SinglePoint Signs LOI to Acquire $1,000,000 stake in California Cannabis Cultivation Land
SEATTLE, Feb. 27, 2018 (GLOBE NEWSWIRE) -- SinglePoint Inc. (OTCQB:SING) is pleased to announce the company has signed an LOI to acquire a stake in California cannabis cultivation MTH Development Group (“MTH”) further establishing its California footprint. MTH currently operates 4.7 acres of land zoned for cannabis cultivation. SinglePoint has invested in the company in return for an equity stake. Currently the company leases its properties to licensed cultivators and operates one of the largest cultivations in Adelanto, California.
With its hands-off approach SinglePoint is staying true to that strategy by investing MTH. SinglePoint will continue its hands-off approach by acquiring companies and providing technology solutions to the industry. This will be the first acquisition of its kind for SinglePoint in which the company will own equity in licensed cannabis cultivation land. The company is in negotiations to do similar investments in other states.
MTH is currently home to companies like HD Biotech and Quality Resources. HD Biotech harvests roughly 400 pounds per month of flower and 150 pounds of trim used for cannabis oil manufacturing. Currently HD Biotech has received its cultivation, manufacturing and expects its distribution license shortly. Holding all three licenses would provide the ability to vertically control all their products from seed to sale, thus reducing costs significantly.
“We are excited for this opportunity. Having been to the operation and seeing their proprietary cultivation procedures we feel this is a great investment for SinglePoint. Part of this investment is to also test our new technologies with their tenants to improve as well as validate our systems. Their feedback will help us build the right solution and navigate the California market regulations”, states Wil Ralston President SinglePoint.
This acquisition will further SinglePoints’ footprint in the cannabis market which recently achieved another huge milestone with the acceptance of Cronos listing on NASDAQ. SinglePoint management believes this shows the strength of growth in the industry and the opportunities that are available.
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed, the company is providing products and services to the cannabis industry.
For more information visit: www.SinglePoint.com
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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Released February 27, 2018