SinglePoint, Inc. (OTCMKTS:SING) has unveiled 1606 Hemp Cigarettes, an alternative to traditional cigarettes, at 2019 MJ Business Conference. It has received an overwhelming response and bagged a significant purchase order from one distributor for 5,000 packs. The company expects several purchase orders for hemp cigarettes soon.
Featured on KTNV Action News
SinglePoint is featured on Las Vegas-based KTNV Action News during the business conference 2019. President of SinglePoint, Mr. Wil Ralston, discussed how people scared about vaping during an interview on KTNV Action News. SinglePoint provided a substitute for traditional tobacco and vaping. The company has introduced 1606 Hemp cigarettes (preroll or straight rolled hemp-based cigarettes), which are free from nicotine, tobacco, and additives. It is a safe alternative to vapes and tobacco.
Customers enjoy hemp cigarettes
Ralston said several people visited the booth during the business conference. The company is pleased with the overwhelming response for its newly introduced hemp-based cigarettes. The visitors returned to the conference the next day and shared their views about how they enjoyed hemp cigarettes. SinglePoint established the presence and unveiled its new offering at the show. Soon, the company will become a single provider of hemp cigarettes. Ralston further said the company is conducting trials of the product to ensure the safety of the customers.
SinglePoint used 100% fresh hemp flowers and biodegradable filters in manufacturing hemp cigarettes. All the products are tested by third-parties and improving sales. The company is receiving enquiries from vape shops and convenience stores that are searching for alternatives to vapes.
Potential to replace tobacco
Hemp-based cigarettes have the potential to replace traditional tobacco cigarettes. In a survey conducted on 5,000 cannabidiol users in the US, 24% of the respondents said they used hemp cigarettes to quit smoking. Around 41% of people, who quit tobacco, have chosen alternative hemp CBD.
The market for industrial hemp
The market for industrial hemp is expected to reach $26.6 billion by the year 2025 from $4.6 billion in 2019. It represents a CAGR of 34%. According to Brightfield Group, the demand for CBD is on track to touch $23.7 billion by 2023. The market for smokable hemp in 2018 is $11.5 billion.
The demand for CBD prerolls, hemp cigarettes is growing at a fast pace, just like wildflowers. According to Advance Market Analytics, the market for CBD cigarettes will experience phenomenal growth soon. SinglePoint recently signed a distribution accord with JTI USA to improve footprint in North America for its Prime Time Little Cigars.