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

The Crypto Report

Payment processor Square Inc (NYSE:SQ) reported better-than-expected second-quarter results with both earnings and revenue surpassing analyst estimates.

Its profit from Bitcoin sales doubled in the quarter to US$420,000 from the US$223,000 it made in the first quarter, as per a CoinDesk report.

Bitcoin sales made up 6% of the company’s revenue, totaling US$37mln in the quarter.

The cost of facilitating the purchases had a hefty price tag of US$36.5mln.

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

Cautious investors have been skeptical about the security of cryptocurrency and their fears aren’t totally unwarranted.

In the latest crypto-related scam, a verified Twitter account with the name Donald J Trump responded to a tweet from the President’s legitimate account offering free cryptocurrency, as per a Mashable report.

While this tweet was not from the President’s actual account, the phony account was similar enough in name and photo to trick users only glancing at the tweet.

“We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner,” said a Twitter spokesperson, according to the Mashable report.

The linked Bitcoin address in the tweet has received more than 17 Bitcoin, which translates to around US$128,000.

The Cann Report

Marijuana legalization has yet to spread to the US on a federal level, but companies are still making headway in the market.

NewBridge Global Ventures Inc (OTCQB:NBGV) is branching out of its home base in Utah, scooping up six privately held cannabis companies in California.

As per the agreement, the company will acquire four cannabis companies including Roots Nursery LLC, 5Leaf LLC, GLML LLC, Mad Creek Farm LLC and two real estate companies, 11^th St LLC and Timothy LLC, for warehouse and production space.

“This acquisition kicks off our strategy of acquiring industry leaders in our focused verticals that can grow and expand with management expertise and the capital we can inject as a public company and provides NewBridge with a strong foundation for rapid growth and expansion as we continue to build a world-class portfolio of companies and assets within the cannabis industry,” said CEO Mark Mersman in a statement.

READ: Daily CryptoCann™ Report: Wikipedia founder has ‘zero interest’ in an ICO; Marijuana companies set to raise US$8bn by the end of 2018

As the marijuana market expands, beer companies are looking for ways to compete.

Molson Coors Brewing Company (NYSE:TAP) is forming a joint venture with The Hydropothecary Corporation (TSE:HEXO), a Quebec-based medicinal marijuana company, according to a Marijuana Business Daily report.

The pair will develop non-alcoholic, cannabis-infused beverages for the Canadian market.

The agreement includes the option for the Molson Coors to take a 5% ownership stake in Hydropothecary if its stock hits C$6, or US$4.61.

Story by ProactiveInvestors