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Daily CryptoCann: India's top court upholds crypto ban; Los Angeles to begin licensing cannabis cultivators

The Indian Supreme Court decided not to overturn the Royal Bank of India's crypto ban

A CoinDesk analyst thinks Bitcoin could rise to US$7,000 in the next few days

The Crypto Report

Bitcoin is lingering around US$6,500 after falling below the US$5,000 mark twice last week.

CoinDesk analyst Omkar Godbole thinks it could rise to US$7,000 in the next few days.

"The short-term bearish-to-bullish trend change, as indicated by BTC's break above the significant obstacle of $6,450, will likely entice investors to bargain-hunt, creating an upward pressure on BTC prices," wrote Godbole.

He believes it could extend into further gains if its jump above the US$6,450 mark is backed up by a rise in trading volume.

READ: Daily CryptoCann Report: More than 800 cryptocurrencies are worth less than a penny; California cannabis companies request more time to comply with state regulations

Financial firms in India still can't provide service to crypto-related businesses.

The Indian Supreme Court, led by Chief Justice Dipak Misra, made the decision not to overturn the ban by the national central bank to prohibit the country's crypto exchanges from dealing with regulated financial firms, according to a Bloomberg report.

"It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [cryptocurrencies]. Regulated entities which already provide such services shall exit the relationship within a specified time," said the Reserve Bank of India said in a statement.

The ban was announced in April and gave banks three months to exit the crypto market. 

The Cann Report

California legalized cannabis back in January but the city of Los Angeles has been hesitant to proceed with licensing.

L.A. will begin the process for licensing marijuana cultivators and manufacturers on August 1, as per a Marijuana Business Daily report.

READ: Constellation Brands' stake in weed firm Canopy Growth paying off 

Those seeking a license must meet a range of legal requirement and pass inspections. Exactly when the cultivator licenses will be distributed has yet to be determined. 

"There are many steps that have not even been solidifiedI cannot commit to a timeline at this point," said the city's top cannabis regulator Cat Packer in a statement to the New York Times.

CannaRoyalty Corp (CSE:CRZ, OTCQX:CNNRF) has closed the acquisition of FloraCal Farms, a licensed premium craft cannabis producer in California. The company will acquire 100% of FloraCal for US$1mln in cash, as well as up to an additional US$3mln and more than 35,000 shares of CannaRoyalty to be paid over three years. FloraCal's branded flower is compliant wth California's state regulations that came into effect at the beginning of July.

Shares of the Ottawa-based cannabis company were down more than 2% to US$3.78.


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