NEW YORK, January 25, 2017 /PRNewswire/ --
NetworkNewsWire News Coverage: The election of 2016 will forever mark a historic moment for the cannabis industry, reflecting growing acceptance - and legalization - of cannabis for medical and recreational use. The progression of this market, expected to grow to $50 billion in the next 10 years, has awakened a new era of business opportunities for companies like Singlepoint (OTC: SING), Eco Science Solutions, Inc. (OTC: ESSI), Medical Marijuana, Inc. (OTC: MJNA), OWC Pharmaceutical Research (OTC: OWCP) and MassRoots, Inc. (OTC: MSRT).
With specialties ranging from technology to health care, visionary companies are learning how to apply their expertise to meet the increasing and evolving demands for cannabis-based products and services.
A recent report (http://nnw.fm/iI0ci) from the National Cannabis Industry Association (NCIA) calls the 2016 election "a watershed moment for the cannabis industry." While the report highlights concerns about how the Trump Administration could affect players in the blooming cannabis industry, the cautionary article offers room for optimism.
Among other points, NCIA notes the potential for policy changes at the Department of Justice, which since 2013 has crafted its state marijuana programs around the "Cole Memo." Written by James Cole, former U.S. deputy attorney general (2010-2015), the memo provides eight priorities concerning federal policy on the cannabis industry. "Hypothetically, new leadership at the Justice Department could revoke the Cole Memo and return to an era of federal enforcement actions against state-compliant cannabis businesses. However, such an action would almost certainly provoke substantial backlash," writes NCIA.
Meanwhile, a recent initiative by Senator Elizabeth Warren of the Senate Banking Committee demonstrates growing acceptance of the cannabis industry, and raises hopes that the Financial Crimes Enforcement Network (FinCEN) will soon provide updated guidelines for marijuana companies looking for access to banks and credit unions. Earlier guidance provided by FinCEN in 2014 addressed the concerns of businesses that dealt directly in marijuana, like pot shops and marijuana dispensaries. "Indirect businesses that service the marijuana industry" were left in regulatory limbo, not knowing what rules, if any, applied to them.
One "indirect business" of vital importance to the marijuana industry is handled by Singlepoint subsidiary, SingleSeed Payments, which will provide a number of transaction and payment processing services, such as cashless ATM, Pay-by-Text™ and text message marketing to the cannabis industry.
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