Technology and investment company SinglePoint (OTCQB: SING) this morning announced its investment in TorusMed Inc. to develop cannabidiol (“CBD”) cell cultures from industrial hemp. According to the update, the ultimate goal of the project is the development of pharmaceutical grade CBD that is cultivated in lab settings, potentially changing the way industrial hemp and CBD are manufactured, reducing time, cost and resources while increasing consistency, safety and scalability. The project’s specific aim is to develop optimal protocols for mass CBD production from cell cultures of industrial hemp, which offers several advantages as compared to open-field farm cultivation including, but not limited to, independence from weather and seasonal climatic conditions and scalable industrial and environmentally-controlled production. SinglePoint plans to distribute the premium CBD upon completion of the development, and is currently working with producers and manufacturers for distribution of industrial hemp CBD through its ecommerce site SingleSeed.com. SinglePoint intends to increase revenue and sales through the subsidiary through growing its distribution to both retail and other channels.
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About SinglePoint, Inc.
SinglePoint, Inc. 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. For more information, visit the company’s website at www.SinglePoint.com
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