SinglePoint, Inc. (SING) Expands Presence in Cannabis Industry through Acquisition of Stake in Convectium

SinglePoint, Inc. (SING) Expands Presence in Cannabis Industry through Acquisition of Stake in Convectium
SinglePoint, Inc. (SING) Expands Presence in Cannabis Industry through Acquisition of Stake in Convectium

Specialized holding company SinglePoint, Inc. (OTC: SING) this morning announced that it has closed its first round of funding to acquire a stake in Jacksam Corp., dba Convectium, the developer of a unique oil filling system poised to revolutionize the cannabis industry. Originally announced at the end of January, the Convectium acquisition is expected to include an overall investment of stock and cash consideration totaling $800,000, which Convectium will use to help fund its growth as well as marketing of its revolutionary 710Shark and 710Seal system. Leaning on the marketability of the first-of-its-kind system, as well as its line of B2C products, Convectium projects full-year 2017 sales of $3.5 million, which would represent a year-over-year increase of 150 percent. Per this morning’s update, Convectium is currently on track to achieve this goal, with first quarter sales having significantly surpassed comparable figures from 2016.

“We have evaluated numerous investment prospects in the cannabis space, and found there is nothing that compares to this opportunity we have with Convectium,” Greg Lambrecht, CEO of SinglePoint, stated in this morning’s news release. “With this transaction, we will acquire a stake in a cannabis business that never touches a marijuana plant. This is the strategy we will use as we move forward to hedge us against changing federal and state laws.”

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