The White House struck a chord with the marijuana industry last week when press secretary Sean Spicer said the Department of Justice is likely to enforce federal marijuana laws in states that have legalized recreational pot. While the prevailing mood is disappointment among the broader marijuana/cannabis industry, reactions and impacts are mixed among businesses like Singlepoint, Inc. (SING) (SING Profile), Medical Marijuana, Inc. (MJNA), Terra Tech Corp. (TRTC) and Marijuana Company of America Inc. (MCOA).
SinglePoint, Inc. (SING) is building an acquisition-based cannabis business focused on high-potential targets that service the cannabis industry rather than those that deal directly with the plants, and therefore won’t feel the crunch of greater federal enforcement. With this strategy, SinglePoint is the “pick and shovel” for cannabis businesses, providing them tools needed to run their daily operations while positioning itself as a hedge investment against companies that deal directly with the plants.
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