SinglePoint recently announced that it will be the distributor, sales, and marketing for Pure Products’ line of Pure Hemp cigarettes. The distribution agreement is a good fit for SinglePoint as the CEO previously led Premium Cigars International to NASDAQ success. The company distributed and serviced over 30,000 accounts in North America and they are looking to use these existing relationships to help bring Pure Hemp to market. They believe it to be a huge opportunity with a ton of potential.
President of Pure Products, Steve Ross, stated that people are substituting or modifying tobacco consumption with low THC cannabis/hemp products. They believe that they have an all-natural solution to what people are looking for. Along with SinglePoint, Pure Products hopes to establish Pure Hemp as a meaningful leader in the natural hemp cigarette category. They believe that retailers are looking to dedicate shelf space to CBD including hemp cigarettes. Pure Hemp is an elevated product that enhances the consumer’s experience. They are also very lucrative for retailers.
The CBD market is expected to grow rapidly with predictions of over $20 billion in sales by 2024. The smokable hemp market is only 2% of the CBD market, but has recently experienced 250% growth from 2017 to 2018. Dried and smokable hemp flowers are one of the fastest growing categories in the CBD market. The 2018 Farm Bill helped to boost this category and the market is continuing to grow rapidly. What is in high demand is reliable and quality suppliers. It is also important for these supplies to have a sufficient amount of product to meet demands. SinglePoint and Pure Products are businesses to watch as the industry expands and develops.