Banking Archives - Green Market Report

Anne-Marie FischerAnne-Marie FischerApril 25, 2019
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6min19622

It was a significant move for the financial industry and the cannabis industry when Bank of America Merrill Lynch (BAML) released a 62-page report entitled “A cannabis world… and more people are living in it.”

The opening line “Cannabis has been vilified, but as governments re-assess economic, social, and medical benefits, we estimate a global $166bil industry is emerging from the shadows,” sets the overall tone of the highly informative and detailed report that covers a global financial current snapshot and future projections along with a high degree of cannabis education as a necessary accompaniment.

Green Market Report combed through this detailed report to find some poignant highlights brought forth by Bank of America Merrill Lynch in their analysis of the growing global cannabis market:

Global Current Worth and Future Worth

The report estimates the total addressable market (TAM) to be $166 billion, with $150 billion being housed in illicit markets. This is comparable to BDS’ estimate of the current legal market worth being $15 billion in 2019.

Global Cannabis Market Cap

With the top 4 cannabis companies in the world being Canadian Licensed Producers (LPs), the current global cannabis market cap is $150 billion across 150 companies worldwide.

Canadian Cannabis Stocks & Retail Value

BAML quotes Canada’s legalization process as “a choppy start”, with retail stores bringing in an average of $50 million per month between November 2018 and January 2019. They cite the lack of retail stores within Canadian provinces and cities as a challenge that is preventing further financial growth.

U.S. Cannabis is the Largest Global Market

The U.S. based publicly traded cannabis companies account for $25 billion in market cap – roughly 1/3 of the global sector’s value. In the U.S. 73% of all licenses are in 5 states.

Mergers, Acquisitions & Capital Raises

The report detailed that there had been an increase of 108% year over year in mergers and acquisitions for 2018. In 2018 there were 245/74 public/private transactions vs. 121/32 public/private transactions in 2017. There were 597 capital raises (an increase of 295% year over year) in 2018 vs 436 in 2017.

Potential for Canadian Investment in U.S. Companies

BAML makes a strong suggestion that Canadian companies invest in U.S. companies before the federal laws change, citing CBD as the first investment opportunity and “locking in” asset prices for companies that won’t be active until laws change as another way to take advantage of investing in U.S. companies.

Product and Brand Development as Key

In their projections, BAML offers that product and brand development will have the highest margin potential, with innovation being a key indicator. Specific brand and product development innovation indicators include products with increased bioavailability and those who have demonstrated onset/offset.

Areas Exposed to Market Risk

While all areas of cannabis are proving to have short-term results, BAML predicts that cultivation, extraction, distribution, and retail will have significant future challenges due to low market structure. Among the factors affecting this future, change is the improvement of the supply chain, predicting cannabis supply will surpass domestic consumption by 2021. This will result in “pricing pressure” and lower pricing and cultivation margins.

Within these areas of future risk, it’s predicted that extraction companies have a current advantage due to high demand in the near-term, but in the long-term do not offer a competitive advantage, unless they evolve into their own brand and product development. Distribution companies have a current advantage with brands that resonate with consumers, but due to low margin structure may not have a long-term advantage. Existing retailers have a profit advantage due to their scarcity, yet they too will become affected by the pricing pressure.

Cannabis as a “Disruptive Ingredient”

BAML calls cannabis a “disruptive ingredient” with a $600 billion potential in North America. The report expects that we’ll be seeing more of this disruptive ingredient in energy and sports drinks, pharmaceuticals, beverages and alcohol, and skin care. Globally, cannabis could potentially be a disruptive ingredient to the tune of $2.6 trillion.

CBD as Key to Increased Spending

Not surprisingly, BAML credits CBD spending as one of the largest sources of global growth, with $6.6 billion in global spending on CBD growing to $39.2 billion by 2032.

If anything, this report demonstrates a significant paradigm shift from cannabis once being the green villain, to now bringing green dollar signs to the eyes of the financial industry’s biggest giants.

 


Caroline CahillCaroline CahillApril 5, 2019
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5min10430

The CBD industry has been moving full steam ahead in 2019, bolstered by the 2018 Farm Bill and advancements on the federal level to ensure cannabis banking services, but that progress hasn’t been enough for some financial services institutions to continue working with the industry.

