CryptoCann™ Report: People’s Bank of China issues ICO warning; Quebec bans merchandise decorated with cannabis leaf

The Crypto Report

Regulatory bodies worldwide have been keeping an eye on cryptocurrency, surveying the space as they attempt to regulate trading and mining operations.

The People’s Bank of China issued a notice to investors to be wary of the risks associated with initial coin offerings and cryptocurrency trading, according to a Coin Telegraph report.

The report from China’s central bank noted that ICOs are “suspected of illegally selling tokens, illegally issuing securities, illegal criminal activities, financial fraud, pyramid schemes and other illegal and criminal activities.”

The bank’s Office for Special Remediation of Internet Financial Risks has reportedly blocked 124 IP addresses suspected of facilitating domestic crypto trading.

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While the US hasn’t been as restrictive in regard to trading crypto, regulatory bodies aren’t prepared to throw the rules out the window for digital assets.

Wesley Bricker, the chief accountant for the US Securities and Exchange Commission, reminded companies that they still need to follow standard accounting procedures for blockchain and digital assets, as per a Coin Desk report.

“Distributed ledger technology and digital assets, despite their exciting possibilities, do not alter this fundamental responsibility,” said Bricker during his remarks at the American Institute of Certified Public Accountants’ National Conference on Banks & Saving Institutions in Washington, D.C.

Bricker stressed to the corporate accounts in attendance the importance of staying in-the-know about up-and-coming technologies.

The Cann Report

Cannabis culture magazine High Times has a cult following, but that hasn’t translated into money as it fundraises for its upcoming initial public offering.

High Times Holding has raised a total of US$5mln, substantially less than its goal of US$50mln and US$17.2mln short of what it needs to be listed on the Nasdaq, as per a Marijuana Business Daily report.

High Times is offering a total of 11 million shares of Class A common stock priced at US$11 each. Its deadline has been extended to October 31.

The company has said that if it doesn’t raise enough to list on the Nasdaq, it will list on US OTC markets or on Canadian exchanges.

READ: Tilray receives approval from US to import a medical cannabis study drug for a clinical trial in California

Legalization will come to Canada in October, but there’s one leaf you won’t be seeing if you visit Quebec this fall.

The provincial government has expanded its cannabis packaging regulations, banning the sale of anything decorated with a cannabis leaf, as per a Civilized report.

Retailers found selling merchandise with a cannabis leaf on it face fines ranging from C$5,000 to C$62,500.

The Quebec Health Ministry said it has 31 inspectors prepared to ticket businesses not in compliance.

In other cannabis news, Canadian cannabis company Tilray Inc (NASDAQ:TLRY) is expected to be on CNBC’s Mad Money with Jim Cramer on Monday night.

Story by ProactiveInvestors