CBD Stock News: SinglePoint (OTCQB: SING) Provides Update on 1606 Hemp Direct to Store Sales Strategy
- 64% increase in orders compared to the previous month
- 130 new retail accounts pick up 1606 Hemp
- Increased sales footprint into 7 additional states
- Reorders and additional product stock shipments have commenced
- Average sale size increased 42%
Phoenix, Arizona - May 13, 2020 (Investorideas.com Newswire) SinglePoint, Inc. (OTCQB: SING) recently launched a new strategic direct to store (DSD) sales initiative focused on initial product placement and market penetration within convenience stores and smoke shops in the domestic US market. This DSD strategy is designed to enhance sales, initial product placement and augment existing traditional retail distribution sales efforts leveraging the recent introduction of the new countertop displays. The Company recently hired multiple representatives to facilitate the placement of 1606 Hemp in specific retail locations and has the ability to closely monitor the sales activity and results through this direct contact with each retail location. Results have been positive as the 1606 Hemp product placement efforts quickly moved past an internal sales milestone shortly after implementing the DSD sales strategy. The phase one Direct Store sales strategy is focused on self-generated store acquisition by hiring professional sales representatives to contact accounts directly with the goal of acquiring a minimum of 250 additional retail accounts across multiple states. The company has acquired over 130 new retail accounts across 7 states solely attributed to this DSD effort and has already received some reorders from these new retail accounts.
- 1606 Hemp has seen a sales growth rate of 133% this quarter over the previous
- 233% growth in sales up to this point of the month compared from the previous month at the same point.
SinglePoint management believes 1606 Hemp has the ability to generate approximately $2,750,000 to $5,500,000 in annual sales revenue of 1606 Hemp per 1,000 active accounts. Once the phase one goals (250 new retail accounts) have been achieved and the results analyzed and adjusted accordingly the Company will plan on entering the next phase which would focus on the acquisition of 2,500 stores and to increase and enhance the reorder rate from existing accounts.
1606 Hemp was designed to be the premium brand in the combustible hemp market which is the second fastest growing market in the hemp category. 1606 Hemp continues to innovate and differentiate itself as evidenced by the recent introduction of a six pack point of sale display unit designed to be placed on countertops or next to the register retail locations across the nation. Our filtered pre-rolls are made from broad spectrum American grown, harvested and cured hemp flower. Less than 0.3% THC and nearly 20% CBD in each pre-roll, they provide a smooth alternative to tobacco products. We use sustainable farming techniques, biodegradable filters and third party tests for quality, compliance and safety.
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 market and produce products available at retail or direct to consumers.
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, 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, 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, Exciting new markets, Emerging Markets
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