NetworkNewsWire Editorial Coverage: The legal marijuana industry
continues its impressive growth, despite the inability to access a
wide range of banking solutions, given that cannabis is still
classified as a Schedule I substance by the Federal government.
Similarly, bitcoin is a booming market, recently hitting an
all-time high of $3,0001 per unit. These two
fast-growing markets are already working together, providing
investors with significant and diversified opportunities. Several
companies, such as SinglePoint, Inc. (SING),
First Bitcoin Capital Corp. (BITCF),
Epazz, Inc. (EPAZ) and Bitcoin Services,
Inc. (BTSC), are focused on innovative bitcoin-based
payment solutions to benefit the legal marijuana industry and
provide large market players such as Hemp, Inc.
(HEMP) with the necessary financial tools to profit and
thrive.
Because of federal regulations barring traditional financial
institutions and credit card companies from offering their
services, the booming marijuana industry, with almost $7 billion in
reported sales2 last year, is facing a massive cash flow
problem. Cannabis merchants are forced to accept cash-only
transactions, which create a constant security threat and
accounting issues, further limiting most companies’ ability to grow
and expand their business. More and more marijuana businesses are
therefore turning to bitcoin solutions as a buffer that allows
customers to use their credit cards for purchases. With bitcoin a
developing and volatile vertical, cannabis companies are looking
toward proprietary bitcoin payment solutions developed specifically
for the marijuana market.
This is where specialized holding company SinglePoint,
Inc. (SING) comes in. The mobile technology provider is
developing (http://nnw.fm/2wJlF) a proprietary bitcoin exchange
system aimed at solving payment processing issues in high-risk
markets including the cannabis industry. This in-house solution
will allow consumers to obtain bitcoin at any point of sale and
will be available for use to any legal marijuana business in the 29
states and the District of Columbia where cannabis has been
legalized. The proprietary system is built for SinglePoint by
TopTal, a San Francisco-based freelance engineering company, and is
designed to make instant Bitcoin-based purchases for customers who
want to use their credit or debit cards instead of cash.
In development since 2014, the new system is KYC-AML-compliant
and will be the first of its kind to be used across the United
States, with similar solutions already being implemented abroad,
according to SinglePoint. The bitcoin exchange is designed with
simplicity in mind in order to make the customer experience as easy
as possible. Consumers can sign up directly at the point-of-sale or
set up an account online before the purchase, swipe their cards and
pay, just as they would with any regular card payment.
“With the currencies new found consumer adoption we believe this
is the time to execute and we are doing that in a big way. We have
employed an expert and he has architected exactly what we need.
Sign up, Swipe and Pay. At the end of the transaction if there is
left over Bitcoin the consumer walks away with it. The bottom line
is, it's easy and almost gives the customer the same experience
they are used to using every day," Wil Ralston, president of
SinglePoint, stated in a recent press release.
Being an early mover in this segment offers SinglePoint a major
opportunity for additional revenue from transactional and platform
fees, and to position itself to tap into a largely underserved
market.
Aside from the bitcoin system, SinglePoint offers a wide range
of marketing and payment processing solutions and services to the
legal marijuana industry via subsidiary SingleSeed (http://nnw.fm/3JAie). A recent online audio press
release (http://nnw.fm/Kzrh2) illustrates how management is
steering SinglePoint’s transition into a diversified holding
company. As part of its acquisition-based growth strategy, the
company also acquired Convectium, a provider of equipment, branding
and packaging solutions that manufactures a highly innovative
cartridge and vape pen oil filling system - the first such system
available for wholesale distribution to dispensaries. The
acquisition, along with SingleSeed services and its development of
bitcoin technology for the industry, has given SinglePoint an edge
with investors in the legal marijuana market, enabling it to grow
at an accelerated rate and put together the capital needed for
further development.
Furthermore, SinglePoint partnered with First Bitcoin
Capital Corp. (BITCF), a provider of blockchain and
bitcoin technology. The two companies have a joint-venture
agreement to build and distribute the best bitcoin solution
available for the cannabis industry and other high-risk markets.
Described as the world’s most prolific issuer of digital
currencies, First Bitcoin Capital is the first publicly traded
bitcoin entity, with plans to vertically consolidate each segment
of the cryptocurrency space. After acquiring control of the world’s
first cryptocurrency ETF, AlphaBIT, in July, the company is set to
make history again by becoming the first to pay dividends to
shareholders in the form of cryptocurrency, according to a recent
press release (http://nnw.fm/o5Y9u).
Another bitcoin-based payment system for the fast-growing
cannabis industry comes from cloud-based software solutions
provider Epazz, Inc. (EPAZ). Launched three months
ago, Epazz’s Zenpay system is based on a unique cannabis payment
software that allows consumers to use the cryptocurrency for easy
store purchases while offering complete anonymity – the consumer
would not be required to share his or her name or personal details.
Currently in beta testing, the Zenpay system can be seamlessly
integrated with merchant stores’ flow and, thus, help fill the
industry’s need for a reliable payment solution. Epazz expects the
system to start generating revenue later this year, as it can be
licensed to vendors in several states.
Bitcoin Services, Inc. (BTSC), the first
blockchain-focused U.S public company, has taken bitcoin-based
payment solutions one step further by creating an online
marketplace where the cryptocurrency can be exchanged for goods and
services. The online shop covers multiple verticals, including
health and fitness, real estate, automotive, electronics, apparel,
catering, etc. and is available for users all over the world.
Bitcoin payments can be made without requiring any personal
information, thus offering enhanced protection against identity
theft. In addition to this massive marketplace, Bitcoin Services is
developing a new cryptocurrency wallet that will allow users to
store multiple digital currencies and has also begun mining Monero
- one of the top digital currencies with a market cap of more than
$300 million.
These innovative bitcoin-payment solutions can greatly benefit
the cannabis industry at large, including major players such as
Hemp, Inc. (HEMP), a provider of hemp-based
products and services to the recreational and medical marijuana
industries, as well as owner of a website providing related news
and entertainment. Hemp recently got one step closer to its
long-term goal of becoming the leader of the U.S. industrial hemp
industry by opening its own processing facility (http://nnw.fm/XwRm8). The 70,000-square-foot hemp mill
located in North Carolina is the result of three and a half years
of hard work and an investment of millions of dollars. The facility
is the largest in North America and has already started processing
its first product, marking the start of a new chapter in the
company’s journey: to focus on marketing efforts and enhance its
production capabilities to meet rising demand.
In the absence of other payment alternatives and access to the
federal banking system, the legal marijuana industry will have no
other solution but to expand its use of bitcoin as a bridge between
consumers and cannabis services. Involvement in this vertical will
make both cannabis merchants and payment solution providers more
appealing to investors looking for lucrative opportunities in two
booming industries that show no sign of stopping anytime soon.
Editorial Sources:
1) Tech Crunch http://nnw.fm/w2B9n
2) Entrepreneur http://nnw.fm/5fdZY
For more information on SinglePoint please visit: Singlepoint
(SING) or www.SinglePoint.com
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