The Crypto Report
The Federal Reserve Bank of St. Louis has added cryptocurrency to its Federal Reserve Economic Data database, or FRED. The data will be provided by crypto exchange Coinbase.
“FRED has added four series on the prices of different cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The price data are updated daily and span from as early as 2014 to the present,” according to a post on its site.
Despite recognition from the Fed, it was still a rough day for cryptocurrency.
EOS was the top decliner, falling nearly 18% to US$8.56. Ethereum and Bitcoin Cash both saw double-digit drops.
Bitcoin was down nearly 9% to US$6,135.77 and analysts think the downward spiral will continue.
READ: Daily CryptoCann Report: Goldman Sachs may trade crypto derivatives; Trudeau sets start date for recreational cannabis sales in Canada
Ayondo Markets trader Jordan Hiscott predicts that Bitcoin will drop near US$5,000 by the end of the summer, citing the vulnerability of not being backed by the government.
"Japan’s Financial Services Agency has suspended the creation of new accounts at five of the main exchanges in the country. This, coupled with hacking events at some smaller scale exchanges in Europe, makes what I call the general ‘macro’ picture on cryptocurrencies negative, at least in the short term,” wrote Hiscott.
The Cann Report
Massachusetts has issued its first recreational marijuana license for cultivation. The Cannabis Control Commission decided unanimously to grant a license to Sira Naturals, as per a Boston Globe report.
The cultivator grows more than 60 strains of cannabis and operates dispensaries in Cambridge, Somerville and Needham. Customers can even track points on a rewards card at certain locations.
On the West Coast, a cannabis company is trying to lure basketball star LeBron James to the LA Lakers by naming a strain after him.
Trees by Game, founded by West Coast rapper The Game, created LA’Bron James, according to a High Times report.
“[It’s] a strain inspired by my city and them trying to bring King James to the Lake Show,” said The Game.
Lebron James currently plays for the Cleveland Cavaliers but has until the end of June to decide if he will opt out of the last year of his contract to become a free agent.
READ: Canadian companies and government groups embark on hiring spree as recreational cannabis legalization becomes reality in October
MedMen Enterprises Inc (CSE:MMEN, OTCQB:MMNFF) announced plans for a new location in Nevada, right near Las Vegas International Airport and the Hard Rock Hotel.
“MedMen continues to successfully put cannabis stores in premium locations with high consumer traffic. This is what mainstreaming marijuana looks like,” said CEO Adam Bierman.
The Los Angeles-based company operates 18 cannabis facilities in California, Nevada and New York.