SIGN stock is moving higher on December 10, 2019, after the company announced a new distribution deal.
SinglePoint Inc. (OTCQB:SING) today announces a new distribution agreement that allows for the expanded footprint of PrimeTime little cigars in North America and will be attending the 2019 MJBIZCON show in Las Vegas December 11-13, booth number C9132. The company recently signed on as a distributor for JTI USA, part of the JT Group of companies, a multibillion-dollar organization with international presence in 130 countries. Initially, SinglePoint will start out by supporting to further drive the distribution and sales of PrimeTime Little Cigars.
“We are excited to be working with SinglePoint. SinglePoint CEO Mr. Lambrecht’s prior experience in distribution of premium cigars, we believe will lead to continued growth of JTI USA products and the PrimeTime™ brand,” states Renee Duszynski, Director of Sales JTI.
SinglePoint will commence sales and take orders for JTI’s “PrimeTime Little Cigars” at the 2019 MJBIZCON being held at the Las Vegas Convention Center, December 11, 12 and 13.
“I’m excited and honored to be working with JTI to distribute PrimeTime Little Cigars… The opportunity to work with a global leader in this category is exciting and we are ready to expand Primetime’s U.S. market share with our unique experience in alternative markets. Having placed premium cigars in over 30,000 accounts, we expect this opportunity to be one of our major revenue sources in coming years, and to distribute additional JTI products as we grow this category,” says Greg Lambrecht, CEO SinglePoint.
PrimeTime Little Cigars are known as “The best flavored little cigars on the market” available in many flavors such as: Cherry, Grape, Vanilla, Peach and more. This tobacco product line offers a great alternative to cost conscious adult smokers, looking for a quality product.
“Innovation has always been central to what JTI does…For example, PrimeTime has the only encapsulation machine that can manufacture and package individual PrimeTime Little Cigars,” Lambrecht says.
A long-standing staple in the tobacco industry, PrimeTime has been in major accounts such as Circle K and 7/11 for over 20 years and continues to be a leading consumer brand, continuously gaining retailer and adult consumer traction. SinglePoint will be representing the product in its debut at MJBIZCON and will be taking orders at the show leading to additional distribution and alternative markets.
According to Mordor Intelligence, the global cigar market is forecasted to grow at a CAGR of 4.23% during the forecast period (2019-2024). The Cigar market is currently a $10 Billion market and growing.
On December 6, 2019, SinglePoint (OTCQB:SING) announced that it has signed an agreement with AFG Distribution of North Carolina to sell, market, and distribute the company’s newest product “1606 Original Hemp” a filtered hemp pre roll.
According to Wil Ralston, President of SinglePoint, “A phenomenon is occurring where people are substituting or modifying tobacco consumption with smokable hemp. We believe we have the best filtered hemp pre roll using 100% hemp in the market and are tremendously excited to partner with AFG Distribution to accelerate our product placement into mainstream and alternative retail outlets nationwide.”
AFG Distribution Marketing Manager Bennett Dickert stated, “I see the smokable hemp trend continuing to grow across our over 8,000 accounts and my team here at AFG is excited to represent this outstanding product. We are confident that we can help establish ‘1606 Original Hemp’ as a meaningful leader in the hemp pre-roll category. Retail outlets and specialty shops across the country have dedicated shelf space for CBD and are anxious to expand, especially with hemp pre-rolls. SinglePoint as a public company brand brings an elevated standard of product to the market thereby enhancing the consumer’s experience while adding revenues and profits to the retailers.”
Don Smith, SinglePoint VP of Sales, added, “After a successful launch of ‘PURE’ at the NACS show in October, it became clear we needed to introduce an 85mm King Size product to meet the expectation of our customers. In launching the ‘1606 Original Hemp’ brand, SinglePoint has made another bold move to solidify our place in the industry. Teaming with AFG and their impressive sales team accelerates our plan to put finished goods in front of consumers.”
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 smokable 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 smokable 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 flower, the market is growing rapidly. There is a significant need for reliable suppliers with the capacity to move product. Its demonstrated capacity to deliver has established SinglePoint as one of the dominant players in the CBD and hemp marketplace.
On November 13, 2019, SinglePoint announced its financial results for the third quarter ended September 30th, 2019. The Company reported revenues of $1,050,374 for the three months ended September 30, 2019, a shocking 176% increase over the same period in 2018.
The Company’s most recent acquisition, Direct Solar, continues to exceed revenue growth targets and has been pivotal to improving the Company’s financials.
Third Quarter 2019 Unaudited Financial Performance Highlights:
Revenues of $1,050,374
Cash on hand $294,062
Gross Profit $525,891
Third Quarter 2019 Unaudited Financial Performance Summary: (comparisons to prior year period):
Total revenues were $1,050,374 compared to $381,037;
Gross profit was $525,891 compared to $75,353;
Nine Months 2019 Unaudited Financial Performance Summary: (comparisons to prior year period)
Total revenues were $2,170,123 compared to $881,157;
Gross profit was $559,729 compared to $229,017;
“This has been a great quarter for SinglePoint, we are very excited to see the growth of the company. We are establishing solid financials and we anticipate a big fourth quarter. Everything is firing on all cylinders and we continue to hit our numbers. We believe SinglePoint’s revenues will continue to grow as our subsidiary Direct Solar expanded into new markets,” states Greg Lambrecht CEO SinglePoint.
According to VP of Sales Don Smith, “Initial response to the ‘Pure American Hemp Cigarette’ has been overwhelming. After a successful launch at the National Association of Convenience Stores Show in October 2019, we have shipped multiple orders to both distribution and retail clients. SinglePoint is launching our newest smokable hemp-based product – ‘ORIGINAL 1606 HEMP.’ To capitalize on the increasing demand for these products we will continue to expand our product line, strengthen our manufacturing capacity and grow our global distribution channels in efforts to become the premier brand in this category”.