On March 14, 2019, Elavon, a payment processing subsidiary of U.S. Bank, notified its hemp and CBD clients that it had recategorized hemp and cannabidiol-based merchants as a prohibited business type and that accounts for such merchants would be closed within 45 days.  

“After several months supporting this merchant segment, it has become clear that the pace of an evolving Federal and State regulatory framework makes it extremely difficult to validate the qualifications required to operate within this industry,” said Elavon in an email to its hemp and CBD clients.

As an Elavon partner, FINCANN, a cannabis banking financial network, received Elavon’s notice and began sourcing solutions for its clients at once.

“We immediately reviewed remaining available options and within 24 hours had viable USA-based excellent alternatives available,” said Nathaniel Gurien, founder and CEO of FINCANN. “Since Elavon is not terminating their existing portfolio of CBD merchants until May 15, some merchants opted to immediately apply to one of our alternatives, others decided to wait and see until at least mid-April.”

Elavon isn’t the only merchant services provider rethinking its hemp and CBD clients. On March 19, Cannovia, a maker of CBD-infused products, was notified by Stripe that its account would be terminated. Having just launched its online storefront on March 14, Cannovia attempted to appeal Stripe’s decision but was denied.

“Prior to the notification of the merchant services cancellation, we were not fully aware of the limitations of the banking industry to support the needs of the CBD industry,” said Brian Baum, the CEO of Cannovia.

With both Stripe and Elavon out of the picture, Cannovia soon learned that finding a merchant services provider on its own wouldn’t be easy.

According to Baum, “What became clear was that the options were limited and any banks willing to consider supporting the industry were beginning to utilize the services of intermediaries such as FINCANN to assist them in managing the sheer volume of entities looking for merchant services solutions.”

Linking up with FINCANN to secure a new merchant services provider allowed Cannovia to remain operational and avoid any major interruptions.

Meanwhile, both financial institutions and industry stakeholders continue to keep an eye on the SAFE Banking Act, which would provide certain protections for depository institutions that work with cannabis-related businesses as well as the businesses themselves. The House Committee on Financial Services is currently drafting a report on the act to present to the House of Representatives. If the full House approves the bill, the Senate will vote on it.   

“If the SAFE Banking Act overcomes its estimated 40% likelihood of passing the Senate, it will only encourage banks currently contemplating ‘dipping their feet into the water’ to ‘take the plunge,’” Gurien said. Once financial institutions take the plunge, legal cannabis-related businesses will be able to bank just like any other legal business.

 


Debra BorchardtDebra BorchardtMarch 28, 2019
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3min9310

The House Financial Services Committee voted 45 to 15 to advance the Secure and Fair Enforcement (SAFE) Banking Act. Currently, Federal law prohibits banks from providing banking services to cannabis companies since cannabis is illegal despite some states legalizing cannabis.

Today’s legislation would keep regulators from taking punitive action against a bank that works with a cannabis business like limiting their charter or deposit insurance when the state has legalized cannabis. In addition to protecting banks in legal states, the legislation seeks to promote diversity by making bank regulators to make annual reports on the availability of banking services to minority and women-owned cannabis companies. The legislation was sponsored by Rep. Ed Perlmutter D-Colo.

While the vote is considered to be a huge step and a sign of progress, it would still need to pass a full House vote and then move to the Senate to be approved.

“It’s clear that the SAFE Banking Act has a high likelihood of passing in the house,” said Kyle Sherman, CEO of cannabis tech company Flowhub. “With limited bipartisan support, however, it’s unlikely to pass the Senate. Either way, it’s imperative that cannabis companies get better access to banking like any other developed industry. I’m cautiously optimistic about SAFE.”

Manny Perez, who is the Vice President of Marketing at the cannabis data company Headset said, “Allowing banks to service cannabis businesses in legal states will help bring the industry forward. Providing access to bank accounts, transfer services, and debt financing, just to name a few, will be key to lower cost of capital; not to mention the end of the over-risky cash-only business practice.”

Not only would the effects be felt at the transactional level and on the capital raising end as Perez noted, but it will also have an effect on research funding. “This will open the door to more funding for medical marijuana companies that are developing first-in-class therapies for auto-immune diseases like rheumatoid arthritis, multiple sclerosis and more,” said Alex Somjen, the CEO of Resinco Capital Partners.

