SinglePoint (OTC: $SING) Continues Accelerated Growth in Cannabis Sector with Letter of Intent to Acquire Dr. FeelGood
SEATTLE, WA - August 22, 2017 (Investorideas.com Newswire) SinglePoint, Inc. (OTC:SING) today announces it has signed a Letter of Intent (LOI) to acquire Dr. FeelGood, an already profitable Phoenix-based medical marijuana distribution company with plans to develop a proprietary delivery and ordering technology. Per the LOI, SinglePoint will acquire 51% of the company in a combination of cash and stock. The acquisition will add an additional revenue stream to SinglePoint, solidifying the company's acquisition-based revenue strategy.
SinglePoint anticipates it will quickly close this acquisition, demonstrating its ability to grow its portfolio of investments in established high-growth, high-potential cannabis businesses. SinglePoint successfully acquired two companies earlier this year, and expects that the acquisition of Dr. FeelGood will be a highly successfully addition to its portfolio.
"This acquisition is right in our wheel house. I previously took a distribution company public on the NASDAQ and believe with my experience in distribution we can grow this company quickly. The acquisition of Dr. FeelGood will be the third acquisition of the year. Through the acquisition of DIGS Hydro and Convectium, SinglePoints revenue has increased 378 percent compared to the first quarter of 2017. SinglePoint is in a better position than it has ever been before. We are looking at additional companies and plan to complete additional acquisitions prior to the end of the year. We are well capitalized to continue acquisitions and we are optimistic to complete around three more acquisitions and significantly increase the company's revenue," says SinglePoint CEO Greg Lambrecht.
Dr. FeelGood has a wide variety of products that are distributed to both businesses and consumers. Owners Scott Riley and Jeff Clevenger have over 30 years of experience in building and scaling businesses, including running a cannabis distribution business. Riley and Clevenger will continue to run day-to-day operations of Dr. FeelGood and assist with plans to expand the business and license the brand in additional states.
"This acquisition will enable Dr. FeelGood to quickly ramp up its operations. With SinglePoint's support and connections into launching new technology, we are really excited to work together and bring to life a few amazing projects we have been working on developing. We are confident in our ability to grow this company exponentially in the first six months of this acquisition," states Riley.
SinglePoint and Dr. FeelGood will first focus on the development of a delivery platform utilizing SinglePoint's location-based delivery application. Additional features, such as a directory and ordering system to directly compete with Leafly and WeedMaps, will then be implemented to cement the technology's position in the market. Dr. FeelGood has existing plans to build the app, and expects that a collaboration with SinglePoint will help the company utilize the app sooner-than-expected to meet existing and growing interest.
SinglePoint continues to establish its portfolio in the cannabis sector, well-paced with broader industry growth. A report by the Cannabist (2016) shows that the cannabis industry will report a steady growth pattern in the coming decade. Based on the research, by 2025 the cannabis market will be worth over $20 billion, more than double its current estimate. Based on data from the New Frontier (2014), the legal cannabis market enjoys a compound annual growth of 29%.
About the Company
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed SingleSeed the company is providing products and services to the cannabis industry. For more information, visit www.SinglePoint.com
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Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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