logo-loader

Daily CryptoCann Report: Square adds Bitcoin capability; Italy struggling to meet demand for medical marijuana

Last updated: 13:20 18 Jun 2018 EDT, First published: 13:02 18 Jun 2018 EDT

1529342035_Italy-marijuana
There's only one marijuana facility in all of Italy

The Crypto Report

Payment processor Square Inc (NYSE:SQ) has received an official New York State bitlicense, according to a Reuters report. Customers can now buy and sell Bitcoin through the Cash app.

Jack Dorsey, CEO of both Square and Twitter Inc (NASDAQ:TWTR), has been a long-time proponent of cryptocurrency, stating last month that he hoped Bitcoin would become the “native currency” of the internet.

Walmart Inc (NYSE:WMT) has filed a patent for blockchain-backed medical wearables, according to a report by Bitcoin News. The retail giant is developing technology that stores personal medical information that can be accessed by paramedics during an emergency.

The retailer was recently granted a patent to develop a crypto-powered electric grid. The blockchain-based system will connect a network of energy-consuming devices and each device will be allotted a certain amount of crypto to exchange for energy from a utility company.

Bitfury secured the marriage license of one of its team members using Bitcoin blockchain, according to a Coin Telegraph report. Employee Alex Shevchenko and his wife Daria attached their marriage license to a small amount of Bitcoin and sent it, creating a secure and easily accessible record of the transaction on the blockchain ledger.

“There is simply no other way to ensure that our record will be permanently recorded in a verifiable and globally-accessible source,” said Alex Shevchenko in a press release. “Blockchain allows us to rest easy knowing that, when important moments arise in the future that require the documentation of our marriage, it will be easily retrievable via trusted means.”

While critics of crypto have pointed to its use on the black market, it can be used in an altruistic way as well. Bancor has launched a blockchain-based network to help combat poverty in Kenya, according to a Coin Telegraph report.

Partnering with non-profit foundation Grassroots Economics, Bancor will expand its paper currency system to include tokens tradable on a platform.

The Cann Report

Italy has around 60 million people and only one medical marijuana facility. All of the medicinal marijuana in the country is grown in one military-controlled facility in Florence.

“One of our main objectives is to fight the black market. In fact, the final price of our cannabis is lower than the black market’s, precisely to prevent patients from buying it on the streets,” said Colonel Antonio Medica in an interview with PBS.

The controlled facility maintains strict standards and a high level of safety but its unable to meet the growing demand. Patients are turning to the black market to fill their prescriptions.

While there is no solid data, Italian pharmacists estimate that tens of thousands of patients have been prescribed medicinal marijuana. Last year, the facility produced just 220 pounds of marijuana.

Canadian cannabis company Choom Holdings Inc (CSE:CHOO, OTCQB:CHOOF) announced the closing of its deal with Specialty Medijuana Products. The Vancouver-based company is expanding its portfolio after the legalization of recreational cannabis in Canada.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

7 minutes ago