Phoenix, Arizona - September 15, 2020 (Investorideas.com Newswire) SinglePoint, Inc. (OTCQB: SING) and 1606 Original Hemp celebrate Global Hemp Day! The domestic Hemp Industry continues to evolve since the passing of the 2018 Farm Bill which has provided a path forward for the commercialization of Industrial Hemp. Hemp is a renewable material and highly versatile with many uses including construction, automotive, infused hemp edible items and the new emerging category of smokable hemp products (1606 Hemp). In 2019 in the U.S. alone, over 510,000 acres of hemp were licensed across 34 states and by mid-2019, 47 states had legalized hemp. Consumer Products created to capitalize on the opportunities in the domestic market are still relatively new and 1606 Original Hemp was designed and created to be the premier category leader in manufacturing and marketing of high quality smokable industrial hemp consumer products for sale through traditional retail channels and direct to consumer via online sales.
1606 Original Hemp filtered pre-rolls are made from broad spectrum American grown, harvested, and cured hemp-flower that provides a smooth alternative to traditional tobacco products. Each pre-roll uses biodegradable filters and contains less than 0.3% THC and nearly 20% CBD and are grown using sustainable farming techniques. The company uses third party testing to verify quality, compliance and safety to ensure a premium product for consumers.
SinglePoint management believes 1606 Hemp has the ability to generate approximately $2,750,000 to $5,500,000 in annual sales revenue of 1606 Hemp per 1,000 active accounts. 1606 Hemp was designed to be the premium brand in the combustible hemp market which is the second fastest growing market in the hemp category. 1606 Hemp continues to innovate and differentiate itself as evidenced by the recent introduction of a six pack point of sale display unit designed to be placed on countertops or next to the register retail locations across the nation.
1606 Original Hemp continues to gain traction with consumers, retail and on social media. 1606 Original Hemp is steadily becoming the premier product choice from consumers and has amassed nearly 35,000 followers on social media. This presence is generating multiple reorders from repeat clients. Over the past few months over 60% of sales have come from these online channels which is the most profitable area for the company.
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 market and produce products available at retail or direct to consumers.
Hemp Infused Items
Hemp products haven't gone anywhere, and the types of products being made with it just keep growing. After a period of prohibition, it's clear to see that some companies got creative with different ways to incorporate hemp and CBD into different products.
Hemp infused products are by far the most common hemp products you'll come across. Popular ways we see hemp is in an edible form. CBD and hemp have been infused in edible items such as chocolate, gummies, coffee, milk, and water. Alongside those, we see hemp in skincare products as well, like lip balm, face masks, sunscreen, lotions, salves and more.
Hemp has even started to make its way into cosmetic products like eyeshadows and mascaras. There's also, of course, more traditional ways to ingest it, such as tinctures and capsules. We also can't forget about the array of hemp products made for our furry friends.
Aside from the more conventional ways hemp is used, there have also been some more creative ways we've seen it enjoyed. Some of these ways include infusing hemp or CBD into common consumer products such as pillows, back braces, hair pomade, toothpicks and toilet paper, just to name a few.
About SinglePoint, Inc.
SinglePoint Inc. (OTC PINK: SING) is a fully reporting company with core holdings in Solar Energy Services and Industrial Hemp based Consumer Products. Acquired in May 2019, Direct Solar of America, a majority owned subsidiary, now operates its leading national solar sales brokerage model in 38 states. In the past year Direct Solar of America has virtualized its sales platform and has added and expanded its corporate offerings to include Direct Solar Capital (Financial) and Direct Solar Commercial with a focus on financing, designing or developing small to mid-size commercial opportunities and projects. 1606 Original Hemp, has been designed and created to be the premier category leader in manufacturing and marketing high quality smokable industrial hemp consumer products for sale through traditional retail channels and online. Since its debut in late 2019, 1606 Original Hemp has been placed into hundreds of retail locations across the country and has amassed a large social media following that continues to grow. The Company has a portfolio of non-core focused businesses that are searching for strategic partnerships or other alternative solutions. SinglePoint is committed to positioning the Company to be able to up list to the highest exchange possible which we feel is a benefit to our stakeholders and shareholders.
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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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