SinglePoint Inc. (OTC: SING), a full-service mobile payments company that diversified into the e-cigarette and cannabis industry, recently announced plans to rollout its e-cigarettes, vape pens, and Cuban cigars following its acquisition of GreenStar. GreenStar focuses on providing a well developed distribution channel for retail and convenience store products in the tobacco and legalized cannabis sectors.
“I am very happy to have completed the GreenStar acquisition, and look forward to expanding into territory notably familiar to me while we continue harvesting opportunities and relationships in the legalized cannabis sector,” said CEO Greg Lambrecht.
Mr. Lambrecht has tremendous experience within the tobacco industry, where he helped build Single-Stick “Prime Time” sales from $300,000 to $10 million in annual revenue. In anticipation of the Cuban trade embargo being lifted, Mr. Lambrecht also plans on leveraging his relationship with Premium Cigars International – which has over 25,000 accounts – to import Cuban cigars into the U.S. for sale for the first time.
SinglePoint has also entered negotiations with Royale Tobacco regarding a vape pen distribution agreement with the option to develop a private label. Concurrently GreenStar is soliciting retail accounts to lay the foundation for placement candidates. These efforts could pay big dividends over the long-term, as management works to build shareholder value.
Shares of SinglePoint Inc. jumped more than 50% in midday trading on Tuesday, January 27, 2015 following the news release.
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