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Daily CryptoCann Report: John McAfee swears off ICOs; Canada legalizes recreational cannabis

Sales of recreational cannabis are expected to begin in September but Canadian companies have been prepping for this moment for a while
Canadian flag and cannabis
Canada is the first G-20 country to legalize recreational cannabis

The Crypto Report

Crypto enthusiast and potential 2020 US presidential candidate John McAfee announced via Twitter that he will no longer work with initial coin offerings. The computer pioneer said that “threats” from the Securities and Exchange Commission guided his decision.

“I am no longer working with ICOs nor am I recommending them, and those doing ICOs can all look forward to arrest,” tweeted McAfee in response to a user asking for advice on the best ICO investment.

The SEC launched a phony ICO website in May to increase awareness of fraudulent offerings, which warned investors about celebrity endorsements.

McAfee is an avid tweeter and confirmed that he charges US$105,000 per tweet promoting cryptocurrency projects.

READ: Bitcoin experts enthusiastic as cryptocurrency deals with growing pains

Another South Korean crypto exchange has been hacked just weeks after Coinrail was compromised.

Bithumb has suspended all deposits and payments after hackers stole more than US$30mln from the exchange, according to a Cointelegraph Japan report.

Its 24-hour trade volume is more than US$374mln, making it the sixth-largest in the world according to CoinMarketCap.

The exchange assured users via Twitter that they will be compensated and that the remaining assets are being moved to a cold wallet, meaning an offline reserve. Combined, the two South Korean exchanges lost more than US$67mln.

The Cann Report

Canada became the first G-20 country to legalize recreational cannabis after the Senate passed legislation allowing its sale. Recreational marijuana sales are expected to begin in September, but Canadian cannabis companies have been preparing for quite a while.

READ: Canadian senate votes to legalize recreational cannabis; product could be on retail shelves in 8-12 weeks

Aphria Inc (TSE:APH) secured C$225mln earlier this month to fund new cannabis facilities and expand its extraction facility in Ontario.

Toronto-based Cronos Group Inc (NASDAQ:CRON), the first cannabis stock listed on the Nasdaq, joined forces with MedMen Enterprises Inc (CSE:MMEN) in the spring to develop branded products and open stores across Canada. MedMen has a flagship store on New York’s Fifth Avenue.

Canopy Growth Corp (TSX:WEED) announced the closing of C$500mln in a convertible-senior-notes offering. Net proceeds will go towards supporting its expansion as well as general corporate purposes.

WeedMD Inc (CVE:WMD) has entered an agreement to supply medical cannabis to Canadian retail pharmacy chain Shoppers Drug Mart (TSE:L). With more than 1,307 stores operating across the country, the federally-licensed cannabis producer will have a far reach.

Canntab Therapeutics Ltd (CSE:PILL) has launched its hemp oil gel capsules, the first wellness product in its 420 Therapeutics line. Each capsule contains 50 milligrams of purified hemp seed oil extracted from cannabis sativa.

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