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CryptoCann™ Report: Crypto investor sues AT&T for US$224mln over loss; Tidal Royalty inks deal with Illinois Cannabis Company

Tidal Royalty will provide Illinois Cannabis Company with financing in exchange for 15% of net sales royalty

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An investor and AT&T customer claims the wireless carrier aided the hacker who stole from him

The Crypto Report

Blockchain start-up Axioni raised US$32mln in its Series B round of funding thanks to some big-name banks and other high-profile investors.

Investors in the enterprise-focused start-up include The Goldman Sachs Group Inc (NYSE:GS), JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), Citigroup Inc (NYSE:C), Andreessen Horowitz and as well as other venture capitalists and Silicon Valley investors, as per a Forbes report.

“These are very strategic investors,” said Axioni CEO Greg Schvey in an interview with Forbes. “We have deep strategic and commercial engagements with most of them.”

Goldman Sachs, J.P. Morgan and Citigroup have tested the blockchain platform Axcore for trading equity derivatives.

READ: Bitcoin is just like gold, they’re both suffering from dollar strength

Axioni has raised a total of US$55mln in funding and intends to put the capital towards hiring more employees and helping clients to integrate into the platforms.

In cryptocurrency news, a crypto investor is suing his cellphone provider after losing US$24mln in digital currency.

AT&T Inc (NYSE:T) customer Michael Terpin has filed a complaint in the US District Court in Los Angeles, claiming that the wireless carrier willingly cooperated with the hacker who stole from him, according to a CNBC report.

Terpin, the co-founder of an angel group for Bitcoin investors and a digital currency fund, alleged that the thief was able to get his phone number from an “insider cooperating with the hacker” without an AT&T employee following the proper safety protocol, such as asking for ID or a password.

"What AT&T did was like a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner," according to the complaint.

He is seeking US$200mln in punitive damages and US$24mln of compensatory damages from AT&T.

The Cann' Report

Canadian financing company Tidal Royalty Corp (CSE:RLTY, OTC:TDRYF) has entered into a letter of intent with Illinois Cannabis Company, expanding its reach in the US market.

Tidal Royalty will provide the cannabis company with financing in exchange for 15% of net sales royalty on its Illinois operations, including cultivation and dispensary sales.

“Between the near-term cash flow generated by their existing operations, management's vision and drive to grow their market share, and the ability to accelerate their growth with Tidal Royalty capital, we feel this is going to be the beginning of a great long-term relationship between our companies," said Tidal Royalty CEO Paul Rosen.

Tidal Royalty has also entered into LOIs in other cannabis-friendly states including California, Nevada and Massachusetts.

READ: Constellation Brands ups stake in Canopy Growth, invests an additional US$4bn

Alcohol companies have been concerned about marijuana encroaching on its business as legalization spreads.

Constellation Brands Inc (NYSE:STZ) is following the old adage,  taking the “if you can’t beat ‘em, join ‘em” approach.

The maker of Corona beer upped its share in the cannabis market, investing US$4bn in Canadian cannabis company Canopy Growth Corp (NYSE:CGC, TSX:WEED).

Constellation’s latest investment brings its stake in the company to 38%. The company previously held a 9.9% stake in October 2017 with the option for future investments.

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Tidal Royalty to fund Illinois cannabis company with up to US$41mln

Tidal Royalty Corp. (CSE:RLTY) (OTC:TDRYF) CEO Paul Rosen tells Proactive Investors that the company has secured a letter of intent with a cannabis company in Illinois to provide the licensed operator with up to US$41mln in financing. The group, which provides cannabis companies in the US...

on 23/8/18

3 min read