SinglePoint, Inc. (OTC: SING) has completed a USD 4 million round of funding, USD 1.2 million of which has already been collected including USD 600,000 of which came from United American HealthCare Corp (OTC: UAHC), the company said.
With this new round of funding, SinglePoint is positioned to aggressively develop and complete its Bitcoin Payments solution and acquire additional companies in the cannabis space.
SinglePoint´s Bitcoin Payments solution directly addresses the challenges of the “unbanked” cannabis industry, which is hampered by federal regulations that have significantly cramped banking options.
The capital also enables SinglePoint to accelerate its revenue-by-acquisition strategy, which in the last nine months alone has resulted in the investment or acquisition of three cannabis companies. SinglePoint now has the resources needed to pursue larger acquisition targets to capture its share of the legal cannabis industry, which is on track to exceed USD 20 billion by 2025 with a compound annual growth rate of 29%.
SinglePoint 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.