PHOENIX, Oct. 31, 2019 SinglePoint Inc. (OTCQB: SING) has launched into the smokable hemp market, releasing its wholly owned brand, 1606 Original Hemp. The brand will carry a variety of smokable hemp products. Recently, the company presented at NACS 2019 and had a phenomenal response driving the creation of 1606. To date, the company has shipped orders to convenience store owners with a collective 250 doors and has interest from over 100 parties that collectively have over 15,000 doors.
In today’s world, hemp is becoming very popular. The use of hemp has evolved into diverse products such as lotions, oils, food, beverages, and cigarettes. Smokable hemp is a developing trend, but is it a good way to consume the cannabinoid? Here’s what you need to know:The name derives from the first hemp crop planted in 1606 in North America. SinglePoint has planned to expand the brand quickly through retail, distribution, and a new ecommerce site currently in development.
Hemp vs. MarijuanaHemp and marijuana are both part of the cannabis family. However, hemp will not get you high unlike marijuana, which is known for its psychoactive effects. Marijuana has high levels of THC, containing anywhere from 5%-35%, whereas hemp has less than 0.3% THC. Hemp contains high cannabidiol (CBD) content which is not psychoactive. Smoking hemp is a positive alternative to marijuana. ”You get the same taste, the same psychological feeling of smoking a joint, but without the high.”
Replacing TobaccoPure American Hemp cigarettes are nicotine and tobacco free. Some research suggests that smoking hemp cigarettes could be a potential tool to replace tobacco and nicotine addictions. According to a Brightfield Group survey of more than 5,000 CBD users in the U.S.:
- 24% have used it to help quit smoking.
- Quitters are often replacing cigarettes with either smokable hemp or vaping.
- 41% of quitters have entirely replacedtobacco with hemp CBD.
Google trends reveals over the last year that hemp was researched more often than tobacco and nicotine.
Initial ResearchInitial research has shown CBD’s ability to reduce cigarette consumption. Researchers at University College London conducted a study of 24 smokers. Each were given an inhaler with CBD or a placebo. For one week, they were to use the inhaler when they had the urge to smoke. Those with the placebo had no difference in cigarettes smoked; those with the CBD inhaler significantly reduced the number of cigarettes smoked by 40%.
The Alternative MarketThe Alternative Market has continued to grow drastically, 35% from 2018 to 2019, while cigarettes stayed steady at 3.1%. With the addition of hemp cigarettes and the recent vape scare, many assume the alternative market will continue growing as people look for a “healthier for you” alternative to cigarettes.
The FutureBDS 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. About SinglePoint, Inc.SinglePoint, Inc (OTCQB: SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through SingleSeed, the company is providing products and services to the cannabis industry.
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Forward-Looking StatementsCertain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.