CannabisNewsWire Editorial Coverage: Growth has been the dominant theme in the cannabis market. Estimates by Forbes put the legal cannabis market at a value of $7.2 billion (per a February 2017 report), and the market is expected to generate more jobs than government, manufacturing, or utilities in the coming years, according to the Bureau of Labor Statistics. Numerous industries are being impacted. Cultivation and medicine are just a couple of examples, but cannabis is showing a strong presence in the retail, consulting, and consumer sectors. SinglePoint, Inc. (SING) (SING Profile) has focused on business development in multiple segments thanks to its diverse acquisition strategy, while Surna, Inc. (SRNA) has excelled in its AgTech focus. On the other hand, mCig, Inc. (MCIG) is serving the consumer market and AbbVie (ABBV) and 22nd Century Group, Inc. (XXII) are heavily vested in the vast medical arena.
SinglePoint (SING), a holding company that originated in the mobile technology sector, has assembled a diverse portfolio of subsidiaries. Its own SingleSeed subsidiary has had multi-industry impacts by addressing the unbankable aspects of the cannabis industry. At its core, SingleSeed addresses a significant obstacle of the marijuana industry. Because federal restrictions forbid traditional banks from backing marijuana merchants, businesses must rely on cash-only transactions, which presented numerous security and accounting problems.
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