Business

Singlepoint Inc (OTCMKTS:SING) Finalizes LOI To Buy $1 Million Stake in California Cannabis Grow Land

Singlepoint Inc (OTCMKTS:SING) has finalized an LOI to buy a stake in California cannabis grow MTH Development Group further advancing its California footprint. MTH presently runs 4.7 acres of land zoned for cannabis grow. The company has invested in the firm in lieu for an equity stake. Presently, the firm leases its properties to approved growers and manages one of the leading grows in Adelanto, California.

The buzz

With its hands-off plan, SinglePoint remains true to that plan by investing MTH. The company will continue its hands-off plan by acquiring firms and offering know-how solutions to the market. This will be the preliminary acquisition of its kind for company in which the firm will own equity in approved cannabis grow land. The firm is in talks to do such kind of investments in other states.

MTH is presently home to firms like Quality Resources and HD Biotech. HD Biotech harvests around 400 pounds a month of flower as well as 150 pounds of trim utilized for cannabis oil manufacturing. Presently HD Biotech has obtained its manufacturing, cultivation and anticipates its distribution license soon. Holding all three approvals would offer the ability to vertically run all their offerings from seed to sale, hence lowering costs significantly.

Wil Ralston, the President of Singlepoint, expressed that they are thrilled for this prospect. Having been to the business and seeing their cultivation procedures they consider this is a remarkable investment for company. Part of respective investment is to also assess their new know-hows with their tenants to enhance and validate their systems. Their feedback will assist them build an appropriate solution and navigate through the California market laws.

This deal will further company’s footprint in the cannabis industry which recently recorded another big milestone with the approval of Cronos listing on NASDAQ platform. The management considers this demonstrates the strength of development in the industry and the prospects that are available.