PHOENIX – SinglePoint (OTCQB: SING) announced today that it has signed a master distribution agreement with Pure Products LLC to become the primary sales and marketing solution for the company’s line of “Pure Hemp” cigarettes.
This distribution agreement is a natural fit for SinglePoint CEO Greg Lambrecht as previously he led Premium Cigars International to an IPO NASDAQ listing. The company distributed and serviced over 30,000 accounts throughout North America. “We are excited for this opportunity. I have many contacts still in the business from my prior distribution company and look forward to brining Pures’ hemp cigarettes to market. There is a massive opportunity and we have been seeing retailers looking for this type of product during our due diligence into the space,” states Greg Lambrecht CEO SinglePoint.
According to Steve Ross, President of Pure Products LLC, “A phenomenon is occurring where people are substituting or modifying tobacco consumption with low THC cannabis/hemp cigarettes containing less than .3% THC. We believe we have the best all-natural hemp cigarette in the market and are tremendously excited to partner with Singlepoint to accelerate our product placement into retail outlets nationwide.”
Singlepoint President Wil Ralston stated, “Our team is excited to represent this outstanding product and we are confident that we can help establish “Pure” as a meaningful leader in the natural hemp cigarette category. We believe retail outlets and specialty shops across the country are anxious to dedicate shelf space to CBD, especially hemp cigarettes. The Pure brand brings an elevated standard of product to the market enhancing the consumer’s experience while adding revenues and profits to these retailers.”
Ralston added, “Not long ago, SinglePoint made a significant commitment to be a major provider in the industrial hemp space and the agreement with Pure Products is another bold move for the company to solidify our place in the industry. Teaming with Steve Ross and the Pure Products team accelerates our plan to put finished goods into retail stores.”
BDS Analytics and Arcview Market Research projects that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024 while New York-based investment bank Cowen & Co, estimates that the market could pull in $15 billion by 2025. The smokable hemp market currently represents approximately 2% of the overall CBD market, but with a 250% growth from 2017 to 2018, Brightfield Group, a Chicago-based cannabis market research firm, identifies dried and smokable hemp flowers as one of the fastest-growing segments of the CBD market.
With the passage of the 2018 Farm Bill and the mainstreaming of CBD hemp flower, the market is growing rapidly. There is a significant need for reliable suppliers with the capacity to move product. Its demonstrated capacity to deliver has established Singlepoint as one of the dominant players in the cbd and hemp marketplace.
Interested parties can contact Singlepoint via its dedicated hemp-line: 855-203-3318 or [email protected]
About SinglePoint, Inc.
SinglePoint, Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through SingleSeed, the company is providing products and services to the cannabis industry.