A Tennessee blockchain fintech company has entered a national retail distribution agreement with 1606 Corp., a smokable hemp brand of SinglePoint Inc., a Phoenix-based technology and investment company.
SurgePays Inc. offers prepaid financial services and wholesale products to independent retailers including convenience stores, mini-marts, tiendas and bodegas.
According to SurgePays Chairman and CEO Brian Cox, the company plans to feature 1606’s smokable-hemp products, which are marketed as an alternative to tobacco and nicotine products, across its national retail distribution network of 8,000 stores.
“We have been looking for three to four great products to entice and engage 34,000 new stores in our leads database,” Cox said.
The increasing consumer appetite for hemp-derived CBD and cannabis products has made a place in the market for smokable hemp products, Cox said.
He cited Hemp Industry Daily’s September 2020 Smokable Hemp Sector Snapshot report, which projected that sales of smokable-hemp products would reach $300 million to $400 million by 2025, up from estimates of $70 million to $80 million in 2020.
“We chose 1606’s products after careful evaluation considering product quality, popularity, and ability to get the product in stores,” Cox said.
“The relationship with 1606 helps us address a segment of the consumer population looking for innovative CBD products or tobacco alternatives.”
SurgePays trades on the over-the-counter markets as SURG.