- SING’s 1606 Hemp subsidiary achieved 133% increase in quarterly sales growth
- Product marketing and content strategy grew 1606 Hemp social media presence to 20,000 followers, boosting online sales
- SING achieved 300% increase in Q1 revenue and gross profit with majority coming from subsidiary Direct Solar
Despite unusual events creating an uncertain economic landscape, 2020 is proving to be a successful year so far for SinglePoint (OTCQB: SING), a diversified holdings company with operations in several high-performance market sectors. With impressive results coming from both their 1606 Hemp and Direct Solar subsidiaries, SING continues to successfully propel its business model forward by acquiring significant stakes in businesses and then fast-tracking their growth with operations, development, and management expertise.
SING continues to make gains with 1606 Hemp, its iconic smokable hemp brand that imparts the richness and quality of American-grown, harvested and cured hemp flower, processed according to quality assurance techniques that date back to the year 1606. Touted as a safer alternative to tobacco, 1606 Hemp cigarettes saw a remarkable 133% quarter-on-quarter increase in sales growth, along with increased distribution to new retail outlets across the country (http://ibn.fm/J7Lfv).
“We have over 400 storefront locations now in about 20 different states. We’ve officially launched our 6-pack point-of-sale display and that’s going really well. The beautiful thing about that is that it can sit right there (on the counter),“commented SING president Wil Ralston in a recent television interview (http://ibn.fm/bb3hL).
Social media and product marketing have played key roles in the successful growth of 1606 Hemp. Leveraging the popularity of key influencers in the hemp space forms part of 1606 Hemp’s social media strategy, in addition to enriching the consumer experience with lighters, ashtrays and hats branded with the 1606 logo.
“Everything we’ve done, we’ve been trying to do it to the next level and being able to position this brand as a leading brand within this market. In doing that we’ve gained over 20,000 followers on Instagram and multiple Youtube views,” commented Ralston on the growth strategy.
When asked about fulfillment issues that may arise from the boost in online sales, Ralston stated that “there are plenty of opportunities for us to continue to fulfill. We’ve got two different partners that can manufacture more than enough for us. We’re also able to expand beyond that as there is a lot of hemp being grown right now.”
Aside from expanding its footprint in the hemp industry, SING’s subsidiary Direct Solar is positioned to continue growing through the launch of the first phase of its new website aimed at streamlining the online purchasing process for residential solar.
“We are working on a brand-new site where a customer can come onto our site, put in their address and information, and we can get all the needed documents in order to be able to give you a quote for your house, and that’s version 1.0. When we come out with the second version, we’ll be able to actually get you pre-approved for a loan,” Ralston explained, highlighting SING’s aim to capitalize on the consumer shift to purchasing high-value items online. Recent financial statements released are proving the success of this strategy, showing a 300% increase in Q1 revenue and gross profit, with the majority of that growth coming from the acquisition of Direct Solar (http://ibn.fm/8Mu28).
SinglePoint has grown from a full-service mobile technology provider into a recognized brand that benefits from multiple revenue streams through its diverse portfolio of undervalued subsidiaries. The company strives to create long-term value for its shareholders by offering opportunities to invest across a diverse range of industries.
For more information, visit the company’s website at www.SinglePoint.com.
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://ibn.fm/SING