The Crypto Report
All of the top five coins were in the red today. Ripple (XRP-USD) was the biggest decliner, falling nearly 8% to US$0.51. Bitcoin (BTC-USD) hit a four-month low, down more than 4% to US$6,269.77.
Crypto exchange Coinbase has opened its cryptocurrency index fund to investors, setting its sights on institutional investors. The fund is open to accredited investors in the US looking to invest between US$250,000 and US$20mln, according to its blog post.
Coinbase CEO Brian Armstrong pitched the fund to investors on Twitter, touting its broad range of crypto assets and low rates.
Investing in Coinbase Index Fund is the easiest way to get exposure to a broad range get of crypto assets.— Brian Armstrong (@brian_armstrong) June 13, 2018
Much cheaper than 2 and 20% charged by most crypto hedge funds, and you get new assets automatically added to the fund as they become available on Coinbase. No rebalancing. https://t.co/TyOnDuFMT9
Last month, the company introduced four new products on an exclusive platform called Coinbase Prime to help investors transition from traditional markets. Coinbase said it is looking to launch more funds that will be accessible to all investors.
The platform recently acquired securities dealer Keystone Capital Corp as it heads down the path to becoming an SEC-regulated broker-dealer.
The Cann Report
Medical marijuana establishments in Michigan will have to be careful what they call themselves after the state licensing board banned the use of 16 words and phrases, according to a report by Marijuana Business Daily. Businesses cannot refer to themselves as a dispensary, apothecary, pharmacy or drugstore.
Those that do risk violating the Michigan Public Health Code, which restricts the use of those words to specific persons. Michigan also spells it “marihuana” after the word appeared without the letter J in an early statute and would need to change the law to change the spelling.
Aurora Cannabis Inc (TSX:ACB, OTCQB:ACBFF) announced that it will complete a C$7mln investment into cannabis retailer Choom Holdings Inc (OTCQB:CHOOF). Aurora will receive more than 9.8 million common shares priced at C$0.71 per share, adding up to an 8% ownership interest. Choom has the rights to 17 retail leases in Alberta, seven leases in British Columbia and is looking to move into the Saskatchewan market. Shares of Aurora were up around 2.7% to C$9.10.