Daily CryptoCann™ Report: SEC delays decision on Bitcoin ETFs; Acreage Holdings closes US$119mln in private funding

The US Securities and Exchange Commission has delayed its decision on whether to approve bitcoin-related ETFs until September 21

Bitcoin coin
The price of Bitcoin has pushed past the US$8,000 mark

The Crypto Report

The price of Bitcoin has been climbing, pushing past the US$8,000 mark as news of a possible crypto exchange-traded fund encourages investors — but crypto-enthusiasts shouldn’t get too excited just yet.

The US Securities and Exchange Commission has delayed its decision on whether to approve bitcoin-related ETFs until September 21, as per a CoinDesk report.

Direxion Investments filed five ETF proposals, one related to the price of Bitcoin and four based on the cryptocurrency’s price movements.

"The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” said the SEC in a statement.

READ: 360 Blockchain's Pressland platform names marketing partner for upcoming token sale

In blockchain news, 360 Blockchain Inc’s (CNSX:CODE) media platform Pressland is moving forward with its upcoming token sale. The company has chosen Token Agency, founded by blockchain pioneer Rob Behnke, as its marketing partner.

"To run a successful token sale, it's critical to communicate your project's mission, goals and value proposition. This is no simple task in the buzzy world of crypto and blockchain," said Pressland CEO Jeff Koyen.

More details about the token sale are expected to be available in August.

The Cann Report

PreveCeutical Medical Inc (CSE:PREV) is moving into the medical marijuana market. The health sciences group launched a medicinal cannabis division with the goal of developing cannabinoid-based soluble gels.

"With Canada's upcoming legalization of recreational cannabis on Oct. 17, 2018, and the reduction of stigma surrounding cannabis products, Preveceutical sees a potential void in the medicinal cannabis sector as many companies begin to move to recreational market to accommodate demand,” said CEO Stephen Van Deventer.

Shares of the Toronto-based company soared 12.5% to C$0.04 in Tuesday afternoon trading.

READ: PreveCeutical Medical shares head north as it launches medical cannabis division

Back in the States, Acreage Holdings closed one of the largest private funding rounds of any US cannabis company. The New York-based company raised US$119mln, according to a Marijuana Business Daily report.

The funds will go towards listing its shares on the Canadian Securities Exchange and future acquisitions.

Acreage is a marijuana processor and cultivator, holding retail licenses in 13 states.


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Market: CSE
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