiary – while creating another avenue of participation in the “Green Rush” of the multi-billion dollar cannabis industry.

“We are excited to enter into an agreement with SinglePoint, one of the leading and most visionary publicly traded cannabis companies in the market. Paired with our proprietary technology and commitment to the future of the infrastructure of the cannabis industry, Convectium and SinglePoint are creating a unique business dynamic with incredible potential,” says Danny Davis, managing partner at Convectium.

We’ve witnessed nearly 230% piled on for shareholders of the name during the trailing month. This is emblematic of the stock. SING has a history of dramatic rallies. Moreover, the name has seen interest climb, with an increase in recent trading volume of nearly 350% beyond its prior sustained average level. Since we last covered the name, the stock has moved 111.9%.

Now commanding a market cap of $21.4M, SING has virtually no cash on the books, which compares with about $555K in total current liabilities. One should also note that debt has been growing over recent quarters. SING is pulling in trailing 12-month revenues of $6K. However, the company is seeing declines on the top line on a quarterly y/y basis, with revenues falling at -6.6%. As more color becomes clear on the name, we will review the situation and update our take. 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!

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