MJBizCon 2019 Canna Buzz – Optimism Abounds for 2020 Cannabis Sector – Yahoo Finance
Exhibitor SinglePoint Inc. to Showcase Smokable Hemp – one of the fastest growing segments in the industry
Investorideas.com, a leading investor news resource covering cannabis and hemp stocks releases a special report looking at the upcoming MJBizCon event in Las Vegas, December 11th-13 and some of the many attending industry leaders and exhibitors expectations, including SinglePoint Inc. (OTCQB: SING).” data-reactid=”19″>Point Roberts, Washington and Delta, British Columbia–(Newsfile Corp. – December 5, 2019) – Investorideas.com, a leading investor news resource covering cannabis and hemp stocks releases a special report looking at the upcoming MJBizCon event in Las Vegas, December 11th-13 and some of the many attending industry leaders and exhibitors expectations, including SinglePoint Inc. (OTCQB: SING).
MJBizCon is an annual three-day event where cannabis industry professionals network, listen to premier keynote speakers and explore the more than 150 exhibiting businesses. The event brings together many top-level individuals and businesses that are working to advance the cannabis industry while also increasing its visibility on a global scale.
When asked about how this year’s event has evolved to differ from last year, Tess Woods from the MJBiz Team commented, “Each year we produce MJBizCon, it is important for us to highlight the advancements the industry has made. This year, we are launching the Investor Intelligence Conference and the MJBizDaily Awards. For the first time, we will also surpass 35,000 attendees from more than 70 countries.”
Woods also commented on the noticed trends and industry trajectory saying, “It’s clear if you look at market data and consumer behavior in medicinal and adult use markets that the industry has only begun to develop here in the United States and the globe. Our annual Marijuana Business Industry Factbook recently projected the enormous YOY growth rates for the next five years. I have no reason to believe those types of curves won’t continue to be seen far into the future.”
While the industry may have suffered somewhat from negative press and underwhelming financials, companies, investors and conference attendees have renewed optimism in the industry looking to 2020.
1606hemp.com and have completed our first large purchase from a distributor. Smokable hemp is one of the fastest growing segments in the industry and we are at the forefront of it. Being federally legal through the passing of the 2018 Farm Bill, we are able to ship nationwide through distributors, direct to store and direct to consumer.”
SinglePoint recently released a recap of their successful 2019 and a look ahead to 2020 as the company comes off its largest 3rd quarter in history, exceeding $1,000,000 in revenue for the quarter. The company continues to see expanded growth in two major markets, Hemp and Solar and throughout Q4 and into 2020, SinglePoint will focus on growing these two market segments as demand increases for both. SinglePoint recently launched 1606 hemp which will have its major debut at the December 11-13, 2019 MJBIZCON where thousands will converge at the Las Vegas Convention Center to see the latest products in the industry. SinglePoint expects the sale of 1606 to be a large contributor in 2020 to overall company growth.
“We are excited for the launch of our 1606 Original Pre-rolled Hemp. We believe we can quickly scale the sales of this product via ecommerce and retail buyers. The Hemp Pre-rolls have a major profit margin which will support continued organic growth,” states Wil Ralston, President of SinglePoint.
1606 Original Hemp cigarettes are nicotine and tobacco free. Some research suggests that smoking hemp cigarettes could be a potential tool to replace tobacco and nicotine addictions.
According to a Brightfield Group survey of more than 5,000 CBD users in the US:
According to a June 2019 market research report published by MarketsandMarkets™, the industrial hemp market is projected to grow from $4.6 billion in 2019 to $26.6 billion by 2025, recording a compound annual growth rate of 34.0% during the forecast period. The CBD market is on track to grow to $23.7 billion through 2023, according to Brightfield Group. The firm also estimated the smokable hemp market to be valued at $11.5 million in 2018, a growth of 250% from 2017.
“We have an exceptional strategic plan in making SinglePoint one of the biggest publicly traded companies in the Smokable hemp space. We believe we offer investors and our current shareholders tremendous value given our leadership position in several explosive markets including ecommerce, Hemp and Solar. As SinglePoint continues to grow revenue and profit we continue to strive for meeting the qualifications to apply for a listed exchange,” states Greg Lambrecht, SinglePoint CEO.
SinglePoint predicts growth in its markets will continue. Support for legalization passed recently when lawmakers in the House Judiciary Committee approved a Bill that stands to decriminalize marijuana at the federal level. The Marijuana Opportunity Reinvestment and Expungement Act of 2019 (the “MORE Act”) passed by a wide margin with bipartisan support. This bill will now head to Senate; this is just the first of many steps but as support continues, SinglePoint believes it will only continue to open up options for businesses to obtain legal payment processing accounts. SinglePoint is currently growing its portfolio of accounts and as soon as the company believes there is a viable, stable payments option it will be able to onboard additional clients.
As SinglePoint’s Hemp business continues to blossom, Direct Solar of America drives additional expansion. Direct Solar, a subsidiary of SinglePoint Inc. (SING), a leading residential and commercial solar brokerage, continues to exceed revenue growth targets and has been pivotal to improving the Company’s financials.
Direct Solar of America is filling a gap in the solar market by providing homeowners the knowledge and comfort throughout the solar purchasing cycle. There are many complexities when it comes to the purchases including tax credits, leasing vs. buying, installers among other decisions to make. Direct Solar separates itself by becoming experts in the intricacies of solar in each market. Direct Solar has surpassed over $900,000 in revenue in just six months of operations.
This year’s MJBizCon kicks off next week on December 11th and it seems many of the exhibitors are looking to use this event, filled with industry professionals and investors, to help reinvigorate the industry and update the cannabis market on their recent developments. Reflecting, 2019 may not have been all we hoped for when looking at the hemp and cannabis sector but it seems 2020 is inciting many companies to be optimistic as we start to see real revenue generation and an improved regulatory environment.
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