R.J. Lehman, the director of finance, insurance, and trade policy at R Street also pointed out that a 2017 report from the Wharton Public Policy found that half of all cannabis dispensaries had been robbed or burglarized.  “Extending credit to an indirect affiliate of a legitimate cannabis business or even counting the income of an employee as collateral for a home or auto loan could potentially trigger sanctions,” Lehmann said. “The SAFE Banking ACT would provide predictability and transparency to the lending market in an era of shifting and sometimes contradictory legal norms around cannabis.”


Debra BorchardtDebra BorchardtFebruary 11, 2019
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4min7961

Editors Note: You can follow all current legislation for free under the Green Market Report Legislation tab.

On Wednesday this week, Congress will hold a hearing on banking services for the cannabis industry. This is the first hearing to be held by the new Congress that will begin tackling the issue of banking for cannabis companies.

Businesses that work in states where cannabis has been legalized continue to struggle with financial institutions. The major credit card companies of Mastercard and Visa refuse to work with cannabis companies since it is still a federally illegal product. The major banks in this country also decline to bank these companies even though some are publicly traded entities with market capitalizations in the billions. Cannabis companies have turned to local banks and credit unions for their banking needs. Payment options are a pieced together with various solutions, but they aren’t ideal.

Attorney Brady Cobb met with House lawmakers last week and is actively engaged with the legislative process. “With the opposition out of the way, we can finally make some progress,” said Cobb. He was referring to the ouster of Pete Sessions, who continually refused to bring cannabis legislation to the floor for a vote. Cobb said that the committee’s existing members were supportive and expect new members to be positive as well. The hearing will be available on CSPAN.

This comes on the heels of the creation of a new lobbying group called the National Cannabis Roundtable that is being chaired by former Speaker of the House John Boehner. The Speaker sits on the board of Acreage Holdings Inc. (ACRG.U). That group is also working towards getting laws changed to favor more traditional banking.

Marijuana Moment reported that the people scheduled to testify include Corey Barnette, owner of the District Growers Cultivation Center and Metropolitan Wellness Center, which produce and sell medical cannabis in D.C., California State Treasurer Fiona Ma, Rachel Pross, the chief risk officer at the Oregon-based Maps Credit Union and Greg Deckard of State Bank Northwest in Washington State representing The Independent Community Bankers of America. In addition to that, Major Neill Franklin, a retired Maryland police officer who serves as the executive director of Law Enforcement Action Partnership (LEAP) looks to be on board.

While it would be great news for cannabis companies and dispensary owners to finalize use a major bank or take a debit card for a transaction, it could spell trouble for others. A whole cottage industry has sprung up in order to solve the banking problems for cannabis companies. It’s possible that by opening up the system, these companies stand a chance of getting acquired by bigger banks who want to get a quick foot in the door.


William SumnerWilliam SumnerSeptember 19, 2018
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4min7461

Will the world of banking ever catch up with the marijuana industry? That was one of the many questions asked and answered at the Green Market Summit, which took place on September 14, 2018. The culmination of these experts has led to the publication of The Economics of Cannabis Banking by the Green Market Report.

Starting off the summit was a discussion panel on the state of banking in the marijuana industry, moderated by Tahira Rehmatullah, Chief Financial Officer of MTech Acquisition Corp. The panel featured a distinguished collection of marijuana and financial experts, including Matt Karnes, Founder and Managing Partner of GreenWave Advisors, LLC; Tyler Beuerlein, Executive Vice President of Business Development at Hypur Inc.; and Andre Herrera Vice President of Banking & Compliance at Hypur Inc.

The discussion began with Herrera laying out how marijuana businesses are defined under the FinCen document BSA Expectations Regarding Marijuana-Related Businesses, explaining that there are three different tiers. The first tier involves operators that directly touch the cannabis plant, such as cultivators. The second tier is understood as businesses that provide ancillary services to the industry. The third tier provides professional services to the industry, such as real estate agents or software providers.

Quickly the panel turned its focus towards the landscape that many marijuana-related businesses face, and why many financial institutions are hesitant to work with the industry.

“This is a highly regulated, cash-intensive industry,” explained Beuerlein. “Not only is the financial institution’s charter on the line, but also the officers of a financial institution have personal liability when banking these industries.”

Beuerlein went on to emphasize the importance of transparency when it comes to marijuana-related businesses banking with financial institutions and how his company, Hypur Inc., helps increase that transparency through its technology platform.

