I assume you have checked for spark visually in some way - laying a connected spark plug on the head and, with the ignition on, watching for a spark as the kick lever or starter is operated, and you are seeing no spark at any time, right?
You mentioned points. If the ignition points don't open, there will be no spark so check point adjustment. In the old days that was one of the first "no spark" checks.
It is easy to lose/forget about/incorrectly install the little insulator used where the wire attaches to the points. Not having that insulator/installing it incorrectly will "ground" the connection and also eliminate any spark.
If you ARE getting spark at the plug sitting on the head but, when reinstalled, the engine won't fire, the ignition is likely mistimed (assuming there is fuel).