SinglePoint Provides Shareholder Update on Spin Off of 1606 Corp.
SinglePoint (OTC: SING) announced updates on its spin-off of 1606 Corp., completed in April 2021. Shareholders received a 1-for-1 dividend, and Greg Lambrecht has transitioned to CEO of 1606. The new entity is focused on finalizing its registration statement to obtain a ticker symbol for trading. 1606 Corp. aims to expand its retail presence and online sales, leveraging the growing smokable-hemp market, projected to reach $300-$400 million by 2025. Lambrecht expresses optimism about 1606's potential, aiming to replicate previous successes in the tobacco industry.
- Successful completion of spin-off with a 1-for-1 dividend to shareholders.
- Growing online presence with increased recurring orders across the US.
- Strong market potential in the smokable-hemp market, estimated to reach $300-$400 million by 2025.
- None.
PHOENIX, June 3, 2021 /PRNewswire/ -- SinglePoint Inc. (OTC: SING) ("SinglePoint" or the "Company"), a company focused on providing renewable energy solutions and energy-efficient applications to drive better health and living, today provided an update to its shareholders on its recent spin off of 1606 Corp. ("1606"). In April 2021 SinglePoint spun off 1606 Corp. through a 1 for 1 dividend to SinglePoint shareholders. As previously announced, since the spin off, Greg Lambrecht has resigned from SinglePoint and has been appointed as CEO of 1606 Corp. 1606 is actively working to finalize and submit its registration statement. Upon the effectiveness of the registration statement, 1606 will be able to apply for a ticker symbol and begin trading.
As 1606 Corp. prepares to file the necessary documents to become listed on an exchange, it has remained focused on building momentum with its focus on increasing its retail footprint concentrating on regional expansion in addition to continuing to grow its online presence and retail distribution network.
Additionally, 1606 has continued to grow its online presence with increased recurring orders coming from customers throughout the US. Smokable-hemp continues to grow as a market, Nielsen expects the smokable-hemp market to reach
"We believe there is a lot of potential for 1606 ahead and are excited for the future as we work to finalize our registration statement. With vape and tobacco and specifically menthol being pulled off of shelves around the world, our smokable-hemp products are ready to replace those holes in convenience store planograms. As a replacement for traditional tobacco 1606 is a better alternative with only one ingredient, hemp. Having taken a cigar company public through the first ever, clear english perspective, we were able to get NASDAQ listed and raise
1606hemp.com continues to grow its presence and is the main driver of sales for the company. The company has placed 1606 hemp in multiple states and across hundreds of locations.
About 1606 Corp.
1606 believes Hemp/CBD can change lives, and that's why we encourage tobacco/nicotine users to make a decision—to help us take these pioneering steps into a world where something as simple as lighting up a smoke doesn't mean taking a hammer to your health.
About SinglePoint Inc.
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on LinkedIn and Twitter.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential plans and objectives of the Company, the use of proceed, anticipated growth and future expansion, are forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
SING@jtcir.com
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SOURCE SinglePoint Inc.
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