The conversation then started to turn towards the future of marijuana-related banking and the future of companies like Hypur that help facilitate relationships between financial institutions and the marijuana industry. Karnes was positive about the future, stating that marijuana would be treated like any other business once prohibition is over; although he did note that there would still be a need for companies like Hypur, albeit to a lesser extent.

When asked about the idea of creating a financial institution solely for the purpose of banking with the marijuana industry, however, Karnes was less than optimistic.

“I don’t think it’s practical,” Karnes said. “If a new bank were to open up, by the time the costs were incurred, and everything was up and running, prohibition will probably be over. So, what’s the point?”

Bookending the discussion, Herrera presented a positive outlook for the future of marijuana-related banking regardless of whether prohibition is quickly ending, noting that conditions are drastically different from where they were several years ago.

“I see attitudes changing. About three years ago I was at a bank association conference and anytime I would mention marijuana it would be like crickets. You couldn’t get anyone to talk about it,” said Herrera. “About a year later, they asked me to speak at their event.”

Stay tuned to find out more about happened at the Green Market Summit, as the Green Market Report gives you an in-depth look at the event throughout the week. For a general recap of the event, please click here.


William SumnerWilliam SumnerApril 6, 2018
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3min10220

Cannabis blockchain is coming to the Empire State. On April 6, 2018, Alternate Health (AHG), a software solutions provider specializing in the medical cannabis industry, announced that it is expanding its StatePass medical cannabis Electronic Medical Records (EMR) blockchain system into New York and that physician onboarding and initial service testing has already begun.

“We have already identified several cannabis physicians to begin service testing StatePass in New York, where they will use the EMR for their current cannabis patients and provide feedback so our programming team can optimize the system for statewide use,” commented Dr. Michael Murphy, Chairman, and CEO of Alternate Health. “Based on the positive feedback we have already received from physicians, we are confident that our presence in the New York market will expand rapidly.”

Currently, StatePass is the only EMR and blockchain enabled software platform on the market designed specifically for the medical cannabis industry.

Focused primarily on regulatory compliance and improving patient outcomes, physicians are able to personalize patient treatment options with built-in automated compliance reporting, which can be helpful in highly regulated medical cannabis states like New York. Patient information is recorded through a distributed blockchain ledger, making it extremely difficult to tamper with or steal patient data.

The company’s expansion into New York follows the initial roll-out of the original system, CanaPass, and FlorPass, which is specifically a software adaption for the state of Florida. Recently, FlorPass was endorsed by the American Medical Marijuana Physicians Association.

“Our New York team is working closely with physicians to familiarize them with the StatePass system and demonstrate how it can be a tremendous asset in enhancing their medical cannabis practices,” said Jay Briggs, Vice President of Operations for Alternate Health. “We are very excited to continue developing our network of physicians and industry experts as we deliver a best-in-class EMR solution.”


William SumnerWilliam SumnerMarch 7, 2018
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3min15010

The world of blockchain just got a little bigger today. On Feb. 7, 2018, SinglePoint Inc. (SING) announced the soft launch of its SingleSeed payment bitcoin payments solution and provided an update on ongoing company operations.

Conceived of in 2014, the company initially held off on developing SingleSeed Payments due to a lack of market demand for cryptocurrency related products and services. Now that demand has caught up with the technology, SinglePoint has begun to fully commit to the blockchain/cryptocurrency market.

To serve this end, the company has taken several steps to shore up its blockchain brand, such as hiring serial entrepreneur Kevin Harrington to serve as spokesman for the company’s upcoming SinglePoint Cryptocurrency Exchange; which is expected to launch in the coming months.

Hoping to become as vertically integrated as possible, the company has entered a letter of intent with ORHub, Inc. to develop a private blockchain and has brought Venugopal Aravamudan, a tech industry veteran with more than 25 years of experiences, on to its board of directors.

The company has also begun developing, in collaboration with AppSwarm, its own cryptocurrency currency wallet, which will allow consumers and merchants to use to hold and utilize different currencies. Development of the wallet is nearing completion and should be pushed into testing within the next 10-14 days.

Outside of the cryptocurrency market, SinglePoint has been developing, once again in collaboration with AppSwarm, a cannabis delivery application called Oomy as well as a B2B e-commerce platform for the cannabis industry, dubbed SingleSeed.

