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CryptoCann™ Report: Facebook exec leaves Coinbase board; California dispensary and chicken joint create the ‘Happiest Meal’

Exec David Marcus will step down from the exchange's board to focus on Facebook's blockchain technology
Chicken sandwich
The Bird is serving customers a fried chicken sandwich meal with a coupon for Hi-Fidelity Cannabis Shop

The Crypto Report

Facebook Inc’s (NASDAQ:FB) vice president of messaging products David Marcus will be stepping down from the board of Coinbase.

Marcus will be leaving the popular exchange’s board to work on Facebook’s blockchain strategy, as per a Coindesk report.

A Coinbase spokesperson said the decision was made in order to avoid a conflict of interests.

The social media giant has set up a team to explore the technology. Marcus had mentioned in past remarks that it would possibly be applied to sending crypto payments through its Messenger app.

A goal for some in the crypto community is to bring financial liberty to people in countries where access is limited by either access to the internet or lack of the necessary expensive hardware. Intuit Inc (NASDAQ:INTU) may have a solution in the works.

The software powerhouse has been awarded a patent for processing Bitcoin payments via text, as per a Cointelegraph report.

The patent filing details the ins and outs of how the service would work as well as what could be done to validate the transactions. Possible options included a password system or voice call verification.

The patent was filed in 2014 around the time its tax service QuickBooks teamed up with BitPay, creating a PayByCoin service to allow invoices to be paid in Bitcoin, according to Cointelegraph.

READ: Bitcoin and cryptos hit as SEC stalls on ETF decision

In other Bitcoin news, a technical analyst outlined what the end of the line may look like for Bitcoin.

Jeff DeGraff, the head tech analyst at Renaissance Macro Research, said he would bet against Bitcoin if it broke through its key year-to-date support level, as per a CNBC report.

DeGraaf warned that parabolic moves are a nightmare for short-sellers.

“Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare]," wrote DeGraaf "Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even 'game‐over'.”

Bitcoin is down 13.5% this week, as per Coinbase charts.

The Cann Report

Two major cannabis companies just inked a supply deal.

Cronos Group Inc (NASDAQ:CRON) entered into a supply agreement with Cura Cannabis Solutions’ Canadian subsidiary, Cura Select Canada Ltd.

The deal will help Oregon-based Cura, a manufacturer of cannabis and hemp oil, to expand into the Canadian market.

"Cura's partnership with Cronos marks a significant step in our mission to be the leading provider of cannabis oil to legal U.S. and international markets," said CEO Cameron Forni in the company’s press release.

As per the deal, the company signed a five-year agreement with Cronos to purchase a minimum of 100,000 kg of cannabis.

READ: CryptoCann™ Report: IBM and Maersk add 94 companies to blockchain platform; Lyft offers fare credits to combat driving while high

In other West Coast news, a California dispensary and a local restaurant have teamed up to create the “Happiest Meal”, a play on McDonald’s Corporation (NYSE:MCD) iconic kids’ meal, as per a Leafly report.

The Bird restaurant is serving customers a fried chicken sandwich, curly fries and a beer for US$12.50 as well as a coupon redeemable at Hi-Fidelity Cannabis Shop just a block away.

The pre-roll coupons will only be available to the first 100 customers.

In turn, customers at the dispensary who purchase any eighth-ounce of flower will receive a coupon for free curly fries and a beer with the purchase of any sandwich at The Bird.

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