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Daily CryptoCann™ Report: Top economist thinks regulation will be the end of Bitcoin; WeedMD inks supply deal in British Columbia

Joseph Stiglitz, former chief economist of the World Bank, sees heavy regulation ahead for Bitcoin
Daily CryptoCann™ Report: Top economist thinks regulation will be the end of Bitcoin; WeedMD inks supply deal in British Columbia
As cryptocurrency continues to grow, it will be regulated to the point of being useless, Stiglitz says

The Crypto Report

Spain's Banco Santander SA (NYSE:SAN) is putting together a blockchain research team to explore the potential of applying the technology to securities trading.

Known as the “Digital Investment Banking” team, the group will look into the use of tokenized securities in debt capital markets, derivatives and other areas, as per a press release.

“The wave of digitalization that is occurring in the financial industry is accelerating. Our clients expect this to result in better solutions, lower costs and new categories of products and services that enable them to access capital markets more efficiently than ever before,” said José M. Linares, the bank’s head of corporate & investment banking in a statement.

Shares of the Madrid-based bank were up slightly to US$5.47 in Thursday afternoon trading.

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

Back in the States, Nobel prize-winning economist Joseph Stiglitz had harsh words for cryptocurrency, forecasting heavy regulations going forward.

"If you open up a hole like bitcoin, then all the nefarious activity will go through that hole, and no government can allow that,” said Stiglitz in an interview with the Financial News.

Stiglitz, the former chief economist of the World Bank, predicts that as cryptocurrency continues to grow, it will be regulated to the point of being “useless.”

The price of Bitcoin is down slightly to US$6,192.18.

The Cann Report

WeedMD Inc (CVE:WMD) is continuing to expand alongside the Canadian cannabis market.

The Ontario-based cannabis company signed a supply deal with the British Columbia Liquor Distribution Brand.

"B.C. is widely recognized for having one of the most mature and developed cannabis consumer markets in Canada," said CEO Keith Merker.

The company recently inked deals with the Alberta Gaming, Liquor and Cannabis Commission as well as Shoppers Drug Mart, one of Canada’s largest pharmacy chains.

Shares of WeedMD were down slightly to C$1.70.

READ: WeedMD shares put on growth spurt as it inks new pot supply deal with British Columbia

In other news up North, medical marijuana company Sunniva Inc (CSE:SNN) is planning to spin off its Canadian assets into a separate Canadian asset to list on the Toronto Stock Exchange and the Nasdaq.

The multinational firm’s proposal includes Sunniva Medical and Natural Health Services, as per a press release.

Sunniva Medical is currently building a 740,000 square foot greenhouse facility in British Columbia. Canopy Growth Corp (NYSE:CGC) will buy 45% of its annual production capacity.

Natural Health Services operates a network of seven medical cannabis clinics.

Shares of Vancouver-based Sunniva were down slightly to C$7.89.

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