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Daily CryptoCann™ Report: Coinbase backtracks regulatory approval claim; Cronos Group to build new greenhouse in Ontario

The exchange clarified the SEC and FINRA were not involved in the approval process for its recent acquisitions
Daily CryptoCann™ Report: Coinbase backtracks regulatory approval claim; Cronos Group to build new greenhouse in Ontario
A Coinbase spokeswoman said the matter had been discussed with SEC staff informally

The Crypto Report

Popular cryptocurrency exchange Coinbase is backtracking after reports yesterday that the platform would soon trade coins as securities.

The platform had said that it was given the green light by US Securities and Exchange Commission and the Financial Industry Regulatory Authority to proceed with the acquisition of Keystone Capital Corp, Venovate Marketplace Inc and Digital Wealth LLC.

In a reversal, the cryptocurrency firm said it never received the endorsement and never needed it in the first place, according to a Bloomberg report.

“It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process,” wrote Coinbase spokeswoman Rachael Horwitz in an email to Bloomberg.

Coinbase would not need SEC approval for a change of control application and had only discussed it with SEC staff members informally, according to Horowitz.

An SEC spokeswoman said that the agency did not give approval while FINRA declined to comment.

READ: Daily CryptoCann™ Report: Coinbase may soon trade coins as securities; Aphria expands into Latin America and the Caribbean

In blockchain news, Wells Fargo & Company (NYSE:WFC) has filed a patent for a tokenization system for data protection, according to a CoinTelegraph report.

As per the patent, the tokenization system would use encryption methods to turn data into a restricted token. The token can only be “detokenized” by a certain user.

“Unlike the limited, anonymous signatures supported by existing systems, this tokenization manifest supports single signers, multiple signers, or co-signers to store information publicly without loss of confidentiality of any sensitive content,” according to the patent.

Shares of the San Francisco-based bank were down slightly to US$56.41 in Wednesday morning trading.

Health care companies are also hopping aboard the blockchain train. Medical Transcription Billing Corp (NASDAQ:MTBC) is connecting Universal EHR Solutions to its blockchain.

Also known as MD Charts, the company provides proprietary, cloud-based healthcare IT and practice management solutions.

Through Medical Transcription Billing’s blockchain, companies can securely store and share patient information.

Shares of the health care IT company were up more than 1% to US$4.49.

The Cann Report

Cronos Group Inc (NASDAQ:CRON, TSX:CRON) is expanding its growing capacity.

The Toronto-based cannabis company has entered a joint venture agreement with Greenhouse Partners to construct an 85,000 square foot custom-built greenhouse on around 100 acres of land in Ontario.

“This partnership combines the regional expertise of high tech greenhouses, cannabis cultivation best practices and customizing the latest automation technology developed for commercial agriculture,” said Cronos COO David Hsu in a press release.

Once the facility is fully operational and licensed, the company expects it will produce around 70,000 kilograms of cannabis annually.

Shares of Cronos were down slightly to US$6.80 in Wednesday morning trading.

READ: Crop Infrastructure Corp tenant at The Park in Washington state expects harvest within six weeks

Back in the States, it’s almost harvest time for Crop Infrastructure Corp’s (CSE:CROP, OTCMKTS:CRXPF) tenant grower in Washington state.

The Park cannabis greenhouse is expected to see an initial harvest of 350lbs of marijuana within six weeks.

"With all of CROP's facilities' tenants now expecting to harvest, the company's real estate and brand portfolio should begin to provide all important regular cash flow while building equity in the IP of our brands," said CEO Michael Yorke.

The Hempire Company, Crop’s tenant grower in Nevada, recently announced that it has begun planting.

Shares of the Vancouver-based cannabis company were up nearly 7% to C$0.23.

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