Singlepoint Inc (OTCMKTS:SING)
Singlepoint Inc (OTCMKTS:SING) stock lost 17.5% today to close at $0.0693 on a volume figure in excess of 46 million. The loss was surprising given the announcement of a publication’s editorial featuring SinglePoint, Inc. (OTCMKTS:SING). The Network News Wire (NNW) publication focused on Singlepoint’s strengthening position in the legal cannabis industry through the acquisition of, or investment in, small to mid-sized cannabis companies. The publication is titled, “Record Bitcoin Gains Indicate High Times Ahead for Cannabis Cryptocurrency,”. The editorial’s content discusses the potential of cryptocurrencies, such as Bitcoin or Ethereum, to serve as a solution for the cannabis sector’s inability to access the traditional banking system.
Singlepoint Inc (OTCMKTS:SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, Singlepoint Inc (OTCMKTS:SING) is building its portfolio by acquiring interests in undervalued subsidiaries, thereby diversifying its potential revenue base. Through its subsidiary company, SingleSeed, the company is providing products and services to the cannabis industry.
While addressing Singlepoint’s cryptocurrency entry, the editorial stated “”SinglePoint’s bitcoin application will be KYC-AML compliant. Customers will be able to sign up for an account online prior to visiting a merchant, or they can do it in seconds right at the point of sale. Similar solutions have been deployed internationally, but SinglePoint is in an early-mover position to bring such technology to the United States. Though still a few months from its beta launch for the solution, SinglePoint is already amassing potential customers through its website.”
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: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.