NEW YORK, February 8, 2017 /PRNewswire/ --
NetworkNewsWire Coverage: In a move that will certainly have an effect on both domestic and foreign cannabis companies such as Singlepoint Inc. (OTC: SING) (SING Profile), Rocky Mountain High (OTC: RMHB), mCig, Inc. (OTC: MCIG), General Cannabis Corp. (OTC: CANN) and Cannabics Pharmaceuticals, Inc. (OTC: CNBX), Israel is reportedly making strides toward allowing the export of medical marijuana, according to Reuters1.
The Israelis are widely regarded as leaders in medical marijuana research. However, the local market is small, estimated at $20 million, tops. Nevertheless, the meager market size appears to discourage neither innovation nor investment. As such, Israeli companies are involved in the value chain at all stages, from agriculture to consumer products. In Israel at least, the cannabis ecosystem is alive and well.
As the cannabis industry continues to evolve on a global scale, there is a noticeable increase in diversity, in terms of location and operations, among leading players.
SinglePoint may not be in Israel, but the company is certainly not out of the loop when it comes to technological advancements of the marijuana industry. The Arizona-based company recently announced the elimination of its debt (http://nnw.fm/4ewGK), as well as its plans to uplist to the OTCQB Venture Marketplace and pursue acquisitions in the technology and cannabis industries.
Notably, the company already has its foot in the door. Through its SingleSeed Payments subsidiary, SinglePoint is structured to offer payment solutions to the cannabis industry, which is awaiting federal measures that could allow much-needed banking options (http://nnw.fm/yeuT9). SingleSeed's mobile marketing and payment solutions include cashless ATM, Pay-by-Text™ and text message marketing for dispensaries and other cannabis businesses.
"Through SingleSeed, SinglePoint entered the cannabis industry years ago; since then we have had a front-row view of the incredible opportunities provided by widespread acceptance of cannabis, and the subsequent push for legalization on a variety of points. It's interesting to see the movement cross international borders to feed a global market," says SinglePoint CEO Greg Lambrecht.
Additionally, SinglePoint recently signed a LOI (Letter of Intent) (http://nnw.fm/6YH6u) to acquire an interest in Convectium, a profitable California-based provider of equipment, branding and packaging solutions for the cannabis industry.
Convectium has developed 'the world's first' oil-filling system for cartridges and disposable vape pens for wholesale distribution to dispensaries. Within 30 seconds, the company's 710Shark and 710Seal system can fill and package 100+ cartridges or disposable vape pens, making it the fastest filling and sealing system of its kind. With a market that extends to over 52 countries, Convectium expects 2017 revenues to be about $3.5 million. This would represent an increase of 150% over 2016 revenues of $1.4 million.
In Dallas, Texas, Rocky Mountain High (OTC:RMHB) specializes in developing, manufacturing, marketing and distributing high-quality, health conscious, hemp- and CBD-infused food and beverage products. The company recently announced that it will attend the three-day Seattle CannaCon Convention, the world's largest cannabis business marketplace, taking place February 16-18.
Another U.S.-based cannabis enterprise is mCig (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp and cannabidiol (CBD) markets. mCig has evolved from being a vaporizer manufacturer to providing cannabis cultivation construction services with its Scalable Solutions division. The company recently posted record third-quarter net sales of $1.3 million, an increase of 546 percent compared to the third quarter of 2015. Net income for the quarter was $898,000 (with $118,000 adjusted net income), marking the company's highest single-quarter performance.
General Cannabis (OTCQB: CANN), located in Denver, Colorado, provides an integrated platform of services to the cannabis industry. Its subsidiaries include Iron Protection (security services), Next Big Crop (grower support), Chiefton (design and branding), The Greenhouse (GC capital) and General Cannabis Institute (investor intelligence).
Back on Israeli soil, Cannabics Pharmaceuticals (OTCQB:CNBX) is developing personalized anti-cancer treatments based on cannabinoids. The company most recently said its Cannabics 5mg THC capsule is being evaluated as a treatment for cachexia and anorexia, in a study taking place in Israel that is fully registered with the U.S. National Institutes of Health.
- Reuters: http://nnw.fm/d7l3L
For more information on Singlepoint, Inc. (SING) please visit: Singlepoint, Inc. (SING)
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