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Daily CryptoCann™ Report: London Stock Exchange welcomes its first crypto company; a marijuana breathalyzer is in the works

Crypto mining company Argo Mining raised around US$32.5mln in its initial public offering
Man using a breathalyzer
Hound Labs is looking to address the problem of driving while under-the-influence of marijuana

The Crypto Report

The London Stock Exchange welcomed its first crypto company.

Crypto mining company Argo Mining offered 156 million shares, raising around US$32.5mln in its IPO, according to a CoinDesk report.

The company provides more accessible access to cost-intensive crypto mining by offering a subscription service.

"Argo's admission to the London main market is a major step in the company's development and will put us in a strong position to execute our long-term growth strategy," said Argo Mining CEO Jonathan Bixby said in a filing.

READ: Goldman Sachs to begin Bitcoin futures trading, says the cryptocurrency is not a fraud

Cryptocurrency is slowly making its way into the mainstream, but JPMorgan & Chase Co (NYSE:JPM) CEO and crypto naysayer Jamie Dimon is still not on board.

The CEO reiterated his stance on cryptocurrency while at the Aspen Institute’s 25th Annual Summer Celebration Gala, calling it a “scam” and saying that he had “no interest” in digital currency, according to a Bloomberg report.

Dimon was more concerned about the treasury yield, telling investors to be prepared for the 10-year bond yield to be at 5 percent or higher.

He forecast that the current bull market could continue for two to three more years.

The Cann Report

The name Wrigley is synonymous with chewing gum. William Wrigley Jr II, former CEO of his family’s candy empire before it was sold to Mars Inc, is shifting gears to medical marijuana.

Wrigley helped start-up Surterra Wellness raise US$65mln in an investment round, bringing the total funds raised so far to US$100mln, according to a Bloomberg report.

“When I understood the massive benefits, it really changed my mind about the industry,” said Wrigley in an interview with Bloomberg. “You don’t see too many opportunities to have that kind of an impact in an industry that is being created from scratch.”

The medical cannabis start-up in based in Georgia with licenses to operate in Florida and Texas.

READ: CV Sciences is growing a cannabis-based business that's making headway on the pharma and consumer levels

As marijuana legalization spreads, there are some new safety concerns cropping up, including driving while under the influence of marijuana.

A California company named Hound Labs is looking to address the potential problem by designing a marijuana breathalyzer.

"THC is something like a billion times less concentrated than alcohol. That's why it hasn't been done before because it's really hard,” said Hound Labs CEO Mike Lynn in an interview with NPR.

Seven states have set guidelines as to how much THC is considered to be a dangerous amount, but the rest of the country has yet to make that determination.

The device is also designed to double as an alcohol breathalyzer. Police in a few cities, including Boston, will start field testing the devices in the fall.


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