FinancialNewsMedia.com News Alert: NEW YORK, – (http://www.financialnewsmedia.com News Alert) – NetworkNewsWire Editorial Coverage: The cannabis industry is heating up. More than half of the 50 states in the U.S. have now legalized marijuana for medicinal or recreational use, and several countries, including Brazil, Canada, Jamaica, Mexico, Paraguay, Portugal, Uruguay and the Netherlands, have also taken steps to legalize or decriminalize cannabis in the last two years. As a result, the cannabis industry has become ripe with new business opportunities. Recent developments in the industry, both locally and globally, have opened doors to tangential industries for companies like SinglePoint, Inc. (OTC: SING), Medicine Man Tech, Inc. (OTC: MDCL), Reliq Health Technologies (OTC: RQHTF), General Cannabis Corp. (OTC: CANN) and Medical Marijuana, Inc. (OTC: MJNA).
The legal cannabis industry is arguably the fastest growing industry in the world. According to Cowen & Co., the industry could surpass $50 billion in revenue over the next 10 years, thanks to the continuing legalization throughout the United States. With the passing of California’s Proposition 64, it is anticipated that the domino effect of recreational legalization will play out and the size of the industry will roughly triple in the near-term.
Since cannabis is still illegal under federal law, many commercial banks are not serving the industry. Only a small percentage of financial institutions-primarily small state-chartered banks and credit unions-presently serve the industry. Supporters like SinglePoint, however, see a day in the future when large national banks will offer comprehensive services to the cannabis industry and further spur its booming growth.
A ‘bankable’ marijuana industry creates a sub-industry that SinglePoint (SING) is targeting. SinglePoint, through its SingleSeed Payments subsidiary, will offer payment processing solutions and currently offers mobile marketing services and more. SinglePoint also has plans to acquire and invest in companies in a variety of sectors of the cannabis industry. For this company, the establishment of a true ‘bankable’ marijuana industry would have widespread, lucrative implications.
In anticipation of a bankable marijuana industry, SingleSeed is building a list of interested clients which you can find and sign up for…