Bitcoin Currency Could Solve Banking Issues for Cannabis Industry

NEW YORK, June 7, 2017 /PRNewswire/ --

Though some form of cannabis is now legal in 29 states and the District of Columbia, a lack of banking options for cannabis businesses in the United States continues to force marijuana merchants to rely solely on cash transactions. This inhibition has been a major obstacle for dispensaries and other cannabis-related businesses, but the use of bitcoin technology could be the key to overcoming the roadblock. SinglePoint, Inc. (OTC:SING) (SING Profile) has announced an initiative to develop a bitcoin payment solution for the marijuana industry, providing a much-needed financial transaction option and allowing cannabis businesses to accept credit card payments without the cooperation of banks or the FDIC. The growing popularity and acceptance of bitcoin is evidenced by the activities of companies like BTCS, Inc., Bitcoin Investment Trust (OTC:GBTC), Zynga, Inc. (NASDAQ:ZNGA) and Square, Inc. (NYSE:SQ) and further validates the wisdom of exploring bitcoin payment options for the cannabis industry.

Bitcoin is a digital currency through which funds can be transferred independent of banks and unregulated by governments. On April 1, 2017, bitcoin became an official payment method in Japan, with hundreds of thousands of shops expected to accept bitcoin in that country throughout this year¹. In the U.S., various major retailers are also accepting bitcoin, including Overstock.com, Inc. (OSTK), Microsoft and Subway². Bitcoin has additionally provided annual returns of more than 286 percent, according to prices from CoinMarketCap.com.

As a financial transaction option for currently 'unbankable' cannabis businesses in the U.S., bitcoin could be the perfect solution. New Frontier projections have shown the cannabis industry reaching $24 billion by the year 2026, and such significant growth demands adequate payment options to keep pace.

SinglePoint (OTC: SING) has partnered with First Bitcoin Capital Corp. (OTC: BITCF) (Press: http://nnw.fm/d1ewJ) to create a proprietary bitcoin payment solution for the cannabis industry. As part of its broader strategy (http://nnw.fm/1hoVP) to cement its position in the budding marijuana industry, SinglePoint has been actively providing corporate solutions to cannabis businesses through its SingleSeed subsidiary, offering mobile marketing and payment solutions such as cashless ATM, Pay-by-Text™ and text message marketing. The SingleSeed.com website has additionally become a popular resource for marijuana dispensaries that are seeking merchant payment processing solutions and other business tools.

The company has also made several acquisitions to take a diversified approach to the marijuana industry, without touching the actual plant. Its portfolio includes a majority stake in Discount Indoor Garden Supply (http://nnw.fm/yo2jF) and an investment in Convectium (http://nnw.fm/2GuZ5).  

Now, SinglePoint believes it has found a way to apply bitcoin technology to provide customers with a seamless payment experience at cannabis dispensaries when using their credit or debit cards. The company's end goal is to provide a bitcoin payment solution that can be easily implemented in any point-of-sale machine through a simple application download.

In collaboration with First Bitcoin Capital, SinglePoint will seek out and identify opportunities to apply its payment technology expertise to develop a proprietary solution for high-risk verticals like the cannabis industry.

"In January 2014 SinglePoint announced (http://nnw.fm/ATUj1) and started working on a bitcoin payment solution, shortly after we recognized the issue of minimal user adoption of digital currency. The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on and cannabis dispensaries need a solution fast," SinglePoint CEO Greg Lambrecht stated in a press release (http://nnw.fm/d1ewJ) announcing the bitcoin initiatives.

SinglePoint has already been successful in completing technology integrations with companies like Twilio, RedFynn and IATS and with major carriers like ATT, T-Mobile, Verizon and Sprint. This has enabled SinglePoint to offer its text message marketing and text-based payment solutions, and the company said it now intends to utilize these successful integrations in developing its bitcoin payments technology-doing so either independently or with a well-qualified development partner.

While SinglePoint appears to be the frontrunner in applying digital currency solutions to the cannabis industry, other publicly traded companies have also recognized the game-changing opportunities offered by bitcoin technology. An early mover within the blockchain and digital currency ecosystems, BTCS, Inc. has been recognized as the first 'pure play' public company in the U.S. to focus on blockchain technologies, which are the technologies that underpin bitcoin digital currency.

Bitcoin Investment Trust (OTCQX: GBTC) is another digital currency play. Recently named to OTC Markets Group's "OTCQX Best 50" for 2017, Bitcoin Investment Trust is a U.S.-based, open-ended grantor trust sponsored by Grayscale Investments that is invested exclusively in bitcoin. Its shares are the first publicly quoted securities that are solely invested in and deriving value from the price of bitcoin. This enables investors to gain exposure to bitcoin's price movement through a traditional investment vehicle, sidestepping the challenges of buying, storing and safekeeping bitcoins.

As previously noted, a swelling number of companies - ranging from technology, travel and bookstores to restaurants, individual retailers and gaming sites - have started accepting digital currency for payments. Names like Dish Network, Shopify, Mint.com, Whole Foods and Expedia might ring a bell.

Social games giant Zynga (NASDAQ: ZNGA), creator of popular evergreen franchises like FarmVille and Words with Friends, has also climbed aboard the bitcoin bandwagon, and it has been accepting bitcoins as a form of payment for in-game purchases since 2014.

Another is Square (NYSE: SQ), a major provider of business tools that enable sellers of all sizes to start, run and grow their businesses. Square also began pioneering bitcoin solutions back in 2014, announcing an intention to build a register that would allow companies to accept bitcoin and Apple Pay. You might recognize Square as the creator of the small white credit card reader used by many individual retailers, restaurants and other merchants.

As the use and acceptance of bitcoin becomes ever more widespread, with the demand for digital convenience and payment capabilities serving as a powerful catalyst, its potential as a financial transaction solution for the cannabis industry is quite promising. Until the cannabis industry becomes bankable in the U.S., an easy-to-deploy and simple-to-use means of accepting bitcoin payment could be the golden ticket for which marijuana dispensaries and other cannabis businesses have been waiting.

Editorial Sources:

(1) Bitcoin.com: http://nnw.fm/7EvhA

(2) 99Bitcoins.com: http://nnw.fm/h2Qq8

For more information on SinglePoint please visit: Singlepoint (SING) or http://www.SinglePoint.com

About NetworkNewsWire

NetworkNewsWire (NNW) is an information service that provides to users (1) access to our news aggregation and syndication servers, (2) enhanced press release services, and (3) a full array of social communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

http://www.NetworkNewsWire.com  
212-418-1217 Office
Editor@NetworkNewsWire.com

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer      

DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with NNW or any company mentioned herein. The commentary, views and opinions expressed in this release by NNW are solely those of NNW and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW and FNM for any investment decisions by their readers or subscribers. NNW and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.

NNW & FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.  The forward-looking statements in this release are made as of the date hereof and NNW and FNM undertake no obligation to update such statements.

FN Media Group, LLC
Media Contact e-mail: editor@financialnewsmedia.com
+1-954345-0611

SOURCE NetworkNewsWire