Specialized holding company SinglePoint, Inc. (OTC: SING) this morning announced the completion of its acquisition of Discount Indoor Garden Supply (“DIGS”). Under the terms of the agreement, SinglePoint has acquired a 90 percent stake in DIGS through a stock and cash transaction, further demonstrating the company’s ability to strategically expand its portfolio of investments in established, high-potential cannabis businesses. “This acquisition is an important one for SinglePoint and strengthens our footing in the cannabis industry,” Greg Lambrecht, CEO of SinglePoint, stated in the news release. “The acquisition of DIGS is phenomenal for the company’s books. More importantly though are the people that come along with this. We are investing in people we believe in, people that we know can continue to run and grow their company.” DIGS currently operates both an online store and two store front locations, with plans to open a third in the near future. Both of its stores are strategically located to capitalize on a sizable presence of licensed cannabis growers, which could provide an opportunity for considerable market growth following California’s anticipated 2018 legalization of recreational cannabis use.
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