NetworkNewsWire Editorial Coverage: From Main Street to Wall Street, the cannabis industry is branching out into a variety of business opportunities for not only the key players involved but smaller startup firms as well. Projected growth estimates for the legal marijuana industry are impressive, with ArcView Market Research predicting a massive leap from just under $7 billion in 2016 to $22 billion by 2021, and that’s just the North American market. Globally, the market is estimated to reach over $55 billion by 2025. No matter how you crunch the numbers, a hefty segment of that revenue is streaming from subsidiary services supporting the cultivation, processing and eventual sale of the highly regulated plant. For companies like SinglePoint, Inc. (SING) (SING Profile), Medical Marijuana, Inc. (MJNA), Solis Tek Inc. (SLTK), Supreme Pharmaceuticals Inc. (SPRWF) and Scotts Miracle-Gro Company (SMG), moving into parallel business ventures makes economic sense.
SinglePoint’s (SING) approach of building a diversified portfolio through the acquisition of high-potential, ancillary cannabis-related targets is paying off. Earlier this month, SinglePoint acquired a majority stake in Arizona-based Dr. FeelGood, a leading medical marijuana distribution company whose extension plans include adding a proprietary delivery and ordering technology application. Also in the pipeline is a Dr. FeelGood mobile application that will both enhance the experience for users and streamline the company’s operations. Once completed, the app will allow both SinglePoint and Dr. FeelGood to license the technology to other distribution companies throughout the United States (http://nnw.fm/3CqEj).
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Rapidly Changing Cannabis Industry Offers Plenty of Growth in Horizontal Markets
