SinglePoint (OTC: $SING)
Signs LOI to Acquire $1,000,000 stake in California Cannabis Cultivation Land
SEATTLE
- February 27, 2018 (Investorideas.com Newswire) SinglePoint, Inc. (OTC:SING) is pleased to
announce the company has signed an LOI to acquire a stake in California
cannabis cultivation MTH Development Group ("MTH") further
establishing its California footprint. MTH currently operates 4.7 acres of land
zoned for cannabis cultivation. SinglePoint has invested in the company in
return for an equity stake. Currently the company leases its properties to
licensed cultivators and operates one of the largest cultivations in Adelanto,
California.
With
its hands-off approach SinglePoint is staying true to that strategy by
investing MTH. SinglePoint will continue its hands-off approach by acquiring
companies and providing technology solutions to the industry. This will be the
first acquisition of its kind for SinglePoint in which the company will own
equity in licensed cannabis cultivation land. The company is in negotiations to
do similar investments in other states.
MTH
is currently home to companies like HD Biotech and Quality Resources. HD
Biotech harvests roughly 400 pounds per month of flower and 150 pounds of trim
used for cannabis oil manufacturing. Currently HD Biotech has received its
cultivation, manufacturing and expects its distribution license shortly.
Holding all three licenses would provide the ability to vertically control all
their products from seed to sale, thus reducing costs significantly.
"We
are excited for this opportunity. Having been to the operation and seeing their
proprietary cultivation procedures we feel this is a great investment for
SinglePoint. Part of this investment is to also test our new technologies with
their tenants to improve as well as validate our systems. Their feedback will
help us build the right solution and navigate the California market
regulations", states Wil Ralston President SinglePoint.
This
acquisition will further SinglePoints’ footprint in the cannabis market which
recently achieved another huge milestone with the acceptance of Cronos listing on NASDAQ.
SinglePoint management believes this shows the strength of growth in the
industry and the opportunities that are available.
About SinglePoint, Inc.
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, the
company is providing products and services to the cannabis industry.
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Forward-Looking
Statements
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.
Contact:
SinglePoint,
Inc.
Greg Lambrecht
602.481.1544
Greg Lambrecht
602.481.1544
Corporate Communications Contact:
NetworkNewsWire
(NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
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