- SinglePoint posts largest 3Q revenue numbers in company’s history
- Strategic plan in place to make SING one of largest publicly traded companies in the smokable hemp space
- Hemp, solar industries major focus for company in 2020
SinglePoint Inc. (OTCQB: SING) recently posted third-quarter numbers – the largest third quarter in company history (http://ibn.fm/LyT8u). Revenue for the company reached more than $1 million as the SING continues to see impressive growth in both hemp and solar. In addition to reporting record-breaking revenue, the company outlined plans for continued growth moving into 2020.
“We have an exceptional strategic plan in making SinglePoint one of the biggest publicly traded companies in the smokable hemp space,” SING CEO Greg Lambrecht stated in a news release. “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.”
Moving forward, SinglePoint plans to continue its focus on hemp and solar, two sectors in which significant growth has been forecast. One market research report projected the industrial hemp market 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 Brightfield Group estimated the smokable hemp market to be valued at $11.5 million in 2018, an impressive increase of 250% from 2017.
With that growth in mind, SING recently unveiled its own wholly owned brand, 1606 Original Hemp, which will offer a variety of smokable hemp products (http://ibn.fm/riMJ0). SinglePoint expects the sale of 1606 to be a significant piece of the company’s overall growth next year.
The product line received a resounding response when SING initially launched it at NACS 2019; the company has shipped orders to convenience store owners with a collective 250 doors and has interest from over 100 parties that collectively have over 15,000 doors. SinglePoint is planning a major product debut December 11-13 at MJBIZCON in Las Vegas, where thousands will be in attendance.
“We are excited for the launch of our 1606 Original Pre-rolled Hemp,” added SING president Wil Ralston. “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.”
SinglePoint is also anticipating continued success in the solar industry, where its subsidiary Direct Solar of America continues to surpass expectations. A leading residential and commercial solar brokerage, Direct Solar opened in three new states during 3Q 2019 and also inked contracts originating almost $5 million, launching a high-school partnership program with 47 Texas-based high schools, signing an MOU with SchollyMe to develop online and mobile solar purchasing ability, and creating two additional subsidiaries: Direct Solar Capital and Direct Solar Commercial.
Founded in 2011, SinglePoint invests in and acquires brands and companies that will benefit from injection of growth capital and its sales and marketing expertise. The company portfolio currently includes solar renewables, hemp, and distribution tobacco products. SinglePoint continues working to grow to a multinational brand.
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