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Daily CryptoCann Report: eToro expands US crypto exchange; Marijuana available in Girl Scout cookie flavors

Thursday, May 17, 2018 11:25
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It was another rough day for cryptocurrency with four of the top five coins in the red.

EOS (EOS-USD) was the top gainer of the day after being yesterday’s top decliner, rising less than a percent to US$12.77.

The top decliner of the day was Ripple (XRP-USD) falling more than 4% to US$0.68 followed by Bitcoin Cash (BCH-USD), which was down more than 2% to US$1,248.11.

Ethereum (ETH-USD) was down nearly 2% to US$694.18 while Bitcoin (BTC-USD) was down nearly 1% to US$8,263.49.

Wall Street heavyweight Brian Kelly and his independent investment firm BKCM LLC joined forces with ETF provider REX Shares to launch a blockchain-based exchange-traded fund. Its portfolio features 32 companies, including Inc (NASDAQ:OSTK) and SVB Financial Group (NASDAQ:SIVB).

READ: Wall Street star Brian Kelly partners with REX Shares to launch blockchain-based ETF

Social trading platform eToro will be expanding its US cryptocurrency operation, launching its own exchange and a mobile wallet for storage. There will be a waiting list for those interested, allowing crypto-enthusiasts to pre-register and test a live demo of the new services. The platform recently secured US$100mln in funding from SBI Group, Korea Investment Partners and The World-Wide Investment Company Limited.

The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, was on the decline for the second straight day.

In a surprising bipartisan agreement, the US House Appropriations Committee passed what is known as the Joyce amendment, which protects medical marijuana patients and providers who comply with state law from being prosecuted by the federal government.

“I’d be remiss if I did not point out that recent polling from just last month shows 92% of the American people support the use of medical marijuana. In fact, even more voters from every political demographic oppose federal interference in state marijuana laws,” said Rep. David Joyce (R-OH) who proposed the provision.

Cannabis oil company Golden Leaf Holdings (CSE:GLH, OTCQB:GLDFF) has signed a letter of intent to acquire cannabis cultivation facilities in Nevada and California. The Toronto-based company would pay US$8.5mln in cash and a number of shares yet to be determined, but that would equal 25% of the total issued and outstanding shares of the company. Its brand Left Coast Connections offers a variety of flavored marijuana including Girl Scout cookie flavors like Thin Mint.

Story by ProactiveInvestors


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