The cannabis and crypto connection: 3 updates you need to know
While other sectors remain stagnant, the cannabis and crypto industries are consistently showcasing tremendous growths and are now popular among investors because of the potential they exhibit. So it should be no surprise why both sectors are poised to be worth billions a decade from now.
Analysts stated that the legal cannabis market is set to become a $57 billion industry by 2027, Forbes reported. On the other hand, the crypto market is expected to reach $1 trillion in terms of market capitalization this year, according to CNBC. The unprecedented growth of these two sectors is driven by businesses who are always busy with securing progress in their respective fields.
Companies within these dynamic industries are always on their feet with strategic purchases and moves centered on cannabis and the crypto market. Here are a few new developments in cannabis production and crypto mining worth knowing about.
MassRoots reveals investor updates on ICOs
MassRoots Inc. (OTCMKTS:MSRT) announced recently that it has come to an agreement with six investors last January. With the new deal, the investors will be issued units of the upcoming MassRoots Blockchain token when it goes on public sale, per Money Morning. The upcoming token was introduced back in December along with a new subsidiary called MassRoots Blockchain Technologies Inc. However, there’s still no word on its release date.
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PotNetwork purchases state-of-the-art mining facility
Early in March, PotNetwork Holdings, Inc. (OTCMKTS:POTN) announced that it has expanded its portfolio with the formation of a new crypto-based subsidiary called Blockchain Crypto Technology Corporation. It was the company’s entry point into the crypto community, and it has recently taken its venture a step further.
POTN announced that Blockchain Crypto Technology Corp. just gained access to its new mining facility, which is equipped with 115 dedicated mining rigs. The company is yet to disclose at what rate and what coins are to be mined in the facility, but investors are very excited with what’s in store later this year.
POTN’s other subsidiary, Diamond CBD Inc., has displayed quite the performance in the past months as it continues to break revenue records through sales of its amazing products. This year, it has broken sales record in the last two months making it one of the best performing CBD based company.
For February, Diamond CBD earned $2 million in sales, posing a 480 percent increase from last year’s performance of the same month. Then last month, the company continued its record-breaking streak by making $2.2 million in sales; a 152 percent increase from March 2017’s performance.
Diamond CBD’s performance and Blockchain Crypto Technology Corp.’s recent purchase makes POTN quite the formidable performer on the stock market. It has already poised itself for its best market performance yet this 2018.
LGC Capital announces an update on crypto venture
In a recent interview with Proactive Investors, John McMullen, the LGC Capital Ltd. (CVE:LG) CEO, revealed that his company is about to close a deal with Evolution Bnk. With the deal nearing its conclusion, the legal medical cannabis investment firm has made its first steps towards the growing crypto market, giving its investors a lot of new opportunities.
McMullen said that the Italian company has created a unique way to mix the crypto and cannabis industries. He adds that Evolution Bnk has been able to create a flow wherein there’s cannabis “growing upstairs” and “data mining downstairs.” LGC Capital investors should seize this opportunity to diversify their portfolios.
These companies are setting themselves up for a great year ahead. For investors looking to place their funds on the increasingly popular crypto and cannabis industries, they should consider backing up buzzworthy companies like POTN, LGC Capital, and MassRoots.
