SinglePoint, Inc (OTCMKTS:SING) is pleased about the success it witnessed at the 2019 National Association of Convenience Stores Show (NACS). The company sold multiple cases. It says the demand for Pure American Hemp™ Cigarettes has shot up. This business guru vows to do all within its means to ensure it adequately serves this demand and also reaps the high revenues.
The Arcview Market Research projects and BDS Analytics have been conducting market research in the U.S. They estimate that by 2024, the collective market for CBD products will have surpassed $20 billion.
On the other hand, the New York-based investment bank Cowen & Co points to a figure of about $15 billion by 2025. The lead researcher for this body says the smokable hemp market at the moment is representative of about 2% of the entire CBD market. However, it has witnessed a 250% growth between 2017 and 2018, and he thinks the future is even more promising.
A Chicago-based cannabis market research firm Brightfield Group is the other one that has unveiled its findings. According to its research, the dried and smokable hemp flowers are performing quite well. The body has rated it as one of the fastest-growing segments in the whole CBD market.
Importance of the event
SinglePoint is pleased that the event also had it interact and share a lot with the representatives of the various stores that bought from it. These retail owners represented about 2500 stores. The others that the company interacted with included some buying groups and national distributors who were linked to about 20,000 retail locations. There is a massive demand to be met, and the business giant has already ordered additional products.
It was in the previous year that the 2018 Farm Bill was passed, and the CBD hemp flower mainstreamed. It was a transformative moment because the market for hemp cigarettes that fall under the innovative products category has gone up. SinglePoint says it is making major investments in efforts to add more reliable suppliers. Such suppliers are necessary for the company to succeed in its efforts to move its wide range of products. The company is pleased to be rated as one of the dominant players in the market.