Singlepoint Inc (OTCMKTS:SING)
Shares of Singlepoint Inc (OTCMKTS:SING) rallied 20.20% after the company confirmed the acquisition of Dr. FeelGood, a profitable cannabis distribution company. Under the terms of the agreement, the company is to acquire a 51% stake in the distribution firm in a cash and stock transaction.
The 20.20% rally helped reverse a sell-off wave that had already broken a key support level. Singlepoint Inc (OTCMKTS:SING) is currently trading in a $0.06-$0.07 trading range, waiting to see if it will break through the $0.08 – $0.09 levels, which are acting as immediate resistance levels.
The Dr. FeelGood acquisition has already triggered renewed investor interest in Singlepoint Inc (OTCMKTS:SING) stock given that it strengthens the company’s prospects in the multibillion legal cannabis business. Dr. FeelGood is SinglePoint’s third acquisition for the year as it continues to diversify its revenue stream through acquisitions.
Dr. FeelGood should provide Singlepoint Inc. (OTCMKTS:SING) with additional revenue, in addition to an experienced team that has been working in the cannabis industry for years. The distribution firm is currently working on a mobile app that, it claims, will enhance their user experience in addition to streamlining operations.
“SinglePoint is in a better position than it has ever been before. We are well capitalized to continue acquisitions and we are optimistic to complete additional acquisitions and very optimistic to significantly increase the company revenue,” said Singlepoint Inc (OTCMKTS:SING) CEO, Greg Lambrecht.
Dr. FeelGood boasts of a wide variety of products distributed through B2B and B2C channels that Singlepoint Inc (OTCMKTS:SING) is set to gain access to. The two companies are also set to collaborate on the development and implementation of a new delivery platform.
Singlepoint Inc (OTCMKTS:SING) has also completed the acquisition of WeedCoin from First Bitcoin Capital Inc. The acquisition expands the company’s footprint into the Bitcoin business. WeedCoin is one of the three Cryptocurrencies targeting consumers in the cannabis business. Since its launch, the cryptocurrency has achieved a market capitalization of $60 million.
By acquiring WeedCoin, Singlepoint Inc. (OTCMKTS:SING) hopes to provide customers an alternative payment option given the many barriers that come into play with traditional payment options. WeedCoin is already registered in three popular exchanges which could see it generate greater levels of interest needed to gain a competitive edge against other Cryptocurrencies.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.