|SinglePoint, Inc. (SING) Set to Capitalize on Congressional Push to Regulate and Tax Marijuana|
The U.S. Congress in March introduced legislation to regulate and tax marijuana and to remove it from the federal Controlled Substances Act. The move (http://nnw.fm/Qi81t) would effectively end cannabis prohibition and allow it to be regulated in a way alcohol has been since 1933. This move would be highly beneficial for SinglePoint, Inc. (OTC: SING), a leading mobile technology and payment solutions company that provides ancillary services to the marijuana industry.
Legislation was introduced by Sen. Ron Wyden (D-OR) and Rep. Jared Polis (D-CO). It would allow the states to choose to legalize cannabis at their discretion. Also, federal regulations could be imposed on cannabis businesses, even in those states where marijuana is legal. A federal excise tax on cannabis products would be put into effect by a Senate bill (introduced by Rep. Earl Blumenauer (D-OR)), and the House is also considering such a measure. These measures reflect the stance that the administration of President Donald Trump has taken on the legalization of marijuana.
Greg Lambrecht, CEO of SinglePoint, recently noted, “The Trump administration has voiced its intention to empower the states in regards to legalizing medical marijuana. President Donald Trump himself has stated that he believes medical marijuana can help people. At this time, we believe the administration will stay true to their position of empowering the states to make the right call. There are many medical shops here in Phoenix. So far, none of them have said they are being negatively impacted by the current administration or the policies it says are in the works.”
Additional bills address cannabis legalization on a criminal justice front. Changes to cannabis policy could include a reduction of cannabis penalties and an elimination of many legal repercussions now associated with federal convictions. Rep. Blumenauer has expressed concern that individuals could be trapped between federal and state laws and that changes are needed to ensure fairness.
Public support for legal cannabis has grown from 52% of adults in 2014, to 57% in 2016, according to a General Social Survey. The new numbers are supported by a recent Quinnipiac University poll as well. Still, some states, such as California, fear there may be a federal crackdown. Some have said federal intervention could restore prohibition where cannabis is legal, which could spawn a new era of chaos due to an unregulated underground market and criminal justice issues.
SinglePoint has seen much revenue potential in the realm of legal cannabis, and hopes measures will be taken to streamline federal and state oversight of the market. Its interests go beyond investing. The congressional push should also help boost the value of its SingleSeed (www.SingleSeed.com) payments solutions for businesses in the cannabis industry. “For the near term, the best way the administration can help would be to issue guidelines on how the cannabis business can be successfully banked,” Lambrecht added.
Recently, SinglePoint announced the acquisitions of Convectium, a manufacturer and distributor of cannabis-related equipment and packaging solutions. The projections of $3.5 million in sales for 2017, according to a March press release (http://nnw.fm/K7uOu), are attractive to SinglePoint investors who have seen opportunities to diversify the company’s revenue streams. At the start of 2017, 28 states had legalized marijuana in some capacity.
To stay tuned for more details about new cannabis legislation, and to learn more about SinglePoint and its acquisitions in the industry, go to www.SinglePoint.com.
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