NEW YORK, February 1, 2017 /PRNewswire/ --
NetworkNewsWire News Coverage: For the marijuana industry, 2016 was a successful year by any standards, reaching an estimated $7 billion in transactions and bringing the total number of states to legalize marijuana for medical and/or recreational purposes to 28. However, deemed America's fastest growing industry in recent years, the market still has some major obstacles to overcome in 2017, such as gaining access to legal banking services, obtaining federal drug reclassification, and more. Removing marijuana from the federal list of Schedule I drugs would be a major step forward for the industry, with massive implications and benefits trickling through to reach cannabis-related product manufacturers and distributors and ancillary service providers such as Cannabis Sativa, Inc. (OTCQB: CBDS), Cannabis Science, Inc. (OTC: CBIS), Eco Science Solutions, Inc. (OTC: ESSI), Medical Marijuana, Inc. (OTC: MJNA), and SinglePoint, Inc. (OTC: SING)
According to Cannabiz Media research firm, the industry headed into 2017 with over 4,300 cultivators, more than 2,500 producers, 3,300 dispensaries and almost 4,000 retailers nationwide. The numbers are expected to grow significantly in light of the recent vote by eight more states to legalize medical or recreational marijuana use. Driven by this impressive growth, the industry will look to make a bigger impact this year, primarily by gaining federal acceptance. The industry is already lobbying in favor of removing marijuana from the list of Schedule I drugs, where it is currently listed alongside heroin, ecstasy and LSD. It may take as long as four to eight years to gain federal acceptance, experts say, but the tide is in favor of the industry and, ultimately, the administration will likely adhere to the wishes of the American majority.
There are concerns that under the Trump Administration, and especially with marijuana opponent U.S. Senator Jeff Sessions (R-AL) as attorney general, the industry will struggle more and might lose rights gained at a state level. President Donald Trump, who spoke in favor of the marijuana market during the campaign, has yet to make his official position known. In the meantime, a group of 10 prominent lawmakers are pressing for banking reform to allow cannabis and related businesses access to financial services. In an open letter, the lawmakers asked the Financial Crimes Enforcement Network to issue clear guidance on the matter in order to make it easier for the industry to access banking services.
As a leading provider of mobile technology and payment solutions serving various industries, including the marijuana market via subsidiary SingleSeed Payments, SinglePoint, Inc. (SING) would welcome updated guidance from the Financial Crimes Enforcement Network, as this could help the business attain its full potential serving a rapidly expanding, legitimate market.
Since SingleSeed's "reawakening" after voters in eight states voted to legalize marijuana last November, SingleSeed's main goal has been to help legitimize the industry by helping medical or retail cannabis providers grow their business securely and safely. For that purpose, the company is providing several state-of-the-art payment solutions and mobile marketing tools.
Representing the diverse nature of the cannabis industry, SinglePoint earlier this week signed a Letter of Intent to acquire an interest in Convectium, a profitable California-based company that has created 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. Convectium's 710Shark and 710Seal system can fill and package up 100+ cartridges or disposable vape pens within 30 seconds. The company forecasts revenues for 2017 at $3.5 million, which would be a 150% increase over revenue of $1.4 million for 2016.
"To say we are excited about this opportunity is an understatement. 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," SinglePoint CEO Greg Lambrecht stated in a news release on 1/31/17.
Banking reform would also have a positive impact on other providers of ancillary services, including e-commerce company Eco Science Solutions, Inc. (ESSI), which enables cannabis enthusiasts to locate and connect with other enthusiasts or with cannabis businesses, ultimately facilitating the purchasing of related products. Another company that would benefit is Medical Marijuana, Inc. (MJNA), one of the first manufacturers and providers of medical marijuana products and worldwide distributor of Cannabidiol (CBD). In addition to manufacturing cannabis-based pharmaceutical and consumer products, the company also offers infrastructure and support services for the entire industry.
Besides federal acceptance and banking reform, the industry is also trying to achieve expanded research opportunities. If marijuana is declassified as a Substance I drug, this will pave the way to continued research into the effects of the substance and cannabinoid makeup, which could ultimately help the industry not only show that marijuana isn't as harmful as opponents claim, but also come up with better, more efficient formulations and products. Extended research opportunities would greatly benefit companies such as Cannabis Science, Inc. (CBIS) a company dedicated to developing innovative cannabinoid-based therapies for unmet medical needs, or Cannabis Sativa, Inc. (CBDS), a company that manufactures and commercializes a wide range of marijuana-based product under affiliated brand names, ranging from CBD-infused bottled water and CBD capsules to skin care products and more.
For more information on Singlepoint, Inc. (SING) please visit: Singlepoint, Inc. (SING)
NetworkNewsWire (NNW) provides news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of journalists and writers, NNW is uniquely positioned to best serve private and public companies who need to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
New York, New York
Please see full disclaimers on the NetworkNewsWire website: http://NNW.fm/Disclaimer
DISCLAIMER: NetworkNewsWire (NNW) is source of content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with NNW or any company mentioned herein. The commentary, views and opinions expressed in this release by NNW are solely those of NNW and are not shared by and do not reflect in any manner the views or opinions of FNM. NNW & FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.
NNW & FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and NNW & FNM undertakes no obligation to update such statements.
Media Contact e-mail:
FN Media Group, LLC