#CBD #Stock News: SinglePoint (OTCQB: $SING) Provides Update on 1606 Hemp Sales Initiatives and Brand Growth - Launches First Countertop Display; @_Singlepoint_
#CBD #Stock News:
SinglePoint (OTCQB: $SING) Provides Update on 1606 Hemp Sales Initiatives and
Brand Growth - Launches First Countertop Display; @_Singlepoint_
Phoenix, Arizona - May 5, 2020 (Investorideas.com
Newswire) SinglePoint, Inc. (OTCQB: SING) starts Q2 with strong numbers and the focus on continued growth. After
evaluating reports for Q2, SinglePoint's Hemp vertical is on track to double
sales in its second quarter alongside the launch of 1606 Hemp six-pack counter top display. 1606 Hemp has
seen a sales growth rate of 133% this quarter over the previous, a 233% growth
in sales up to this point of the month compared from the previous month at the
same point. The company has placed a focus on self-generated in store placement
by hiring professional sales representatives to acquire new stores for the
sales of our products over the next four weeks. 1606's goal is to grow by more
than 250 retail accounts throughout multiple states.
"No more Tobacco Cigarettes for me, what a
- Ian, 1606 Hemp Customer
As the company continues to see success, management
believes 1606 Hemp will be able to provide approximately $2,750,000 to $5,500,000 in
revenue selling to just 1,000 stores. As the roll out is successful and we
achieve 250 accounts in the next four weeks, 1606 Hemp will bring on additional individuals to scale
up to as many as 2,500 stores as quickly as possible in order to achieve
reorders from 1,000 stores. Management believes the current total addressable
market is approximately 125,000 locations or more.
"I've been trying to get friends and family to
make the switch to hemp for years, your product is changing a lot of hearts.
- Al, 1606 Hemp Customer
As new accounts have been established, we have
received a noticeable increase in reorders and sell-through rates at stores as
customers are becoming more familiar with the brand. In the past month, we have
been able to grow our social media presence to over 10,000 followers and
millions of impressions. The 1606 Hemp website has also had a major lift this month seeing nearly a 40%
increase in new users and 33% increase in page views across the site. Users are
also spending more time on the site than in previous months, leading to more
conversion and engagement for the brand.
1606 Hemp is working to become the leading
recognized brand in the combustible hemp market which is the second fastest
growing market in the hemp category. The big differentiator for 1606 Hemp is
the ability to place a countertop display unit at retailers across the nation.
While others are working to dominate the online market, we have a general
belief this type of consumable product will continue to be bought in
convenience stores, smoke shops and bodegas throughout the nation.
"These have really helped with my nightly
routine of winding down and getting a full night's rest. Thanks so much."
- Rebecca, 1606 Hemp Customer
BDS Analytics and Arcview Market Research projects
that the collective market for CBD sales in the U.S. will surpass $20 billion
by 2024 while New York-based investment bank Cowen & Co, estimates that the
market could pull in $15 billion by 2025. The combustible hemp market currently
represents approximately 2% of the overall CBD market, but with a 250% growth
from 2017 to 2018, Brightfield Group, a Chicago-based cannabis market research
firm, identifies dried and combustible hemp flowers as one of the
fastest-growing segments of the CBD market. With the passage of the 2018 Farm
Bill and the mainstreaming of CBD hemp, the market is growing rapidly. There is
a significant need for reliable suppliers with the capacity to move products.
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc (SING) invests in
and acquires brands and companies that will benefit from injection of growth
capital and our sales and marketing expertise. Our portfolio currently includes
solar, hemp and technology applications. We are working to grow the company to
a multinational brand.
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, and
including but not limited to the projections concerning the sales of 1606 Hemp
and in store placement of 1606 Hemp, 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 as well additional
complications related to the current Covid 19 Pandemic, 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
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