Rice-based stable coin is being launched in Indonesia

Rice-based stable coin is being launched in Indonesia

Benzinga

Recall last month, when users of Reddit’s popular WallStreetBets forum caused shares of GameStop Corp. (NYSE: GME) to spike by creating a massive short squeeze on the stock. The group also targeted AMC Entertainment Holdings Inc (NYSE: AMC). This forced short sellers to buy more in order to forestall massive losses, sending the stock price on a meteoric rise. Well, last week, their sights were set on cannabis. Swaggy Stocks — a website that tracks ticker sentiment on WallStreetBets — noticed Sundial Growers Inc (NASDAQ: SNDL), Tilray Inc. (NASDAQ: TLRY) and Aphria Inc. (NASDAQ: APHA) went along for the ride: Sundial jumped 79% on Wednesday Tilray spiked 51% Aphria grew 11%. This was short lived. By Thursday, Tilary fell 50%, Aphria dipped 36% and Sundial closed down 19%. On Friday, Tilray shares closed down 9.83%, while Sundial closed down 12.61%. Aphria was up slightly by 0.36%. View more earnings on ACB Benzinga Cannabis content is now available in Spanish on El Planteo. Other Cannabis Spikes ETFs popped. Over the last five trading days: The ETFMG Alternative Harvest ETF (NYSE: MJ): gained 70.73% The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 59.18% The Cannabis ETF (NYSE: THCX): rose 84.6% The Amplify Seymour Cannabis ETF (NYSE: CNBS): advanced 99% The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 5%. Regulatory Updates Cannabis reform legislation in Minnesota is poised to receive its first hearing in the House Commerce Finance and Policy Committee on Wednesday, Feb. 17. Cannabis business owners in Iowa may get a bit of financial relief if the Iowa Department of Public Health and the University of Iowa agree to slash medical marijuana patient and provider fees to $2,000 a year and set up an income tax deduction for expenses. Colorado awarded High Country Supply with its first recreational marijuana delivery permit. The company noted it expects to begin deliveries by March 1. Wisconsin Gov. Tony Evers will include marijuana legalization in his budget proposal to ensure “a controlled market and safe product are available for both recreational and medicinal users.” The program could yield around $165 million per year, starting fiscal 2023, he says. New Jersey Gov. Phil Murphy signed a bill that modifies penalties for magic mushroom possession. The new bill reduces conviction for those caught owning less than one ounce of psilocybin mushrooms from up to five years in prison to only six months. Fines of up to $35,000 would drop to $1,000. Previously, it was a third-degree crime. Now, less than one ounce is considered a disorderly person offense. South Dakota’s ballot results from Nov. 3 were deemed unconstitutional by a judge. The decision is in line with challenges made by Gov. Kristi Noem, who ordered a lawsuit to overturn the adult-use portion of the ballot results last month. Financings And M&A Auxly Cannabis Group Inc. (TSXV: XLY) (OTCQX: CBWTF) raised million as part of a share offering co-led by ATB Capital Markets Inc. and Cantor Fitzgerald Canada Corp. Auxly plans to use the collected net proceeds for working capital and other purposes. Beam, which produces 100% THC-free CBD products, finalized its million Series A funding round led by C2 Ventures. The startup is also backed by Obvious Ventures, Camwood Capital and athletes including Danica Patrick, Kevin Hayes and Brooks Laich. Several new investors such as The Yard Ventures, Litani Ventures and Carter Comstock also opted to join the effort. BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF), a Vancouver manufacturer of cannabinoid-infused beverages, agreed to acquire Naturo Group Inc. Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) raised some CA$25.2 million (US$19.8 million) in funding via a private placement deal. Under the agreement, the New York cannabis company agreed to sell some 2.8 million of its common shares to Canaccord Genuity Corp. at CA$9 ($7.1) per share. Green Check Verified, a regtech company focused on compliant cannabis banking solutions and services, announced an over-subscribed .4 million convertible note financing. The round was led by Flatiron Venture Partners. Bravos Capital, Basecamp, Silverleaf Venture Partners and Fenway Summer also joined the effort. Cannabis CPG company Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) secured 0 million from an undisclosed institutional investor. Rumor is it’s BlackRock (NYSE: BLK). Click here to learn more. Jushi Holdings Inc. (CSE: JUSH) (OTCQB: JUSHF) priced its overnight marketed offering of a total of 6.5 million subordinate voting shares at a price of CA$10 per share, for total gross proceeds of CA$65 million (US$51 million). NBA legend Isiah Thomas has invested million into hemp and cannabis ingredient producer One World Pharma Inc. (OTCQB: OWPC). The former Detroit Pistons player-turned-entrepreneur, who