CBD Stock News: SinglePoint (OTCQB: SING) Provides Update on 1606 Hemp Sales Initiatives and Brand Growth - Launches First Countertop Display
Phoenix, Arizona - May 5, 2020 (Investorideas.com Newswire) SinglePoint, Inc. (OTCQB: SING) starts Q2 with strong numbers and the focus on continued growth. After evaluating reports for Q2, SinglePoint's Hemp vertical is on track to double sales in its second quarter alongside the launch of 1606 Hemp six-pack counter top display. 1606 Hemp has seen a sales growth rate of 133% this quarter over the previous, a 233% growth in sales up to this point of the month compared from the previous month at the same point. The company has placed a focus on self-generated in store placement by hiring professional sales representatives to acquire new stores for the sales of our products over the next four weeks. 1606's goal is to grow by more than 250 retail accounts throughout multiple states.
"No more Tobacco Cigarettes for me, what a great alternative"
- Ian, 1606 Hemp Customer
As the company continues to see success, management believes 1606 Hemp will be able to provide approximately $2,750,000 to $5,500,000 in revenue selling to just 1,000 stores. As the roll out is successful and we achieve 250 accounts in the next four weeks, 1606 Hemp will bring on additional individuals to scale up to as many as 2,500 stores as quickly as possible in order to achieve reorders from 1,000 stores. Management believes the current total addressable market is approximately 125,000 locations or more.
"I've been trying to get friends and family to make the switch to hemp for years, your product is changing a lot of hearts. Thank you"
- Al, 1606 Hemp Customer
As new accounts have been established, we have received a noticeable increase in reorders and sell-through rates at stores as customers are becoming more familiar with the brand. In the past month, we have been able to grow our social media presence to over 10,000 followers and millions of impressions. The 1606 Hemp website has also had a major lift this month seeing nearly a 40% increase in new users and 33% increase in page views across the site. Users are also spending more time on the site than in previous months, leading to more conversion and engagement for the brand.
1606 Hemp is working to become the leading recognized brand in the combustible hemp market which is the second fastest growing market in the hemp category. The big differentiator for 1606 Hemp is the ability to place a countertop display unit at retailers across the nation. While others are working to dominate the online market, we have a general belief this type of consumable product will continue to be bought in convenience stores, smoke shops and bodegas throughout the nation.
"These have really helped with my nightly routine of winding down and getting a full night's rest. Thanks so much."
- Rebecca, 1606 Hemp Customer
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 combustible 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 combustible 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, the market is growing rapidly. There is a significant need for reliable suppliers with the capacity to move products.
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc (SING) invests in and acquires brands and companies that will benefit from injection of growth capital and our sales and marketing expertise. Our portfolio currently includes solar, hemp and technology applications. We are working to grow the company to a multinational brand.
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For more information visit: www.SinglePoint.com
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, and including but not limited to the projections concerning the sales of 1606 Hemp and in store placement of 1606 Hemp, 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.
Technical complications as well additional complications related to the current Covid 19 Pandemic, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
KEYWORDS: Combustible Hemp, Hemp, Smokable Hemp, Hemp Cigarettes, Hemp CBD, CBD
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