With up to $20 million in financing secured, 1606 Corp is staking out its footprint in the booming cannabidiol (CBD) market through its acquisition-led strategy.
A spin-off from SinglePoint Inc (OTCQB:SING), 1606 has positioned itself to benefit from the growing demand for CBD commodities in the United States with its diverse portfolio of CBD products.
The CBD market, valued at US$9.1 billion in 2021, is expected to reach US$59.3 billion by 2030 at an 18.2% compound annual growth rate during the forecast period of 2022 to 2030, according to a report by Market Research Future.
More than a quarter of Americans (26%) used CBD in 2022, according to the Center for Advancing Health, with recent studies projecting a surge in 2023 as high as 10% year-over-year.
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