The Relationship Between the Cannabis Industry and the Bitcoin Sector

Monday, July 10, 2017 Drug News
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NEW YORK, July 10, 2017 /PRNewswire/ --

Bitcoin's price this year

has soared over 290% and last Friday, the price of this cryptocurrency sat at one point $2,544. Despite the major surge of popularity in value that Bitcoin and other cryptocurrencies such as Ethereum have showed, analysts
predict that this is not the ceiling just yet. According to a Goldman Sachs analyst, Sheba Jafari, the value of the digital currency could rise as high as $3,915, CNBC reported. "From current levels, this has a minimum target that goes out to $3,212. There's potential to extend as far as 3,915. It just might take time to get there," stated Jafari. ChineseInvestors.com, Inc. (OTC: CIIX), SinglePoint, Inc. (OTC: SING), BTCS Inc. (OTC: BTCS), Bitcoin Services, Inc. (OTC: BTSC), Bitcoin Investment Trust (OTC: GBTC)

According to a recent report by Bloomberg, an industry that is now embracing the use of cryptocurrency is the cannabis industry. The sale of cannabis products is illegal on the federal level, yet the industry doesn't have legal access through traditional financial institutions. Now with the increasing popularity of Bitcoin, cannabis companies are turning to the digital currency in an effort to get rid of all the accumulated cash. Cannabis is legal for both recreational and medical use in California, Oregon, Washington, Nevada, Colorado, Massachusetts, Maine, Alaska and the District of Columbia, and approved in 20 additional states for medical purposes only.

ChineseInvestors.com, Inc. (OTCQB: CIIX) today announced, "Its wholly-owned subsidiary, Chinesehempoil.com Inc., will officially accept Bitcoin payments. Consumers who buy hemp-based health products, foods, and beverages can use Bitcoins in addition to more common payment methods, such as debit cards or PayPal.

Bitcoin, the first decentralized digital currency, peer-to-peer system has attracted a lot of attention in recent years. Bitcoin can be converted into cash and exchanged for currencies of most countries. Consumers can use Bitcoins to buy both goods and services, everything from computers to furniture to apps, games and videos. Large retailers such as Dell, Overstock and NewEgg accept Bitcoin payments.

The US has been at the forefront of the digital currency space since the beginning, hosting the highest number of cryptocurrency users and Bitcoin trading volumes in the world. Silicon Valley, California is home to numerous cryptocurrency, blockchain related startups, and the highest number of Bitcoin ATMs in the world. Other Bitcoin-friendly countries include Denmark, Sweden, South Korea, the Netherlands, Finland and Canada, to name a few. For example, the Swedish Financial Supervisory Authority legitimized the fast growing industry in the country by publicly declaring Bitcoin (and other cryptocurrencies) as a means of payment.

For consumers, Bitcoin offers advantages including: cost savings, in the form of transaction fees that are ultimately passed on from the merchant to the consumer in traditional credit transactions; privacy, particularly following significant security breaches that have occurred at large retailers in recent years; and ease of use, as Bitcoin eliminates the need to enter personal information and jump through additional verification hoops, steps which most existing payment methods require.

"I am delighted to announce the addition of Bitcoin payment to the ChineseHempOil.com site," says Warren Wang, Founder and CEO of CIIX. "By providing advanced payment technology such as Bitcoin, consumers will benefit from cost savings, increased privacy and ease of use."

Through diversification into horizontal markets, SinglePoint, Inc. (OTC: SING) is building its portfolio by acquiring an interest in undervalued subsidiaries. Through its subsidiary company SingleSeed, the company is providing products and services to the cannabis industry. On June 20th, SinglePoint announced that it has successfully closed a $1 million company-friendly Convertible Promissory Note with an institutional investor. Proceeds from the investment will be used to execute the company's previously announced BitCoin Payments solution, as part of its partnership with First BitCoin Capital. "This is great timing for SinglePoint. We have many acquisitions deals in the pipeline, and access to this capital will exponentially increase the chances of getting these done. In addition, we have many technical developments that are ready to launch. We will be able to develop our solutions and really start driving sales," states Greg Lambrecht, CEO of SinglePoint.

BTCS Inc. (OTC: BTCS) secures the blockchain through its transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. On May 25th, the company announced the increase of its Ethereum-mining hosting business to approximately 150 kilowatts, up from approximately 50kw announced in March 2016. "We have gained valuable expertise since launching our Ethereum pilot program in March," stated Charles Allen, CEO of BTCS.

Bitcoin Services, Inc. (OTC: BTSC) business operations are Internet-based to the consumer and consist of two separate streams: (1) bitcoin mining, and (2) blockchain software development. The principal products and services are the mining of bitcoins, and the development and sale of blockchain software. On May 3, 2017, the company announced that it began mining Monero in the 1st quarter of 2017. Monero is currently one of the top digital currencies with a market cap of over 300 Mn USD. In addition, Bitcoin Services Inc. has begun developing a new cryptocurrency wallet that will let users safely store multiple digital currencies in one wallet.

Bitcoin Investment Trust (OTCQX: GBTC) is the first publicly-quoted securities solely invested in and deriving value from the price of bitcoin. The BIT enables investors to gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing and safekeeping bitcoins. The Bitcoin Investment Trust's shares track the bitcoin market price, less fees and expenses.

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