SinglePoint Provides Update on 1606 Hemp Sales Initiatives and Brand Growth -- Launches First Countertop Display

Phoenix, Arizona, May 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SinglePoint Inc. (OTC:SING) starts Q2 with strong numbers and the focus on continued growth. After evaluating reports for Q2, SinglePoint’s Hemp vertical is on track to double sales in its second quarter alongside the launch of 1606 Hemp six-pack counter top display. 1606 Hemp has seen a sales growth rate of 133% this quarter over the previous, a 233% growth in sales up to this point of the month compared from the previous month at the same point.  The company has placed a focus on self-generated in store placement by hiring professional sales representatives to acquire new stores for the sales of our products over the next four weeks. 1606’s goal is to grow by more than 250 retail accounts throughout multiple states. 

“No more Tobacco Cigarettes for me, what a great alternative”

- Ian, 1606 Hemp Customer

As the company continues to see success, management believes 1606 Hemp will be able to provide approximately $2,750,000 to $5,500,000 in revenue selling to just 1,000 stores. As the roll out is successful and we achieve 250 accounts in the next four weeks, 1606 Hemp will bring on additional individuals to scale up to as many as 2,500 stores as quickly as possible in order to achieve reorders from 1,000 stores. Management believes the current total addressable market is approximately 125,000 locations or more. 

“I've been trying to get friends and family to make the switch to hemp for years, your product is changing a lot of hearts. Thank you”

- Al, 1606 Hemp Customer

As new accounts have been established, we have received a noticeable increase in reorders and sell-through rates at stores as customers are becoming more familiar with the brand. In the past month, we have been able to grow our social media presence to over 10,000 followers and millions of impressions. The 1606 Hemp website has also had a major lift this month seeing nearly a 40% increase in new users and 33% increase in page views across the site. Users are also spending more time on the site than in previous months, leading to more conversion and engagement for the brand.