Sign up Australia
Proactive Investors - Run By Investors For Investors

Daily CryptoCann™ Report: Litecoin price jumps after acquiring stake in German bank; Canopy Growth to acquire Hiku Brands

The Litecoin Foundation acquired a nearly 10% stake in Germany's WEG Bank
Litecoin
Litecoin is the world’s sixth-largest cryptocurrency based on market value

The Crypto Report

A new study predicts that blockchain technology is poised to explode in the telecoms sector. Global market research firm Research and Markets expects the industry to jump from US$46.6mln in 2018 to US$993.8mln in 2023.

The report credits increased security concerns as one of the driving factors behind the rise of blockchain. However, the study does point to “uncertain regulatory status and the lack of common standards” as a potential obstacle to growth.

READ: Daily CryptoCann™ Report: Walmart files a patent for blockchain delivery system; Michigan approves new conditions for its medicinal marijuana program

Moving from blockchain to crypto, the price of Litecoin shot up amid acquisition news.

The Litecoin Foundation acquired a nearly 10% stake in Germany-based WEG Bank by means of a partnership with Token Pay, a crypto-to-fiat payments provider, according to a Coin Desk report.

Litecoin founder Charlie Lee described the partnership as a “huge win-win” for all involved.

The price of Litecoin, the world’s sixth-largest cryptocurrency based on market value, was up more than 2.5% to US$77.96.

The Cann Report

Canopy Growth Corp (NYSE:CGC, TSX:WEED) announced that it plans to acquire craft cannabis company Hiku Brands Company Ltd (CSE:HIKU). Hiku was offered C$1.91 per share, adding up to a deal of C$269.2mln, or US$205.3mln.

The company said that it has terminated its deal with WeedMd Inc (CSE:WMD), calling Canopy’s offer a “superior proposal" in a press release.

Shares of Ontario-based Canopy Growth were up more than 2% to US$29.71.

READ: Crop Infrastructure Corp's Italian joint venture partner plants up 25 acres

In other news from the Great White North, Crop Infrastructure Corp (CSE:CROP, OTCMKTS:CRXPF) joint venture partner has begun production in Europe. XHemplar Italia has planted 25 acres of high-cannabidiol Cannabis Light in Italy.

"The company is extremely encouraged by the fast pace with which the team at XHemplar has commenced production in Italy," said Crop Infrastructure CEO Michael Yorke.

Crop intends to use the production to infuse its new therapeutic and cosmetics lines.

Meanwhile, back in the States, Oklahoma’s State Board of Health has banned the sale of smokable medical marijuana, according to a High Times report.

The Bible Belt state legalized medical marijuana at the end of June.

The Oklahoma State Medical Association called for the ban as well as limiting the number of dispensary licenses available and suggested requiring pharmacists to be on staff at dispensaries.

The ban only applies to dispensary sales. Cannabis grown in a patient’s residence can still be smoked.

Join our Crypto, Blockchain and Cannabis Telegram group here
View full WEED profile View Profile

Canopy Growth Corporation Timeline

Newswire
June 28 2016

Related Articles

scientist in lab
August 31 2018
While the data bodes well for MTD201, Midatech is most excited by the validation of its Q-Sphera sustained release technology, which it is using in some of its other compounds
woman at a microscope
August 02 2018
Currently undergoing phase III clinical trials, AP101 is being developed to treat Epidermolysis Bullosa, a condition which occurs prominently in children and makes skin fragile to even the faintest touch
Vial of pills
June 25 2018
Cosmos is a modern company, but the trade routes it relies on are ancient

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use