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Daily CryptoCann Report: Crypto art auction features Andy Warhol painting; Canada Senate may legalize recreational marijuana

Bill C-45 would legalize recreational marijuana use for people over the age of 18 in Canada
An Andy Warhol art installation
Blockchain platform Maecenas to auction partial ownership of an Andy Warhol painting

The Crypto Report

It's a fairly good day for cryptocurrency with four of the top five coins on the rise, but only seeing gains of less than 1%.

Bitcoin Cash (BCH-USD) was the top gainer, up 0.8% to US$1,138.17 with Ripple (XRP-USD) right behind up 0.7% to US$0.67.

Bitcoin (BTC-USD) rose 0.5% to US$7,701.69 followed by EOS (EOS-USD), also up 0.5% to US$13.98.

Ethereum (ETH-USD) was the sole decliner of the day, down less than 0.1% to US$605.54.

Blockchain platform Maecenas will auction off partial ownership of an Andy Warhol painting in what’s being called the world’s first cryptocurrency art auction, according to a Cointelegraph report. Buyers can purchase digital certificates of partial ownership of Warhol’s 14 Small Electric Chairs using the platform’s ART token, Bitcoin or Ethereum. A smart contract may be able to solve an age-old verification problem in the art market, providing information about copyright, ownership, authenticity and value. While the final price will be based on the smart contract, the reserve price is set at US$4mln.

Crypto trading platform Coinbase is on its way to becoming an SEC-regulated broker-dealer, according to its blog post. The exchange recently acquired securities dealer Keystone Capital Corp, as well as Venovate Marketplace Inc and Digital Wealth LLC. The acquisition will allow Coinbase to expand into non-crypto products and possibly bring tokens to existing securities. The exchange trades around US$150bn in assets and provides services to more than 20 million customers.

Coinbase COO Asiff Hirji wrote in a blog post that securing the license “will bring us a step closer to our goal, which is to be the most trusted way for our customers to buy, sell, and use many different types of crypto assets.”

The Cannabis Report

The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, fell around 2.5%.

After much anticipation, Canada may legalize recreational marijuana if the Canadian Senate ratifies Bill C-45 on Thursday, according to a Fortune report. While many countries have eased on restrictions, Uruguay is currently the only country where recreational marijuana is fully legal. If the bill passes, the sale and use of marijuana would be legal for people over the age of 18.

Sales of legal cannabis would not begin until two to three months after the legislation passes, according to the Canadian health minister. Marijuana will be sold in plain packaging with a yellow health warning and a red stop sign to signify there is cannabis in the product.

Aurora Cannabis Inc (TSX:ACB) has acquired a nearly 20% stake in softgel maker Capcium Inc, investing C$10mln into the company. The companies have partnered to develop cannabis-based softgels for patients. Privately-owned Capcium will use the investment to expand its manufacturing capabilities, constructing a new facility expected to be completed by the fourth quarter of 2019. Shares of the Vancouver-based company fell slightly to C$9.66.

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