SinglePoint, Inc. Signs LOI to Invest $800K in Jacksam Corp., Creator of Revolutionary Cannabis Technology
January 31 2017 - 8:30AM
InvestorWire
New York, New York (NetworkNewsWire) – SinglePoint, Inc. (OTC
PINK: SING), a full-service mobile technology and marketing
provider, is entering an exciting niche of the cannabis industry
through a Letter of Intent ("LOI") to acquire an interest in
Jacksam Corp., dba Convectium, a profitable California-based
provider of equipment, branding, and packaging solutions for the
cannabis industry.
Convectium is the creator of the world's first oil filling
machine focused on the cannabis industry that is capable of filling
cartridges or disposable vape pens for wholesale distribution to
dispensaries. The company's 710Shark and 710Seal system can fill
and package up 100+ cartridges or disposable vape pens in 30
seconds, making it the fastest filling and sealing system of its
kind.
Convectium operates a B2B equipment division in addition to its
legacy B2C products. The proprietary equipment is solely
distributed by EquipCanna.com, the Convectium B2B brand. Based on
its market position and increasing demand for its products and
services, Convectium forecasts revenues for 2017 at $3.5 million,
an increase of 150% compared to revenue of $1.4 million for
2016.
Convectium ships its consumer brands to over 52 countries. The
company's line of B2C brands include BlackoutX as well as
HazeSticks, inspired by the Jimi Hendrix Cannabis Collection.
"To say we are excited about this opportunity is an
understatement," states SinglePoint CEO, Greg Lambrecht.
"Convectium's 710Shark and 710Seal system is incredible, and its
capabilities are unmatched. After looking at hundreds of cannabis
companies, finding an acquisition opportunity like we have found in
Convecitum adds a new dynamic to our endeavors and the cannabis
industry as a whole."
Per the LOI, SinglePoint will pay Jacksam a stock and cash
consideration totaling $800,000. The transaction is expected to
accelerate SinglePoint's existing presence in the cannabis industry
- established by its SingleSeed subsidiary - while creating another
avenue of participation in the "Green Rush" of the multi-billion
dollar cannabis industry.
"We are excited to enter into an agreement with SinglePoint, one
of the leading and most visionary publicly traded cannabis
companies in the market. Paired with our proprietary technology and
commitment to the future of the infrastructure of the cannabis
industry, Convectium and SinglePoint are creating a unique business
dynamic with incredible potential," says Danny Davis, managing
partner at Convectium.
A definitive agreement on the announced transaction is expected
no later than May 24, 2017, subject to certain terms and
conditions, the completion of due-diligence and obtaining the
required consents and regulatory approvals.
About SinglePoint, Inc.
SinglePoint, Inc. is a full-service mobile
technology and marketing provider. The company provides solutions
that allow its clients to conduct business transactions, accept
donations, and engage in targeted communication through mobile
devices. SinglePoint products connect small to mid-size companies
to their target markets by providing innovative mobile technology
at reasonable rates. SinglePoint recognized the strength in
acquiring interest in undervalued subsidiaries in other markets,
such as Daily Fantasy Sports, to create a diversified holding
base.
Connect on social media at: www.facebook.com/SinglePointMobile, www.twitter.com/_SinglePoint_, www.linkedin.com/company/SinglePoint and www.youtube.com/user/SinglePointMobile
For more information visit www.SinglePoint.com.
About Jacksam Corp. dba Convectium
Convectium was founded in October of 2013 and based in South
Orange County, California. Convecitum does not touch plants; its
branding, packaging and equipment solutions help grow the companies
that do. With the industry's first and only oil filling system,
proprietary packaging systems and innovative devices, Convectium
represents a commitment to the future of infrastructure in the
cannabis industry.
See the 710Shark at work here: https://vimeo.com/169612830
For more information visit www.Convectium.com, www.BlackoutX.com or www.710Shark.com.
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