was named CEO of One World Pharma last June, invested through his holding company, Isiah International. The funds will allow One World Phara to build a THC and CBD extraction facility in Colombia and subsidize future growth. Earnings Reports Aurora Cannabis (NYSE: ACB) reported total cannabis net revenue for the second quarter hovered around $70.3 million. That’s up 11% over the second quarter of 2020. Medical cannabis net revenue reached $38.9 million — up 42% versus the second quarter of 2020 thanks to a 562% increase in high margin international medical sales. The Edmonton, Canada-based cannabis producer experienced an adjusted EBITDA loss of $12.1 million. That’s an improvement of $53.1 million over the second quarter of 2020. Canopy Growth Corp. (TSX: WEED) (NASDAQ: CGC) saw net revenue spike by 23% year-over-year, to $153 million. The Smith Falls, Canada-based company reported a net loss of $829 million. Adjusted EBITDA was also a loss of $68 million versus a $97 million loss in the corresponding quarter of 2020. The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTC: TGODF) expects fourth-quarter revenue to reach $10.9 million, representing a year-over-year and sequential growth of 235% and 91%, respectively. According to a preliminary financial report, Canadian operations and sales accounted for $8.6 million of total gross revenue for the period. Canopy Rivers Inc. (PINK: CNPOF) reported total comprehensive income amounted to $82.2 million in the third quarter of this fiscal year, versus a loss of $40 million in the same period of last year. The Toronto-based company attributes the growth to an $11.4 million increase in the value of its TerrAscend Canada Inc. (CSE: TER) (OTCQX: TRSSF) investment. Turning Point Brands Inc. (NYSE: TPB) says net sales rose 31.2% year-over-year to $105.3 million in the fourth quarter. Adjusted EBITDA increased 80.9% to $25.8 million over the period. For the year, net sales amounted to $405.1 million. Net income increased by $19.3 million over the year. CbdMD Inc. (NYSE: YCBD) says e-commerce direct-to-consumer sales increased 41% year-over-year and 13% sequentially, to hit a record $9.7 million in the first quarter of fiscal 2021. The Charlotte, North Carolina-based company says net sales for the first three months of this year rose by 22% year-over-year to $12.3 million. The gross profit margin for the period went up to 72.2% from 63.5%. Operating expenses declined by 15% year-over-year and 2% sequentially to $10.7 million. Loss from operations was $1.8 million, down by 71% compared to last year’s corresponding quarter. Pyxus International Inc. (NYSE: PYX) revenues went up 4.5% year-over-year, to $379.6 million in the third quarter of the 2021 fiscal year. Adjusted EBITDA also improved, increasing 64.9% to $39.9 million, versus a positive adjusted EBITDA of $24.2 million for the corresponding quarter of last year. The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) generated roughly $21.7 million in gross revenue and $18.3 million in net revenue in the second quarter of fiscal 2021. Over the same period, recreational net revenue increased 70% to $12.7 million. Wholesale net revenue, including the international medical cannabis segment, rose 28% quarter-over-quarter to $5.6 million. Movers & Shakers Curaleaf Holdings Inc. (OTCQX: CURLF) announced an initiative called “Rooted In Good.” The Wakefield, Massachusetts-based company pledges to make at least 10% of its 2021 hires those who were previously saddled with cannabis-related offenses or criminal records. National Cannabis Roundtable (NCR) welcomed Kathleen Sebelius, the U.S. Department of Health and Human Services secretary under former President Barack Obama, to be honorary co-chair. For more, click here. More Headlines From The Week Valentine’s Day Gives Weed Brands A Loving Boost, With More Lucrative Years Ahead THC Chocolate To Eat Off Your Lover, And 7 Other Ganja Gift Ideas For Valentine’s Day High Tea Cannabis Partners With Tesla Portnoy Flips Sundial Growers For K Profit: ‘That’s How You Do It Boys’ Ikänik Farms: First Colombian Company To Export Psychoactive Cannabis Oil To Mexico Horizons Psychedelic Stock Index ETF, As Told By Its Fund Manager 5 Reasons Why C21 Investments Is Ready To Take On The Big Cannabis MSOs Avicanna Partners With Al Harrington To Promote Re+Play CBD Products Psychedelics Concierge ‘Zappy’ Says 2021 Is ‘The Year Of Plant Medicine’ See more from BenzingaClick here for options trades from BenzingaAurora Posts Q2 Earnings, Touts 562% Spike In ‘International Medical’ Cannabis Sales© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Forget bitcoin, card firms should embrace stablecoin payments - Gartner

Research house Gartner has poured cold water on Visa’s recent move to support bitcoin trading on its network, arguing that the real revolution in payments would see centralised financial companies support stablecoin transactions on blockchains.

