SinglePoint Provides Shareholder Update on Spin Off of 1606 Corp.
- 1606 drives execution towards listing on Exchange and establishing leadership position in smokable-hemp market
- 1606 has potential to access growing smokable-hemp market with expectations to reach over $300 million by 2025
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Jun 03, 2021, 09:05 ET
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PHOENIX, June 3, 2021 /PRNewswire/ -- SinglePoint Inc. (OTC: SING) ("SinglePoint" or the "Company"
, a company focused on providing renewable energy solutions and energy-efficient applications to drive better health and living, today provided an update to its shareholders on its recent spin off of 1606 Corp. ("1606"
. In April 2021 SinglePoint spun off 1606 Corp. through a 1 for 1 dividend to SinglePoint shareholders. As previously announced, since the spin off, Greg Lambrecht has resigned from SinglePoint and has been appointed as CEO of 1606 Corp. 1606 is actively working to finalize and submit its registration statement. Upon the effectiveness of the registration statement, 1606 will be able to apply for a ticker symbol and begin trading.
As 1606 Corp. prepares to file the necessary documents to become listed on an exchange, it has remained focused on building momentum with its focus on increasing its retail footprint concentrating on regional expansion in addition to continuing to grow its online presence and retail distribution network.
Additionally, 1606 has continued to grow its online presence with increased recurring orders coming from customers throughout the US. Smokable-hemp continues to grow as a market, Nielsen expects the smokable-hemp market to reach $300 million to $400 million by 2025, representing roughly 5% of the potential $6 billion to $7 billion hemp-derived CBD consumer products category.
"We believe there is a lot of potential for 1606 ahead and are excited for the future as we work to finalize our registration statement. With vape and tobacco and specifically menthol being pulled off of shelves around the world, our smokable-hemp products are ready to replace those holes in convenience store planograms. As a replacement for traditional tobacco 1606 is a better alternative with only one ingredient, hemp. Having taken a cigar company public through the first ever, clear english perspective, we were able to get NASDAQ listed and raise $10,000,000 enabling us to achieve 30,000 accounts. I look forward to doing the same with 1606," adds Greg Lambrecht, CEO of 1606.
1606hemp.com continues to grow its presence and is the main driver of sales for the company. The company has placed 1606 hemp in multiple states and across hundreds of locations.
About 1606 Corp.
1606 believes Hemp/CBD can change lives, and that's why we encourage tobacco/nicotine users to make a decision—to help us take these pioneering steps into a world where something as simple as lighting up a smoke doesn't mean taking a hammer to your health.
About SinglePoint Inc.
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on LinkedIn and Twitter.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential plans and objectives of the Company, the use of proceed, anticipated growth and future expansion, are forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
JTC Team, LLC
SOURCE SinglePoint Inc.
Clients issued restricted shares by CBDW: 1606 CORP COM
as a dividend or spinoff in the past. They would need to contact Investor relations to find the contact info on legal counsel for CBDW: 1606 CORP COM
to determine nature of restriction, if they're eligible to remove the restriction, and what atty fees will be. (TDA charges a min of $250.) After gathering that info, if they wish to proceed with removing restriction, they can contact Safekeeping/Restricted Dept. for proper ppwk and instructions. Not eligible for removal as a non-marketable security at this time. We may be able to obtain restricted cert through the transfer agent, if any, and send to client. Transfer agent fees may apply. (At least $500 fee.)
We cannot guarantee any of this as the company is OTC and does not have the same transparency and reporting requirements. I would encourage client to look into parent company Singlepoint as well, as Singlepoint spun off the 1606 corp�
3- remove restriction is about a 4-week process to get it done
4- These shares are restricted. The restriction must be removed first for the client to be able to sell them. We can help with that, but we charge a $250 fee for that process. If the client wants to proceed, you can give them our number: 888-723-8504, option 7
5- once restriction is removed client could sell
6- client could have position represented by a cert possibly that would still have restriction.