Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Daily CryptoCann Report: Coinbase opens its crypto index fund; Michigan cracks down on dispensary names

Medical marijuana shops in Michigan risk their license if they refer to themselves as a dispensary
Dispensary sign
Michigan marijuana businesses cannot use the words dispensary, apothecary, pharmacy or drugstore

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.

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.

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

Aurora Cannabis Timeline

Related Articles

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
picture of cannabis plants
March 23 2018
Control of the supply chain offers operational advantages and financial benefits.
Vial of pills
June 25 2018
Cosmos is a modern company, but the trade routes it relies on are ancient

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

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