Daily CryptoCann Report: Crypto conference draws thousands; Canadian cannabis rivals merge
Monday, 14 May 2018 It was a mixed Monday for the top five cryptocurrencies. Ripple (XRP-USD) was the top gainer of the day, jumping less than a percent to US$0.73. Ethereum (ETH-USD) was at US$733.09 while Bitcoin (BTC-USD) was at US$8,745.90, both up less than a percent. EOS (EOS-USD) was a top decliner of the day, falling nearly 4% to US$14.05 with Bitcoin Cash in second place, falling more 1% to US$1,456.70. The New York Hilton Midtown is hosting CoinDesk’s Consensus 2018, a three-day conference on Bitcoin and blockchain technology. The bitcoin conference is expected to draw about 8,500 attendees with ticket prices around $2,000. There will be similar events around the city as part of Blockchain Week NYC, an event run in part by the New York Economic Development Corporation. TimeFireVR Inc (OTCQB:TFVR), an investment company with a focus on blockchain and cryptocurrency technologies, recently updated its shareholders on its Bitcoin mining operation. The Arizona-based company had 20 Bitcoin mining units installed at Colocation Guard, a data-hosting company in Brooklyn. After successful mining results, the company will invest in additional units that will enable it to mine Ethereum, Ethereum Classic, Monero, ZCash and Ubiq. It was a positive start to the week for the North American Marijuana Index, comprised of the leading cannabis stocks in the U.S. and Canada, which was up more than 2%. Aurora Cannabis Inc (OTCQX:ACBFF) will buy rival company MedReleaf Corp (OTCMKTS:MEDFF) for US$2.51 billion, just two months before recreational marijuana use is expected to be legalized in Canada. Combined, the companies will operate nine facilities in Canada and two in Denmark and expect to produce over 570,000 kg per year of cannabis. Shares of Aurora Cannabis were down nearly 2% to US$6.19 while shares of MedReleaf were up more than 2% to US$19.93. Canopy Growth Corporation (OTCMKTS:TWMJF) announced that it will apply to list its shares on the New York Stock Exchange. The Ontario-based cannabis company already trades on the TSX on the ticker symbol “WEED”. The company partnered with Snoop Dogg before the federal government cracked down on celebrity endorsements of cannabis products. Shares of the company were up nearly 8% to US$25.55.