The company is currently in the middle of its 2017 audit, being conducted by the auditing firm Turner, Stone and Company, and is expected to complete it within the next 30 days, upon which the company will file its Form-10.

“We are firing on all cylinders and pushing the boundaries to make SinglePoint a highly successfully, scalable company. I hope this breakdown of projects has provided the insight and confidence to our shareholders that we are heading in the right direction. We are happy to be in the position we are in and will continue to take advantage of the opportunities that present themselves,” said SinglePoint President Wil Ralston in a statement.


Debra BorchardtDebra BorchardtFebruary 6, 2018
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9min21490

Treasury Secretary Steve Mnuchin testified during an appearance before House Financial Services Committee about the Financial Stability Oversight Council’s (FSOC) annual report. During his testimony, he addressed cannabis and banking saying, “We do want to find a solution to make sure that businesses that have large access to cash have a way to get them into a depository institution for it to be safe.”

He also said, “We are reviewing it with the intent not to take it down without a replacement.”
A copy of the clip can be watched here.

Robert Fireman, CEO of MariMed Inc, (MRMD) a firm which has established cannabis cultivation and dispensary facilities in 6 states and distributes branded precision dosed products in numerous states, voiced his support for government efforts to enable the cannabis industry to use traditional banking:

“Banks play a major role in all business.  Marijuana is classified as a Schedule I drug under the federal drug control regulations has been a barrier for most banks to provide needed financial services to the cannabis industry.  In many states, cannabis businesses cannot obtain banking accounts to make deposits or issue checks and wires for payables.  Most banks refuse to provide even secured loans to own and develop cannabis facilities.   Banks who have mortgages on commercial and industrial buildings consider it a default if these business owners lease any part of property to cannabis business.  Currently, having to deal with lots of cash presents security issues that other businesses do not have.  Conventional banking will be a great benefit to this emerging cannabis industry as it tries to become more mainstream in the 29 states that now have some form of legal cannabis.”

Here are some additional reactions from marijuana industry entrepreneurs and leaders

Wil Ralston, President of SinglePoint (SING): “This is a great step in the direction of enabling cannabis-based businesses to access to traditional banking. We believe this further legitimizes the industry and again shows the need for a solution in a heavy cash-based business.”

Bryan Meltzer, Partner at Feuerstein Kulick LLP: “Although far from concrete, Secretary Mnuchin’s testimony today was encouraging because he appears to understand that limiting access of state-compliant cannabis businesses to the banking system is not in the federal government’s interest and is harmful to public safety. We hope that Secretary Mnuchin follows through with his testimony by causing the Treasury to adopt guidance and regulations that add some protection and certainty to banking in the cannabis space, but ultimately this is an issue that will require Congress to act on.”

Arnaud Dumas de Rauly, Chief Strategy Officer for The Blinc Group: “Mnuchin’s testimony to the House Financial Services Committee revealed his intentions to ‘collect our necessary taxes and other things’ with regards to allowing cannabis companies to benefit the traditional banking system. This is a game-changing statement which underlines the federal government’s intentions with regards to our industry. Its implications are numerous, spanning from simple credit card transactions to multi-million dollar funding deals, all the way to public listings for canna-businesses. Now is the time to get our ducks in a row; as soon as the Federal Government puts this play into action, regulation, compliance, and standards will follow and become the key to business sustainability. On the other hand, when he refers to ‘other things,’ I can’t help but wonder if he’s referring to making marijuana plant deposits in their vaults.”

Matthew Singer, CEO of tökr: “Positive movement in the push for legitimizing the cannabis industry. More and more states are legalizing cannabis; the sooner the complaint businesses can get access to bank and financial services, the better for everyone.”

Mike Kramer, CEO of 420 Blockchain: “I, and what I imagine to be a majority of the cannabis industry clearly agree with Deputy Mnuchin. The reasons why money derived from cannabis sales should be in banks are obvious when it comes to trackable taxation, transparency, and safety. The government needs to see that cannabis companies are operating under state compliance laws in order to feel comfortable letting these organizations work with traditional financial establishments. After talks at Capitol Hill with various Congress members, I see an obvious desire to integrate my blockchain technology into states with legal cannabis sales to guarantee compliance. At this point, it isn’t a question of if or why we should let cannabis money in banks, but rather how can we get that money in banks as soon as possible? Everyone sees the need so it’s only a matter of time before that need must be met.”


