Smart Cannabis Corp, (OTC: SCNA), and SinglePoint Inc., (OTC: SING), announced today that they have formalized the letter of intent signed earlier this month into a multifaceted joint venture and co-marketing agreement.
Under terms of the agreement, SinglePoint has signed a license and representation agreement to distribute Smart Cannabis’ SMARTAPP automation software product, and soon-to-be-released “Track and Trace Software System,” for the cannabis marketplace. These software platforms are a natural add-on extension to SinglePoint’s recently announced cybercurrency payment processing system.
The agreement also provides for the companies to invest development resources that will extend cybercurrency transactions so that commercial scale cultivation clients can track and transact their business with clients using blockchain technology and SinglePoint’s cybercurrency payment portal. SinglePoint will also work intimately with Smart Cannabis to effectively implement Blockchain technology into their “Track and Trace Software System.” This collaboration reaches a massive cannabis market that produced a reported $6.7B in sales in 2016, and is projected to be in excess of $50B by 2020.
“We are extremely excited by the synergy we share with Smart Cannabis Corp. We believe with our teams collaborating on projects we will quickly bring solutions to fruition. With the data Smart Cannabis Corp collects through their Track and Trace Software system, SinglePoint will be able to start building a blockchain platform giving further insight in the cultivation and sale of cannabis related products,” states Wil Ralston President, SinglePoint.
Don Smith, Vice President of Smart Cannabis Corp., stated “Our relationship with SinglePoint is a game changer. The cannabis industry has not yet begun to see sophisticated companies that are capable of collaboration, joint investment, and synergy like we’re doing. Both companies have proven their ability to execute and perform in joint venture arrangements which is critical to effectively thrive. We’re thrilled to collaborate with SinglePoint, an ideal match for our business development activities.”
As stated previously, the joint venture is a multi-faceted agreement. The companies intend to announce the next phase of their relationship in the near future. In the meantime, they are aligning their marketing strategies in preparation for cannabis legalization in California next month.
About Smart Cannabis
Smart Cannabis Corp., (OTC:SCNA) is a public equity corporation focused on the advanced agriculture and cannabis industries with plans to grow through acquisition, strategic alliances, and proprietary intellectual property. The company’s wholly owned subsidiary Next Generation Farming Inc. provides turnkey commercial SMART greenhouse and automation systems that improve yields and decrease water consumption for cultivators of organic food and cannabis crops. The company’s websites are: http://smartcannabis.com http://nextgen.farm.
About SinglePoint, Inc.
SinglePoint, Inc. (OTC:SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed, the company is providing products and services to the cannabis industry.
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