PHOENIX, June 26, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — PRESS RELEASE — SinglePoint has announced that it has signed a $109,465,000 contract with Elite Foundation LLC of North Carolina to supply more than 275,000 pounds of premium hemp flower over a period of 15 months.The initial 1,000 pounds of product has been approved and purchased.
The contract is the first major deal arising from the previously announced supply chain and co-selling agreement with Oregon-based Easy Street Services Company and J&J Empire, LLC. SinglePoint stands to make a large profit in the deal. Company management believes this deal along with the major success in solar provides the basis to move up to a listed exchange such as the NASDAQ or the NYSE.
According to President Wil Ralston, “Our team, specifically our VP of Sales Don Smith, has worked tirelessly to make this a reality. We believe this is the catalyst toward closing a stream of substantial deals in our pipeline. Not long ago, SinglePoint made a significant commitment to be a major provider in the industrial hemp space; this agreement solidifies our place in the industry. In addition to raw material supply we are negotiating distribution agreements to place finished goods in retail stores. There is a lot of opportunity in this burgeoning market and we are getting in everywhere we can. Our newest team member, Don Smith, is a leader in these efforts.”
Smith has extensive experience in building startup companies that explode within emerging markets. Prior to joining SinglePoint, Smith spent eight years focused on the advancements in organic sustainable food industry and its applications to the cultivation and growth of the legal cannabis business. In that time, he co-invented a “vertical cultivation” device, the invention and successful hydroponics business was sold to Greengro Technologies, Inc., where Smith served in various capacities including chairman and CEO.
“I am elated to have closed this deal. It has been a long series of negotiations and we have arrived at a point where everyone is happy and has made the first purchase. We are working multiple other deals that are in the pipeline for additional hemp flower product to other buyers as well,” states Smith.
BDS Analytics and Arcview Market Research project 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 percent of the overall CBD market, but with a 250 percent 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. SinglePoint’s bold entry into the hemp flower market positions the company as one of the leading hemp flower wholesalers in the country.
Published at Wed, 26 Jun 2019 20:20:00 +0000