The Relationship Between the Cannabis Industry and the Bitcoin Sector

PR Newswire

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.

Please Sign Up Now at http://www.FinancialBuzz.com to Receive Alerts on Trending Financial News from all these companies. 'The Latest Buzz in Financial News'
Subscribe Now! Watch us report from NYSE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Like Us on Facebook to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions as we purely incorporate public market research along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. We also do not include any personal opinions or commentary. For this release, FinancialBuzz.com expects to be compensated three thousand dollars for financial news dissemination and pr services by chineseinvestors.com inc. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com has signed a two year agreement with chineseinvestors.com inc. for one hundred thousand restricted common shares for continued financial news dissemination and PR services. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on the Site, company profiles, and quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.