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CryptoCann™ Report: IBM expands its blockchain division; Oregon cannabis growers shift to hemp to escape saturated weed market

Last updated: 12:54 06 Sep 2018 EDT, First published: 12:41 06 Sep 2018 EDT

IBM logo on a computer
IBM teamed up with Hu-manity to bring its blockchain-based health data app to corporations

The Crypto Report

Large-cap companies have been hesitant to step into the world of cryptocurrency, but have been quicker to warm up to the underlying blockchain technology.

IBM Corp (NYSE:IBM) is expanding its blockchain division via its partnership with Hu-manity.co to merge health care data with blockchain technology, as per a CoinDesk report.

Hu-manity’s #My31 app, available to consumers using iOS and Android mobile devices, aims to give users autonomy over their health data. An enterprise version for corporations is expected to be available by the first quarter of 2019.

"Getting people's permissioned rights on a blockchain will create a marketplace and entirely new economic business models as a result,” said Marie Wieck, the general manager of IBM Blockchain, in an interview with CoinDesk.

The app’s name is an allusion to the company’s belief that data ownership should be tacked onto the United Nations’ list of 30 human rights, making it the 31st human right.

READ: CryptoCann™ Report: Goldman Sachs puts crypto plans on the back burner; Supreme Cannabis to up its production capacity

In other crypto-related news, the Winklevoss twins’ company, The Winklevoss IP, filed a new patent with the US Patent and Trademark Office for the secure storage of digital assets, as per a CoinTelegraph report.

The patent outlines a method of securing digital assets via “a plurality of private key segments”, providing a higher level of security. The filing states that the patent would only apply to digital math-based assets, including Bitcoin, Ethereum, Ripple, Litecoin and other altcoins.

The Winklevoss IP has won crypto-related patents in the past, including a system to increase security of digital transactions via cryptographic encryption.

The Cann Report

Cannabis cultivators in Oregon are shifting direction as a saturated market and black market sales cut into their bottom line, according to a report by Marijuana Business Daily.

Oregon has more than 1,000 licensed recreational marijuana growers, or one licensed cultivation operation for every 19 consumers, according to the report.

Growers have been transitioning to hemp in the hopes of capitalizing on the growing cannabidiol oil market. Hemp can be used for smokable flower or extracted into CBD oil, which can be used infused into a variety of products from tinctures and lotions to cookies and coffee.

The state’s cannabis growers are hoping a crackdown on unlicensed growers and out-of-state product will ease the supply surplus.

READ: WeedMD signs deal to supply Ontario Cannabis Store

In Canadian cannabis news, the tourism market is heating up ahead of the upcoming legalization in October.

Cannabis connoisseurs are able to book an Airbnb located just above the Hamilton Village Dispensary in Ontario, according to a Vice report.

The one-bedroom condo is listed for US$99 a night and “offers a safe and luxurious environment for the cannabis enthusiast. Smoking cannabis is permitted and encouraged.”

Within 48 hours of posting the listing, most of September has been booked.

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