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

The Crypto Report

Wikipedia, the not-for-profit online encyclopedia, is run by volunteers and keeps the lights on via user donations.

Although the company began taking crypto donations back in 2014, its founder Jimmy Wales said he has no plans to pursue an initial coin offering.

“We are absolutely never going to do that. Zero interest,” said Wales in an interview with Business Insider.

Wales added that while blockchain technology was interesting, he views it as a hyped-up bubble.

In other crypto news, Ripple’s tech conference Swell has welcomed a famous face to its line-up.

Former US President Bill Clinton will be the keynote speaker at its fall conference in San Francisco, according to its blog post.

“At a time when groundbreaking technology and regulation were often on a collision course, President Clinton helped usher in a period of extreme growth and adoption of the Internet, shaping what it is today,” wrote Ripple, citing the former president’s ability to bridge the “digital divide.”

A question and answer session will be moderated by Gene Sperling, the National Economic Council Director and the advisor under Presidents Clinton and Obama.

The Cann Report

As legislation clears the way for growth, marijuana companies are on track to raise US$8bn by the end of 2018, according to a Marijuana Business Daily report.

“The $4.3 billion raised in the first six months of this year already exceeds the full-year totals from 2017, 2016 and 2015, when $3.5 billion, $1.3 billion and $0.9 billion was raised, respectively,” as per the report.

The average equity raise brought in US$12.8mln compared with US$7.1mln in 2017.

Canadian cannabis company Tilray Inc (NASDAQ:TLRY) recently went public in the US, raising US$153mln in its initial public offering.

Down in Motor City, the Detroit City Council has voted to put a cap on the number of medical marijuana dispensaries allowed in the city.

The council moved to place tighter regulation on the industry, voting to have no more than 75 cannabis retail shops, according to a High Times report.

“The ordinance passed today strikes a good balance that benefits both those who want development in the medical marijuana industry and those who want to preserve the City’s pre-medical marijuana character,” said Detroit Corporation Counsel Lawrence Garcia to the High Times.

The ordinance includes regulation for the commercial cultivation, processing, testing, distribution, and sale of medical marijuana as well as the size and location of dispensaries.

There are more than 60 medical marijuana dispensaries in Detroit operating under state emergency regulations. The dispensaries must be licensed by September 15.

Story by ProactiveInvestors