SinglePoint Inc. (OTCMKTS:SING) had an exceptional third quarter, and the company is looking to build on that going to the fourth quarter and 2020. The company reported its largest Q3 ever after it surpassed $1 million in revenue for the quarter.
The company has continued to experience enhanced growth in the Hemp and Solar markets. Going forward, SinglePoint will continue focusing on the two segments as demand for both continues to grow. Recently SinglePoint launched 1606 hemp that will debut at the MJBIZCON on December 11-13 2019. The company is optimistic that 1606 hemp sales will contribute greatly to the company’s overall growth next year.
1606 Original Pre-rolled hemp to drive growth
Wil Ralston, the President of SinglePoint, indicated that they were thrilled to launch the 1606 Original Pre-rolled Hemp. He added that they expect to quickly scale sales for the product through retail and eCommerce buyers. Ralston further stated that the hemp pre-rolls have significant profit margins to boost growth.
The 1606 pre-rolled hemp cigarettes are tobacco and nicotine-free. Some studies have suggested that hemp cigarette smoking could potentially be a solution to nicotine and tobacco addictions. A survey by Brightfield Group on over 5,000 CBD users across the US indicated that hemp cigarettes have helped 24% of users quit smoking. Most quitters replace the cigarettes with vaping or smokable hemp. Around 41%, according to the survey, replaced tobacco cigarettes completely with hemp CBD.
The hemp market is estimated to grow by $4.6 billion this year, and by 2025 it could be worth $26.6 billion. According to Brightfield Group, the CBD market could grow to around $23.7 billion through 2023.
Solar segment hits $900,000 i8n six months
Besides the hemp segment flourishing, the company’s solar segment has also continued to grow. The company’s subsidiary Direct Solar of America, has continued to drive solar expansion across the US. The subsidiary has contributed greatly to the company’s revenue targets. Direct Solar of America provides homeowners with information throughout the purchasing cycle. In just six months of operation, the subsidiary has surpassed $900,000 in revenue.
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