Singlepoint, Inc. (OTCMKTS:SING) Exploder in New Role as Pot Stock
Penny stocks that lag seem to have found the perfect cure: reinvent the business to fit the medical cannabis industry. This is what happened to Singlepoint, Inc. (OTCMKTS:SING), previously known as Carbon Credit International, Inc. (OTCMKTS:CARN). The ticker rose by more than 184% on Friday, reaching $0.0196 on dollar volumes above $984,000. 
CARN was lifted by news that it would be providing a platform to process payments of the cannabis industry. For now, marijuana business hold great promise, but bank payments are a huge problem, since the business object is still a restricted substance, and banks refuse to make the transactions, to avoid a heavy screening procedure.
But it is still unknown if the payment system would then be carried glitch-free by banks, an inevitable step in the process. For now, SING has a functional SMS-payment system, as well as a system for mobile donations.
SING is not a timely filer, so we have little knowledge of its financials. But as with other penny-level tickers, past performance is not a sign for future results. What we know is that most times, after a single day of dramatic climbs, the shares lose steam and crash, as investors look for the next big opportunity.
A similar thing happened to Rightscorp, Inc. (OTCMKTS:RIGH), a sub-penny selection that doubled in a day. RIGH chose to attach itself to the marijuana sector by offering an online platform for matching users to existing cannabis treatments. RIGH was also a company of doubtful quality, but still it satisfied the hunger for underpriced, underexplored pot-stocks. RIGH is now 50% below its peak, crashing in two short trading days.
Triton Distribution Systems, Inc. (OTCMKTS:TTDZ) was also a double-zero star from last week which wiped out half its value in the last two trading days. TTDZ rose on the promise of a buyout, thus turning into an OTC vehicle, but the enthusiasm was followed by serious profit-taking.
In the case of SING, the ticker is fresh out of a long sideways drift, and its future is highly uncertain. Investors have noticed that the company is riding every trend, becoming a carbon credit trader when that was fashionable- still without changing its underlying model of processing SMS transactions. So while the company may have some promise, and its CEO and founder Greg Lambrecht may have a long track record in founding businesses, it is best to stay away as the new week may come either with weaker gains or the inevitable correction.