William SumnerWilliam SumnerJanuary 23, 2018
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3min36910

Bit by bit and block by block, more and more cannabis companies are moving into the cryptocurrency and blockchain market.

Today SinglePoint, Inc. (SING), a full-service mobile technology provider that services the cannabis industry through its subsidiary company SingleSeed, announced a letter of intent (LOI) to acquire Bitcoin Beyond, a software platform that allows retail merchants to accept Bitcoin payments through an existing point-of-sale device.

Bitcoin Beyond was primarily developed to service the legal cannabis industry. With adequate banking services in short supply as well as United State Attorney General Jeff Sessions’ renewed pledge to crack down on the industry, many cannabis business owners are seeking alternative forms of payment, such as Bitcoin and other forms of cryptocurrency, to protect themselves from federal interference and the vagaries of everyday crime.

SinglePoint expects the acquisition, which is valued at $1 million, will help allow the company to provide business owners and consumers a full end-to-end retail experience. Built on a popular technology stack with encrypted merchant data and best security practices in mind, Bitcoin Beyond has been designed to easily integrate with existing POS frameworks and allows merchants to add means of payment like Bitcoin or SinglePoint’s own investment property Weedcoin.

“We are thrilled with this opportunity. Acquiring Bitcoin Beyond put us ahead of what we believe merchants have access to now. This platform has by far the easiest user interface we have seen in the market, and we are confident merchants will be quick to adopt this solution as it stands as the sole alternative to traditional options offered to the cannabis industry,” staid SinglePoint President Wil Ralston in a statement.

SinglePoint hopes to continue to expand into the blockchain market and is currently in negotiations to acquire another, yet unnamed, blockchain centric company.

SinglePoint Partners with “Shark” Kevin Harrington

Earlier this month, SinglePoint began expanding its cryptocurrency footprint when the company announced a partnership with serial entrepreneur and original Shark Tank “Shark” Kevin Harrington.

As part of the deal, Harrington will work with SinglePoint’s cryptocurrency division to promote SinglePoint’s bitcoin exchange and bitcoin payment platform. Harrington will also serve as the public face of the company’s national television campaign, which recently began production last week and is now in editing and post-production. The television ad campaign is set to air on major financial and news networks, such as CNN and Fox News.


William SumnerWilliam SumnerJanuary 19, 2018
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3min25040

Future Farm Technologies (FFRMF), a Canadian cannabis company with multiple projects throughout the United States, today announced that it entered into a definitive agreement with New England CCS to acquire a 51% stake in FlipCoin, a new cryptocurrency application and Point of Sale (POS) platform.

As cannabis dispensaries across the nation struggle to find adequate banking services under the onerous guidance of the Department of Justice and United States Attorney General Jeff Sessions, who has promised to crack down on the legal cannabis industry, more and more cannabis companies have begun turning towards cryptocurrencies as the solution.

“Under current US Federal law, dispensaries are un-bankable,” said Bill Gildea, CEO of Future Farm, in a statement. “As the industry has grown, an expensive problem for dispensaries has emerged. We believe the unique nature of cryptocurrencies – based on fast, secure, and proven blockchain technology – has the potential to be a game-changer by solving this multi-billion dollar problem.”

Similar to the credit card processing application Square, FlipCoin will allow cannabis dispensaries to accept cryptocurrencies such as accept Bitcoin, Ethereum, Bitcoin Cash, or Litecoin as payment. Expected to launch within the next three weeks, New England CCS plans to install the application within nine of its portfolio dispensaries and to white label the application for dispensaries around the world.

Soon FlipCoin will also become integrated with Coinbase, which is the largest broker exchange of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and other digital assets with fiat currencies in 32 countries. With over 13 million accounts, Coinbase is also the most downloaded app in the Apple Store and is expected to continue to add more than 100,000 new daily sign-ups.

As part of the deal, Future Farm has agreed to issue 120,000 shares of its common stock to New England CSS and another 10,000 shares of its common stock to Derek Ross as a finder’s fee.

Future Farm is not the only cannabis company to join the blockchain club. Earlier in the week, mCig Inc. (MCIG), announced the website launch of its blockchain focused company OBITX Inc. Focusing on combining blockchain technology with real-world applications, OBITX plans on launching KRYP ATMs, which allows individuals to buy and sell cryptocurrencies as well as make cash withdrawals.



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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