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Daily CryptoCann™ Report: Starbucks and Microsoft team up to develop a crypto platform; High Hampton acquires edibles company Caligold

The companies are working together on Bakkt, a platform designed to make cryptocurrency easier to use

Frappuccino on a table
The platform converts Bitcoin into US dollars so that customers can use them in Starbucks stores

The Crypto Report

You may be able to buy your next Frappuccino with Bitcoin.

Starbucks Corporation (NASDAQ:SBUX) is partnering with Microsoft Corporation (NASDAQ:MSFT) and New York Stock Exchange owner Intercontinental Exchange Inc (NYSE:ICE) to develop a cryptocurrency platform, as per a CNBC report.

The platform called Bakkt is being designed to make crypto more user-friendly, converting Bitcoin and other cryptocurrency into easier-to-use US dollars.

“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks,” said Maria Smith, Vice President, Partnerships and Payments for Starbucks. “As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers,” said Maria Smith, vice president of partnerships and payments for Starbucks, in a company press release.

READ: What exactly are Bitcoins and what are they for?

The ability to use crypto has deterred potential investors but safety has also been a major concern.

Cryptocurrency thefts have tripled in the first half of the year to more than US$760mln, according to a Bloomberg report.

Blockchain security firm CipherTrace put together a quarterly report after tracing cryptocurrency transactions.

“There are so many cryptocurrencies now, and they are worth so much money, and there are so many exchanges globally where you can cash out, that we’ve seen not just traditional cyber gangs but we’ve seen a new set of criminals enter this space,” said CipherTrace CEO David Jevans said in a phone interview with Bloomberg.

The current market cap of crypto is at US$263bn, according to tracker CoinMarketCap.

The Cann Report

Canadian cannabis company High Hampton Holdings Corporation (OTCMKTS:HHPHF) is strengthening its grip on the California market.

The Toronto-based company acquired edibles maker Caligold in a US$8.1mln deal, as per a Marijuana Business Daily report.

"Caligold with its award-winning products and established distribution network bolsters our growing position in California and fits perfectly with our consolidation strategy for this burgeoning market,” said High Hampton CEO David Argudo in the company’s press release.

Caligold creates cannabis-infused chocolate bars in milk, dark and semi-dark variations.

READ: Daily CryptoCann™ Report: Square doubled its Bitcoin profits in 2Q; New Bridge Global Ventures scoops up six California cannabis companies

On the East Coast, New York is one step closer to marijuana legalization.

Governor Andrew Cuomo (D-NY) has assembled a panel to draft legislation to legalize adult marijuana use, according to a High Times report.

The governor called for a State Health Department study on the impact of marijuana legalization in January and cited the report’s strong case for legalization.

“As we work to implement the report's recommendations through legislation, we must thoroughly consider all aspects of a regulated marijuana program, including its impact on public health, criminal justice and State revenue, and mitigate any potential risks associated with it,’ said Cuomo in a press release.

The panel will include Department of Health Commissioner Howard Zucker and other notable New York City officials, medical professionals, law enforcement and academics.

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