Blockchain Payment for Marijuana Developed by Smart Cannabis, SinglePoint

Announcements, Blockchain | December 7, 2017 By:

Smart Cannabis has partnered with marijuana services provider SinglePoint to bring blockchain-based payment solutions to the cannabis market.

Smart Cannabis is a public equity corporation focused on the advanced agriculture and cannabis industries. The company’s wholly-owned subsidiary, Next Generation Farming, provides turnkey commercial Smart Greenhouse and automation systems that improve yields and decrease water consumption for cultivators of organic food and cannabis crops.

SinglePoint is a mobile technology provider developing a proprietary bitcoin exchange system aimed at solving payment processing issues in high-risk markets, including the cannabis industry. Its bitcoin-based payment solution allows consumers to obtain bitcoin at any point of sale and is also available for use to any legal marijuana business in the 29 states and the District of Columbia, all where cannabis has been legalized.

Both companies will work together to extend cyber-currency transactions so that clients can buy Smart Cannabis automated greenhouses and pay subscription fees for Smart Cannabis’s SmartApp, which uses Internet of Things (IoT) to measure scientific factors affecting optimal growth of cannabis. SinglePoint will also integrate its blockchain technology into Smart Cannabis’ “Track and Trace Software System.”

“SinglePoint is an ideal partner for us to expand our business beyond California for our line of innovative automation and our trace and tracking software solution for cultivators,” said John Taylor, President of Smart Cannabis. “In this Joint Venture with SinglePoint, we will have the ability to market our products on a broader scale. Additionally, we believe the uptrend in cyber currency use in the cannabis marketplace will continue to expand, and being part of their exchange will help us grow the foundation of our business exponentially.”

“Our expertise in payment processing and point of sale systems is a perfect fit for track and trace technology they have developed to date,” said Greg Lambrecht, President of SinglePoint. “We look forward to helping them expand and accelerate deployment of that solution. As we have stated, our overall goal is to have a fully integrated solution for businesses to manage their day-to-day operations from beginning to end, and Smart Cannabis operates to that same goal with their automated greenhouse solutions. We are glad they have turned to us to collaborate on their software solutions, and to be a part of our bitcoin exchange and cyber currency efforts.”