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

An employee at South Korean exchange Bitkoek released sensitive information about nearly 19 users

CBD oil
The FDA approved a CBD oil for patients with two rare forms of epilepsy

The Crypto Report

The South Korea crypto market has been hit again.

An employee at Bitkoek posted sensitive information of about 19 users, putting nearly US$620,000 worth of digital currency at risk, according to a CoinDesk Korea report.

Information was posted in a social media chat about how much of the Karma cryptocurrency was held by these users, including the users’ email addresses, wallet addresses and private keys to their accounts.

The exchange says that it was a mistake and the exposed currency has been moved to cold storage for safety, meaning it's now offline.

READ: Daily CryptoCann Report: South Korea looks to re-legalize ICOs, L.A. cannabis company MedMen begins trading on the CSE

In Silicon Valley, venture capital firm Andreesen Horowitz has launched a US$300mln cryptocurrency fund. The fund will be led by its first-ever female general partner, former US Department of Justice federal prosecutor Katie Haun, according to a CNBC report.

Haun, a board member of the Coinbase exchange, helped establish the Justice Department’s task force for crypto and worked on the high-profile Silk Road case.

The Cann Report

The US Food and Drug Administration has approved the first cannabis-based drug. The oral cannabinoid, or CBD, solution known as Epidiolex can be used to treat two rare forms of epilepsy, Lennox-Gastaut syndrome and Dravet syndrome, in patients two years of age or older.

The drug will be sold by British biopharmaceutical company GW Pharmaceuticals PLC (NASDAQ:GWPH).

The regulatory body clarified in its release that unlike THC, the CBD component of marijuana does not cause “intoxication or euphoria.” CBD is still classified as a Schedule I drug.

While cannabis is making headwinds in the pharmaceutical market, there are still companies having fun with it. Fair Winds has introduced a THC-infused sriracha tincture with 100 mg of THC per package to give dishes an added kick.

“Hot sauces just happen to be a perfect carrier for a cannabis oil — given that we can use some fatty base like avocado oil on there, a little bit of vinegar, a little bit of salt. It was a match made in heaven for cannabis oil,” said Steve Schechcerle, head of business development at Fairwinds, in an interview with the High Times.

The cannabis industry in California is bracing itself for stricter regulation, according to a High Times report.

READ: Canntab Therapeutics launches first cannabis wellness products: a Hemp oil capsule

The Golden State began allowing the sale of recreational marijuana six months and the grace period for companies to comply with regulations will run out at the end of June.

Companies selling legalized recreational marijuana in California will be subject to stronger regulations on the testing, packaging and labeling of the products. Licensed retailers will no longer be able to sell untested cannabis goods.

“Non-edible cannabis goods cannot contain more than 1,000 milligrams of THC per package if intended for the adult-use market and 2,000 milligrams of THC per package if intended for the medicinal market,” said Aaron Francis of the state’s Bureau of Cannabis Control in an interview with the magazine.

Retailers will be required to have tamper-proof packaging and prominent wording on the labels.

Moving from the West Coast to the Bible Belt, Oklahoma voters will decide Tuesday whether to legalize medical cannabis.

While a local poll shows that nearly 58% of those polled support the initiative, the state medical association has come out in opposition of the measure.


Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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