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Daily CryptoCann Report: Fidelity Investments may build a crypto exchange; MedMen acquires Florida cultivation facility

Last updated: 15:10 06 Jun 2018 EDT, First published: 14:52 06 Jun 2018 EDT

Bitcoin on a keyboard
Fidelity has yet to confirm the report

It was a weak Wednesday for cryptocurrency with all five of the top coins in the red.

EOS (EOS-USD) was the top decliner, down nearly 5% to US$13.51.

Bitcoin Cash (BCH-USD) fell nearly 4% to US$1,108.16 followed by Ripple (XRP-USD) down nearly 2% to US$0.66.

Ethereum (ETH-USD) declined by nearly 2% to US$596.74 while Bitcoin (BTC-USD) saw the smallest losses, down more than 1% to US$7,529.16.

Fidelity Investments, part of Fidelity National Financial Inc (NYSE:FNF), may be the latest big name in finance to hop on the crypto train. The company is looking to hire developers to build a cryptocurrency exchange, according to a Business Insider report citing internal documents.

READ: Daily CryptoCann Report: Chanos chimes in on cryptocurrency; CBD-infused bacon apple donuts for your pets

The investment giant is searching for a DevOps System engineer to create a digital exchange and deploy it to both a public and private cloud. The company has yet to confirm the report.

Crypto miner Coinmint announced that it's opening a Bitcoin mining plant in upstate New York. The company plans to invest as much as US$700mln into the project and will create an extra 150 jobs over the next 18 months in the town of Massena. The cloud mining service will revamp the former site of an Alcoa aluminum smelting plant. The 1,300-acre and 435-megawatt site will be the largest cryptocurrency data center in the world, according to the release.

“The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for,” said Massena Town Supervisor Steve O'Shaughnessy in the press release.

MedMen cuts a bigger piece of Florida's marijuana market

The North American Marijuana Index, which tracks the leading cannabis stock in the U.S. and Canada, had a strong day. The index rose more than 4%.

MedMen Enterprises Inc (CSE:MMEN) has acquired cultivator Treadwell Simpson Partners in a US$53mln deal. The agreement includes Treadwell's 5-acre cultivation facility in Florida as well as its right to open 25 dispensaries in the state.

The newly-public MedMen already operates 18 cannabis facilities in California, Nevada and New York. The deal is expected to close within 90 days.

Shares of the Los Angeles-based company are up more than 2% to C$3.97.

READ: MedMen, US cannabis giant, set to become one of the largest Canadian-listed cannabis companies

Colorado governor John Hickenlooper vetoed a bill that would allow publicly-traded companies to invest in the state's marijuana industry, according to a Marijuana Business Daily report. In his veto letter, the governor said the industry was still too new. He wrote that the lack of banking services raised his concerns about fraudulent activity. 

The governor recently vetoed a bill allowing cannabis tasting rooms and a bill adding autism spectrum disorder to the list of qualifying patient conditions for medicinal marijuana.

 

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