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CryptoCann™ Report: Goldman Sachs CFO clarifies crypto plans; Canndescent closes US$13mln funding to move into new markets

California cannabis cultivator Canndescent is looking to expand its product offerings
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Goldman Sachs CFO says it has not abandoned its plans for a Bitcoin trading desk

The Crypto Report

Financial institutions have been hesitant to board the cryptocurrency train, made cautious by the uncertain regulatory climate in the US.

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.

Reports surfaced earlier in the week that the finance giant was deprioritizing a crypto trading desk, but Chief Financial Officer Martin Chavez disputed those claims at the TechCrunch Disrupt conference in San Francisco, as per a CCN report.

Chavez clarified Goldman’s position on cryptocurrency while it has no plans for a physical Bitcoin market, it does have plans to develop a Bitcoin derivatives product similar to the cryptocurrency futures contract available on the CME and CBOE exchanges.

READ: Spotlight on Ethereum and Dogecoin software ‘bridge’

“Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical bitcoin, and as they got into it they realized part of the evolution but it’s not here yet,” said Chavez.

Chavez added that while physical Bitcoin is interesting, it is also challenging and not on the horizon just yet.

In other trading news, start-up platform Robinhood has plans for an initial public offering, as per a TechCrunch report.

The Silicon Valley-based crypto trading service is on the hunt for a chief financial officer and is working through audits from the US Securities and Exchange Commission and the Financial Industry Regulatory Authority to be sure it’s in regulatory compliance.

The platform serves a total of 5 million crypto traders, which is twice as many as rival E*Trade, according to the report.

To date, Robinhood has raised a total of US$539mln from notable investors like Andreessen Horowitz, Kleiner Perkins, Sequoia and Alphabet Inc’s (NASDAQ:GOOG)  venture capital fund Capital G.

The Cann Report

Canada is hogging the cannabis spotlight ahead of its upcoming legalization, but companies in the US are still alive and well in the space.

California cannabis cultivator Canndescent recently closed a US$13mln Series C funding round to help finance its expansion, as per a Marijuana Business Daily report.

“Our new investors share our vision of more products, more brands and more states,” said CEO Adrian Sedlin in the company’s release.

The company currently specializes in pre-rolled joints and premium cannabis flower, but is looking to offer vaporizers and edibles as well.

READ: Three hidden gems stashed away in a cannabis market that just keeps rolling higher

Up north, a Canadian university is preparing for an influx of students under the influence of marijuana.

The University of Calgary in Alberta will invite students to come down from their high in the Post-Alcohol Support Space, once reserved only for students who had one too many drinks.

“We know that combining alcohol and cannabis will compound their effects, which some might not be prepared for,” said Debbie Bucker, the university’s senior director of student wellness, in an interview with the High Times.

“We know telling someone not to take a substance doesn’t work. It’s about educating people,” she added.

The PASS facility is open on Thursday nights, a popular time for parties, and during on-campus events, staffed by a registered nurse and volunteers from the Student Medical Response unit. Academic officials or family members are not advised of any student’s stay.

Upon evaluation, students can choose to stay in the center or be transported to a hospital if necessary.

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