Now that 29 states and the District of Columbia have legalized medical or recreational marijuana, or are on the way to doing so, the buzz in the industry is being supported with hard data. A new comprehensive report from Marijuana Business Daily (MBD) is replete with figures, charts, projections and analyses that support the upbeat ‘animal spirits’ in the industry. Titled the Marijuana Business Factbook 2017(http://nnw.fm/L2Tnt), the paper projects that revenues from medical and recreational marijuana products will surpass $5 billion in annual sales for the first time in 2017. However, until federal statute allows, banks are unlikely to handle these “high risk” payments, which opens the door for innovative fintech companies like SinglePoint (OTC: SING) to step in. The company is positioning itself to be a ‘first mover’ in providing payment solutions to the cannabis vertical through its SingleSeed payments subsidiary.
The MBD report, summarizing the responses of more than 800 business owners, executives, entrepreneurs and investors, reveals a more uncertain industry outlook. In the 2016 survey, the hazard of federal intervention ranked as the third-most worrying challenge facing marijuana business owners. This year, that troubling threat is now their primary concern.
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