The Crypto Report
A surge of fraudulent initial coin offerings prompted a slew of cryptocurrency investigations from the US Federal Bureau of Investigations in recent months. Now, the ICO boom may be coming to an end.
Funding for ICOs reached its lowest level in 16 months with start-ups raising US$326mln in August, according to a Bloomberg report. The first three months of the year saw an average of around US$3bn raised.
Analysts are placing the blame on coin offerings for driving Ether’s sell-off, according to the report. ICOs that utilized the Ethereum blockchain may now be cashing out, fearing that the cryptocurrency bear market may linger.
WATCH: Lead Best building out investment and distribution system tools to eliminate token fraud
In lighter news, mayonnaise-alternative brand Miracle Whip poked fun at an ICO of its own.
The Kraft-Heinz Company (NASDAQ:KHC) brand announced an “initial condiment offering” via Twitter for its Whipcoin.
Thinking about an Initial Condiment Offering...
What do our new #crypto friends think about #WhipCoin ???? pic.twitter.com/plNV8t9sCt
— Miracle Whip (@MiracleWhip) September 6, 2018
Twitter’s crypto community joined in on the joke, suggesting the best methods to launch the coin.
Oscar Mayer, also a Kraft-Heinz brand, released its own “Bacoin” tokens that could be traded in for packs of its bacon.
The Cann Report
The use of medical cannabis was prohibited in the UK until July when Home Secretary Sajid Javid announced that doctors would be able to prescribe cannabis-derived medicines to patients with a medical need for it.
Canadian cannabis company Tilray Inc (NASDAQ:TLRY) successfully imported its medical cannabis product to a pediatric patient in the United Kingdom.
The patient is said to have a rare form of epilepsy and received an oral solution containing 100 mg/ml cannabidiol (CBD) and 2mg/ml tetrahydrocannabinol (THC).
Shares of Tilray jumped nearly 10% to US$92.70 in Tuesday afternoon trading.
READ: Three hidden gems stashed away in a cannabis market that just keeps rolling higher
Singer-songwriter Jimmy Buffett plans to license his “Coral Reefer” brand, named after his band, to privately-held medical marijuana company Surterra Holdings, according to a Fortune report.
The board of the Georgia-based company is chaired by William Wrigley, the former CEO of the candy brand behind the namesake chewing gum.
While the “Margaritaville” singer will hold no stake in the company, he will receive royalties.
Surterra will offer Coral Reefer-branded vape pens, edibles, lotions and gel caps.