SinglePoint has signed a $109,465,000 contract with Elite Foundation of North Carolina to supply more than 275,000 pounds of premium hemp flower over a period of 15 months. The initial 1000 pounds of product has been approved and purchased
According to President Wil Ralston, “Our team specifically our VP of Sales Don Smith has worked tirelessly to make this a reality. In addition to raw material supply we are negotiating distribution agreements to place finished goods in retail stores. There is a lot of opportunity in this burgeoning market and we are getting in everywhere we can. Our newest team member, Don Smith, is a leader in these efforts.”
According to him, Don Smith has extensive experience in building startup companies that explode within emerging markets. Prior to joining SinglePoint, Smith spent eight years focused on the advancements in the organic sustainable food industry and its applications to the cultivation and growth of the legal cannabis business. In that time, he co-invented a "vertical cultivation" device, the invention and successful hydroponics business was sold to Greengro Technologies, Inc., where Smith served in various capacities including Chairman and CEO.
BDS Analytics and Arcview Market Research project 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. SinglePoint’s bold entry into the hemp flower market positions the company as one of the leading hemp flower wholesalers in the country.
"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,'" they conclude.