SinglePoint, Inc. (OTCMKTS:SING) has been providing the cannabis industry with a variety of services through its SingleSeed subsidiary over the past several years, but they are preparing their greatest service to the industry yet: cryptocurrency payment processing support.
The cannabis industry is under constant threat of federal regulation, which makes traditional financial institutions like banks hesitant to work with cannabis businesses. SinglePoint is developing a payment processing solution that deals with Bitcoin and Ethereum, which provides transparency, security, speed, and convenience to handling payments, as well as giving companies a place to keep their hard-earned revenue. The cannabis industry has been largely cash-based for years, and this creates security threats. Virtual payment options, backed by the ledger that blockchains provide, will be able to protect many of these businesses from the threat of being robbed for their cash in person. It will also provide in-depth records on each transaction and help protect businesses in the event of an IRS audit.
With SinglePoint filling the payment processing gap with a safe and secure solution, they could quickly gain steam as the de facto standard for how cannabis industry payments are made. The company has already begun work on its Bitcoin processing framework, having started developing a solution back in 2014. They just engaged a recruiting firm from the bay area of San Francisco to help hire top Bitcoin software engineers. This will expedite the launch and help SinglePoint fill the market need before another company has the opportunity to step up to the challenge.
Notable Cannabis stocks to watch include the north american marijuana industry players such as Cannabis Sativa Inc (OTCMKTS:CBDS), United Cannabis Corp (OTCMKTS:CNAB), OWC Pharmaceutical Research Corp (OTCMKTS:OWCP), Cannabis Science Inc (OTCMKTS:CBIS), and Marijuana Company Of America Inc (OTCMKTS:MCOA) take advantage of a bitcoin-based payment systems, but also Canadian marijuana companies such as AURORA CANNABIS IN COM NPV (OTCMKTS:ACBFF), APHRIA INC COM NPV (OTCMKTS:APHQF), NEW AGE FARM INC COM NPV (OTCMKTS:NWGFF), and CANOPY GROWTH CORP COM NPV (OTCMKTS:TWMJF) could pioneer in the emerging Marijuana financial sector.