Business
SinglePoint Shares Insights and Highlights Related to Its Investment in Jacksam Corporation, a High Growth Automation Company Serving CBD and Cannabis Businesses
SinglePoint Shares Insights and Highlights Related to Its Investment in Jacksam Corporation, a High Growth Automation Company Serving CBD and Cannabis Businesses.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n Phoenix, Arizona, July 14, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SinglePoint Inc. (OTC:SING) shares recent corporate update by the Convectium/Jacksam Corporation CEO, Mark Adams.  The Convectium/Jacksam Presentation by CEO Mark Adams originally aired via webcast on June 25, 2020 and was produced by Torrey Hills Capital. Jacksam Corporation (OTCQB: JKSM) (“Convectium”), an automation solutions company providing machines and equipment to legalized and licensed CBD and THC companies, have signed a memorandum of understanding to create an exclusive proprietary cartridge and POD pre-racking solution, allowing producers and extractors to scale to meet rapidly increasing demand. SinglePoint’s senior management were invited to view the live webcast.  Post viewing SinglePoint initiated subsequent discussion and communications with Jacksam to explore whether there are additional opportunities to strengthen the relationship between the two companies.  Mark Adams outlined three desired outcomes as a result of Convectium Jacksam realigning its business strategy to focus on selling high margin machines, offering pre-rack solutions and expanding its strategic partnerships. 1)    Profitability: The Company anticipates being cash flow positive by the 3rd Quarter of this year. 2)    Increasing Scalability by focusing on leading multi-state operators 3)    Streamline Offerings to align with current strategic partners to increase future cash flow, margins and operating leverage  The company highlighted that its gross margin improved from 21% in 2019 to 53% in the first quarter of 2020 as a result of the new business model.  Jacksam expects these margins to continue to rise, crossing over 60% as the recurring revenue royalty agreements begin to contribute to the bottom line in the back half of the year. The addressable market according to company management is estimated to be (cartridges, filling and capping equipment) approximately $500M growing at 18.4% annually (potentially higher with US legalization). “I was impressed by the thoroughness of the and the directness and insight provided by Mark Adams, CEO of Jacksam as he systematically outlined and discussed their current operations and nea...