With the release of the Q2 revenue report, it’s is clear that Canopy Growth Corporation is leading the way. (TSX: WEED) (NYSE: CGC) beat the consensus estimates marginally, reporting sales of C$25.9 million (+63%), with gains driven by exports to Germany in part. CannTrust (TSX: TRST) reported Q2 sales growth of 99%, also slightly ahead of analyst estimates. Cronos Group Q2 sales grew 428%.
Global Cannabis Stock Index & Canadian Cannabis LP Index responded positively with the release of the Q2 revenue reports, despite the recent pullback experience in August 11th 2018.
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Huobi Group, a major cryptocurrency trading and services with a global presence, announced the launch of a cryptocurrency trading for institutional clients.
According to the official press release, the institutional trading service will be “an exclusive channel for institutions to ensure the safe, compliant and rapid deposit-withdrawal of high-value assets”. The launch will be rolled out gradually. In the first phase, Huobi will offer limited services to 100 institutional clients and ten deposit-withdrawal deals on a first come, first serve basis.
The institutional trading service will include several features. The exclusive channel will provide the safe, compliant and rapid withdrawal and deposit of high-value assets for institutions. The multitasking feature will support multiple trading positions and strategies with up to 1000 sub-accounts, while the customized limit will let clients set their own withdrawal and loan limits. The Huobi institutional service will also provide exclusive on-call support service, access to industry analyses by Huobi Research and reports on investment strategies by Huobi Quant Academy. (Cryptovest.com)
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Trouble in paradise?
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Newly leaked public information reveals that, in its pre-IPO presentation to investors, Bitmain provided insight into its cryptocurrency holdings, which shows that Bitmain unloaded most of its bitcoin (BTC) to accumulate bitcoin cash (BCH) in its stead. In a snapshot of a slide from the original presentation, the leftmost column titled “Digital quantity of money” shows Bitmain’s bitcoin supply decreased from 71,560 BTC to 22,082 from December 2016 to Q1 2018. Over the same period, its BCH holding increased to over 1 million coins.
Samson Mow, CSO of Blockstream, pointed out that Bitmain has incurred half a billion dollars in losses through its BCH holdings over the last three months alone. Scrutinizing the company further, Mow pointed out that Bitmain chose not to disclose financial data for its Q2 inventory in 2018. The tweet by Mow brings to light that Bitmain reported $1.24 billion in inventory for Q1 2018, while it has not mentioned any numbers for Q2 despite already being well into Q3, raising speculation that Q2 was omitted because the company may have realized a loss between $600-700 million.
Now, there is some speculation as to the motives behind Bitmain’s IPO, including suggestions that they may be providing a way for Bitmain to right the ship by offloading onto retail investors. Since Bitmain’s value was derived from its speculative business strategies, its IPO may be a way to sell part of its company at the high valuation they earned during the bull market, Crypto Herpes Cat suggests.
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