SEATTLE, Feb. 27, 2018 (GLOBE NEWSWIRE) — SinglePoint Inc. (OTCQB:SING) is pleased to announce the company has signed an LOI to acquire a stake in California cannabis cultivation MTH Development Group (“MTH”) further establishing its California footprint. MTH currently operates 4.7 acres of land zoned for cannabis cultivation. SinglePoint has invested in the company in return for an equity stake. Currently the company leases its properties to licensed cultivators and operates one of the largest cultivations in Adelanto, California.
With its hands-off approach SinglePoint is staying true to that strategy by investing MTH. SinglePoint will continue its hands-off approach by acquiring companies and providing technology solutions to the industry. This will be the first acquisition of its kind for SinglePoint in which the company will own equity in licensed cannabis cultivation land. The company is in negotiations to do similar investments in other states.
MTH is currently home to companies like HD Biotech and Quality Resources. HD Biotech harvests roughly 400 pounds per month of flower and 150 pounds of trim used for cannabis oil manufacturing. Currently HD Biotech has received its cultivation, manufacturing and expects its distribution license shortly. Holding all three licenses would provide the ability to vertically control all their products from seed to sale, thus reducing costs significantly.
“We are excited for this opportunity. Having been to the operation and seeing their proprietary cultivation procedures we feel this is a great investment for SinglePoint. Part of this investment is to also test our new technologies with their tenants to improve as well as validate our systems. Their feedback will help us build the right solution and navigate the California market regulations”, states Wil Ralston President SinglePoint.
This acquisition will further SinglePoints’ footprint in the cannabis market which recently achieved another huge milestone with the acceptance of Cronos listing on NASDAQ SinglePoint management believes this shows the strength of growth in the industry and the opportunities that are available.