Earlier this week Visa outlined plans for the first pilot of its new suite of crypto APIs, following other industry players such as PayPal and Square in embracing the digital currency movement.

Gartner analyst Avivah Litan says that the move is welcome, and increase the “technical rails between consumers, businesses and blockchains, and help prepare the transition to future payment infrastructure”.

However, in a blog, she also notes that it is “hardly a revolution”. Having centralised financial companies that earn revenues by charging transaction fees at the centre of crypto goes against the peer-to-peer ideals of blockchain payments.

“Potential users are left to wonder if, in the future, they will have to pay these centralised services additional transaction fees for moving cryptocurrency across peer-to-peer blockchain networks, defeating the promise of blockchain,” writes Litan.

Her answer to this problem is for card brands and other established players to provide the on and off ramps for payors and payees using stablecoins, without being involved in the actual payment that would occur on the blockchain.

This would mean Visa and its peers would not get a transaction fee but would make money from issuers and acquirers using services such as risk management, onboarding and protections for balances.

Concludes Litan: “The question remains: will these centralised financial services companies go forward in line with the spirit of blockchain peer to peer payments at the risk of cannibalizing their existing central-clearing house based-revenue streams? The answer will depend on whether or not these firms have any practical choice.”

How Mastercard’s crypto strategy is distinct from its new stablecoin plans

The crypto space lit up late Wednesday when news broke that Mastercard was expanding the scope of its digital currency support.

Mastercard said in a blog post that it was moving to enable its systems to facilitate payments in the form of stablecoins directly to merchants who choose to accept them. Such a service will complement Mastercard’s existing crypto card-focused offerings, through which consumers can spend their cryptocurrencies via an issuer’s card – though in the end, the transaction is settled outside of Mastercard and in the form of fiat currency like the U.S. dollar.

The payments firm’s chief financial officer, Sachin Mehra, discussed the expanded offerings during a virtual event hosted by Goldman Sachs on Wednesday, according to a published transcript obtained by The Block. But more broadly – and, perhaps, more importantly – Mehra provided a clear-cut break down of how Mastercard views what he termed “sub-categories” of digital currencies: cryptocurrencies, fiat-backed stablecoins and central bank digital currencies, or CBDCs.

Mehra called crypto “an asset class,” adding: “It’s not a payment vehicle as far as we’re concerned.” He spoke about Mastercard’s crypto card program and indicated that such efforts would continue and grow over time. “We’re seeing tremendous growth in that space,” said Mehra, saying later:

“So that’s kind of – and we’ve got numerous agreements in that regard, which are already in play. And we’ll continue to do more and more of those because people want to be able to use that asset class to make payments at the point of sale.”

On the subject of stablecoins, Mehra noted that “we have plans to enable those, regulation pending, across our network.”

Mehra continued:

“So in other words, the delivery of those stablecoins and to allow the settlement of those stablecoins with those merchants who wish to be settling in those stablecoins on a forward-going basis. So we are enabling our network to allow for that to happen yet this year.”

Lastly, Mehra discussed Mastercard’s work in the area of CBDCs, which is perhaps a bit more theoretical given that such currencies remain in their nascent stage. Yet payments firms big and small appear to be positioning themselves as possible service providers should they take off – PayPal being one of those, according to statements from the firm’s leadership – and it seems that Mastercard is no exception.

“We can bring the technology,” said Mehra. “We have – we’re the leader – one of the leaders in terms of the patents we have developed in terms of DLT. And how we can help [central banks] at the infrastructure level and/or the application and services level is something we remain engaged with on numerous [fronts] with several central banks.”

Mehra concluded his remarks by calling the broader crypto sphere “a space to keep an eye on.”

“I think it will ebb and flow depending on what the flavor of the day is as it relates to cryptos. We’ve seen run-ups in crypto prices in the past. But broadly speaking, the use of digital ledger technology is something we will remain focused on.”

One potential conclusion from Mehra’s comments is that whereas Mastercard is interested in capturing value around the interest in cryptocurrencies, the payments firm views stablecoins as worth the investments required to integrate them into its systems. And as for CBDCs, those remain on the horizon – albeit one that might one day constitute an entirely new business line.