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

The Supreme Cannabis Company has received approval from Health Canada to up its production capacity
Bitcoin in front of a trading screen
Goldman Sachs is reportedly delaying its plans to open a Bitcoin trading desk

The Crypto Report

Although cryptocurrency has trickled into the mainstream over the last few years, big banks and other financial giants have remained hesitant to join the crypto craze.

Goldman Sachs Group Inc (NYSE:GS) announced in May that it would be opening a Bitcoin trading operation, using its own money to trade Bitcoin futures contracts with clients.

The finance giant is reportedly putting the idea on the back burner for now, according to a CoinDesk report. Sources familiar with the matter have said the decision was made as a result of the uncertain regulatory situation in the US.

READ: Goldman Sachs to begin Bitcoin futures trading, says the cryptocurrency is not a fraud

In crypto mining news, Global Blockchain Mining Corp (CNSX:FORK) is up and running in Quebec and New York.

The Vancouver-based company has 9,000 Bitcoin miners and operates two facilities with 24/7 security and customized racking and cooling engineering.

"We plan to continue looking for opportunities to acquire more rigs and increase our mining capacity, we believe that we represent true leverage to an increase in the price of Bitcoin," said CEO Shidan Gouran in the company’s press release.

By the end of September, the company expects to have a total of 14,666 Bitcoin miners online.

The Cann Report

With Canada’s legalization date on the horizon, cannabis companies are taking last-minute steps to prepare for the potential surge in demand.

The Supreme Cannabis Company (CVE:FIRE) has received approval from Health Canada to increase its production capacity.

The Toronto-based company may begin cultivation on approximately 20,000 square feet of flowering rooms at is 7ACRES facility.

“This flowering room expansion continues to increase our capacity and improve our ability to meet the demand of cannabis enthusiasts upon legalization of adult use cannabis in Canada ," said CEO John Fowler in the company’s press statement.

Production capacity is expected to reach 50,000 kg once the expanded facility is fully operational.

READ: WeedMD notifies of changes in the boardroom; Pesner becomes independent director

In other Canadian cannabis news, two notable companies have announced boardroom shake-ups.

Valens Groworks Corporation (CSE: VGW) welcomed four new directors with backgrounds in finance and real estate development.

Directors John Cullen and Robert O’Brien, also the company’s chief science officer, have made their exits.

WeedMD Inc (CVE:WMD) welcomed Michael Pesner, president of Hermitage Canada Finance Inc, as an independent director and chair of the audit committee. Bruce Dawson-Scully will be stepping down from the board of directors.

The boardroom makeover sent shares of Valens Groworks up nearly 14% to C$1.68 in Wednesday afternoon trading while shares of WeedMD were down slightly to C$2.04.

 

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