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CryptoCann™ Report: Bithumb exchange welcomes new users again after hack; Cronos enters the Latin American market

The Canadian cannabis company entered into a joint venture agreement to begin cultivation in Colombia

Crypto coins in a pile
Crypto exchange Bithumb halted new account registration following a hack in June

The Crypto Report

British bank Standard Chartered is partnering with Siemens Financial Services and digital trade provider TradeIX on a blockchain pilot project.

The companies will join forces to put bank guarantees for trade finance on a blockchain, according to a CoinDesk report. Bank guarantees refer to a lender’s promise to cover a loss if a borrower defaults on a loan.

“This will streamline our processes and make our trade finance operations smoother, faster and more efficient,’ said Siemens CFO Michael Bueker in a press release.

The blockchain pilot began in March and is expected to be fully completed by the end of this year.

READ: Ethereum explained: An introduction to the world’s second largest cryptocurrency

In crypto news, South Korean exchange Bithumb will reopen account registrations, as per a Coin Telegraph report.

The exchange halted new registrations following the loss of tens of millions of dollars in a June hack. Hackers allegedly scooped up around US$17mln of cryptocurrency, including 2,016 Bitcoin and 2,219 Ethereum.

Bithumb is currently fifth-largest crypto exchange in the world based on daily trading volumes with about US$362.4 million in trades over the past 24 hours.

The Cann' Report

Cronos Group Inc (NASDAQ:CRON) is heading down into the Latin American market through its latest joint venture agreement.

The Canadian cannabis company is partnering with an affiliate of Colombian agricultural provider Agroidea SAS to create a new entity known as NatuEra.

"By leveraging AGI's expertise and Cronos Group's cannabis know-how, NatuEra will enable Cronos Group to create a cultivation and manufacturing hub in Latin America for our global distribution channels in a manner that minimizes region-specific and execution risk,” said CEO Mike Gorenstein in the company’s press release.

The newly formed company will set up a custom-built facility on 207 acres of land in Cundinamarca, Colombia.

READ: Valens GroWorks strikes first international supply and extraction deal with Colombian-based producer

Namaste Technologies Inc (TSX-V:N, OTCMKTS:NXTTF) has entered into a wholesale supply agreement with Kief Cannabis Company Ltd.

As per the agreement, Namaste’s subsidiary Cannmart Inc will purchase bulk cannabis products from Kief Cannabis to sell on its e-commerce platform.

“We believe that the online market for medical and recreational cannabis will evolve rapidly in Canada and that Namaste is well-positioned with extensive expertise to be the number one online platform for everything cannabis not only in Canada but globally,” said Namaste CEO Sean Dollinger in the company’s press release.

Kief Cannabis develops artisan-crafted cannabis in small batches for the high-end recreational market.

In US news, Nevada’s cannabis industry has surpassed a half-billion dollars in revenue for the fiscal year.

The state’s revenue totaled US$529.9mln, including US$424.9mln from recreational sales alone, according to a report by Marijuana Business Daily.

Marijuana tax revenue totaled US$69.8mln, more than double what the state expected.

“Nevada’s first year with a legal adult-use market has not only exceeded revenue expectations but proven to be a largely successful one from a regulatory standpoint,” said Bill Anderson, executive director of the Nevada Department of Taxation, in a news release.

Recreational sales for the calendar year are expected to reach US$500mln to US$600mln, according to The Marijuana Business Daily's Marijuana Industry Factbook.

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