Through building a diversified holding base, SinglePoint, Inc. (OTC: SING) has developed from a full-service mobile technology provider to a publicly traded holding company, and its SingleSeed subsidiary is working to solve an issue that is currently plaguing legal cannabis businesses: a lack of traditional banking options. Because of federal restrictions, marijuana merchants in the United States do not have the backing of the FDIC and, consequently, must largely conduct cash transactions because they do not have a means of processing credit and debit cards.
An article further discussing this reads: “Analysts predict that the medical marijuana and recreational cannabis market in the United States alone could be worth upward of $50 billion by 2026. In order to successfully ride such a trajectory, SinglePoint and its investors knew a critical component of the business model was missing: a way to process debit and credit card transactions independent of banks and the FDIC (http://nnw.fm/zuCI5). Waiting on federal banking guidelines to solve this problem wasn’t at the top of the company’s to-do list. Instead, SinglePoint, like it has for years, started working on finding solutions. Cryptocurrencies like bitcoin and ethereum, as well as their underlying blockchain technology, are on the table, and SinglePoint is among the first in line to serve up a solution for these high risk industries.”
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SinglePoint, Inc. (SING) Continues Focus on Solving Payment Issues for ‘Unbankable’ Legal Cannabis Businesses
