US cannabis merchants could soon have a major new service to accept payments using bitcoin, which would sidestep the federal ban on cannabis businesses using bank accounts.
Funding Acquired
Singlepoint Inc.Singlepoint Acquires Funding to Tackle Cannabusiness Banking Problems With Bitcoin is a publicly traded holding company based in Phoenix, Arizona, that focuses on acquiring undervalued companies in emerging markets, including cannabis. On Tuesday, the company announced that it has closed a $1 million funding deal with an institutional investor.
This funding will help close many acquisition deals which are already in the pipeline, according to CEO Greg Lambrecht, adding that “we have many technical developments that are ready to launch.” According to the announcement, several companies have already been acquired in the cannabis industry and discussions are underway with even more. In addition:
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Proceeds from the investment will be used to execute on the company’s previously announced bitcoin payments solution, as part of its partnership with First Bitcoin Capital.
The management believes that the capital raised will enable the company to “move very quickly to develop a cryptocurrency solution and continue acquisitions in the cannabis space.”
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https://news.bitcoin.com/singlepoint-acquires-funding-to-tackle-cannabusiness-banking-problems-with-bitcoin/