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Daily CryptoCann Report: Survey suggest crypto ownership will increase; Oklahoma legalizes medical marijuana

A study conducted by ING suggests that a growing number of people see crypto in their future
Medical marijuana
Oklahoma became the 31st state to legalize medical marijuana

The Crypto Report

While Bitcoin and other crypto prices have been falling, a new study suggests that cryptocurrency ownership in the US and Europe will rise.

A study conducted by ING took a look at how cryptocurrency is perceived across the US and Europe, including whether people know what it is, who owns it and what they think of its future.

When asked if they owned any cryptocurrency, 8% of Americans said yes compared with 9% of Europeans. However, when asked if they expect to own cryptocurrency in the future, 21% of Americans and 25% of Europeans answered yes.

Potential investors may have some merit to their concerns about owning cryptocurrency.

Based on chart analysis, Coindesk predicts that Bitcoin may see another drop below US$6,000 before the end of the day Wednesday. It recently was valued at about US$6,100.

While it may drop in price, chart analyzer Omkar Godbole believes that Bitcoin still has the potential to outperform other cryptocurrencies. He said that falling below the US$6,000 mark may lead to risk aversion, luring investors to Bitcoin and away from high-risk alternative coins.

In the latest crypto crackdown, US authorities seized more than US$20mln in cryptocurrency in an undercover operation on the Darknet, according to a Bitcoin News report.

READ: Facebook lifts its ban on select cryptocurrency advertisements

Multiple law enforcement agencies were involved, including the Department of Justice, the Secret Service, the Postal Inspection Service and the Drug Enforcement Administration.

Working alongside the DOJ’s Money Laundering and Asset Recovery Section, the investigation led to the arrest of more than 35 vendors selling goods worth more than US$23.6mln.

The list of seized goods includes drugs like marijuana, cocaine, fentanyl and synthetic opioids as well as 100 firearms, five vehicles, gold bars, Bitcoin mining devices and more than US$20mln in crypto.

Apple Inc (NASDAQ:AAPL) co-founder Steve Wozniak chimed in on blockchain, comparing the hype around the technology to the same energy surrounding the dotcom era.

“It was a bubble, and I feel that way about blockchain,” Wozniak said at the NEX technology conference in New York, as per a CNBC report.

However, Wozniak also said that blockchain has potential because it is “decentralized and totally trustworthy.”

The Bitcoin bull pointed out Ethereum, believing it may be able to last because of its ability for programmers to build their own projects.

The Cann Report

Oklahoma is the latest state to legalize medical marijuana, according to a Marijuana Business Daily report.

The voters approved an open-market medical marijuana program, meaning no limit on the number of licenses and doctors can recommend medicinal cannabis to treat any patient issue.

Despite strong opposition from the Oklahoma State Medical Association and religious groups, Bible Belt voters supported the measure by a double-digit margin.

The grand total of 31 states and Washington DC now allow medical marijuana.

As restrictions ease in Oklahoma, they’re tightening up in California but that may be good news for thrifty cannabis users.

The Golden State’s marijuana businesses will be subject to stronger regulations as of July 1, including stricter regulations on testing, packaging and labeling of products, according to a Marijuana Business Daily report. Any marijuana harvested this year or for sale as of July 1 has to comply with these regulations or be destroyed, leading to a sharp increase in sales as retailers attempt to offload their supplies before time runs out.

READ: Daily CryptoCann: Andreessen Horowitz launches a crypto fund; FDA approves CBD-based epilepsy drug

As the legalization of medical and recreational marijuana spreads, the traffic on Leafbuyer Technologies Inc’s (OTCQB:LBUY) has been growing too. The cannabis technology platform reported a 375% increase in its traffic, especially in Florida and California.

“As we gain more traffic in a market it is easier for prospects to make the decision to come onto the platform and highlight their brand. A year ago, we had clients in 6 states, we are now in 14 states and growing,” said CEO Kurt Rossner in a press statement.

Up north in Toronto, The Green Organic Dutchman Holdings Ltd (TSX:TGOD, OTCQX:TGODF) has signed a joint venture with Denmark-based Queen Genetics/Knud Jepsen A/S  to expand into the European market.

The agreement consists of a 200,000 square foot area to grow organic cannabis in its automated greenhouse, a 1.3 million square foot building in Hinnerup, Denmark.

”We are very excited about entering the European market as the leader of international organic cultivation,” said the Canadian cannabis company’s CEO Robert Anderson in a press statement.

“Organic is one of our key differentiators, and when creating a catalog of higher margin products across varying delivery methods, organic inputs make a significant difference in the end product,” he added.

Knud Jepsen, founded in 1939, has 75 years of experience in horticulture and sells more than 35 million finished plants annual throughout Europe.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

 

 

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