The explosiveness of what getting into the Cannabis industry can do for your penny stock continued to be positive as Singlepoint, Inc. (SING) demonstrated over the last 2 trading sessions. Creating a mobile currency to be used specifically for buying weed, SING stock has been singing the same tune all others in the sector have and making a ton of money for early buyers. Now that banking for the dispensaries is due to be made available according to AG Eric Holder’s comments last week, being at the forefront of prepaid debit cards, virtual wallets, and virtual currencies has placed the mobile marketing agency firmly on the OTC map.
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SING Stock Quote
Market Cap: 19.52M
Last: 0.084 ▲ +0.0644 (+328.57%)
Dollar Volume: $2,235,432
Issued and Outstanding: 232,371,213
14-Day Rel Strength: 96.16%
1st Resistance Point: 0.1055
1st Support Level: 0.041
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Singlepoint is coming off a big Q3 whereby they reported revenues of $1,173,423 for the 3 months ended September 30, 2013, $1,639,707 for the year ended December 31, 2013 according to their PR announcement last week. Although they were just shy of showing a profit for Q3 (net loss of $144,260), the news from Friday that their Mobile Cannabis Currency for use by cannabis dispensaries is ready to be launched is a virtual lock for the state-of-the-art mobile technology and full-service mobile marketing company to get in the black.
The good thing about Singlepoint’s entry into this sector is that it isn’t a new venture for them or some PR play that eventually won’t amount out much else. Prior to changing their name from Carbon Credits International, Inc. (CARN) in July of last year, Singlepoint was already making their presence known as the #1 smartphone app for golfers via their relationship with GolfLogix, a company in the business of course-mapping since 1999.
Whether it was CARN or SING, the mood was pretty vanilla during the course of the 12 months prior to Friday’s news. Now that SING becomes one of the better cannabis related tickers based on the fact that they actually put revenue numbers on he books and are within reach of booking net income, the bullish run is better than likely to keep up it’s pace and continue to set new 52-week highs n the weeks to come.
About SING Stock
SinglePoint, Inc. is a development stage company operating as a full-service mobile application service provider and mobile marketing agency, specializing in mobile payments and mobile auctions (Text2Bid™).
Click here to view the financial filings for SING.
Click here to view the website for SinglePoint.
Last 5 Trading Sessions:
Up 2,700% since the start of the year, SING is a blistering hot penny stock right now and required to be paid attention to. Closing at the new 52 week high is only going to attract more attention to SING stock prior to tomorrow’s open which could be a perfect opportunity for current shareholders to sell into the gap and try to buy back in if a dip comes.
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