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Daily CryptoCann Report: Mosque to accept crypto alms for Ramadan; Oregon’s retail marijuana price slashed in half

The Shacklewell Lane Mosque in London will begin accepting crypto donations
Ramadan lantern
The mosque collaborated with Combo Innovations to accept crypto donations

It was a rough start to the week for cryptocurrency with the top five coins all in the red.

Bitcoin Cash (BCH-USD) was the top decliner, falling more than 5% to US$1,222.44.

EOS (EOS-USD) was down nearly 5% to US$13.27 while Ripple (XRP-USD) was down nearly 4% to US$0.67.

Ethereum (ETH-USD) fell more than 2% to US$696.12 while Bitcoin was at US$8,413.10, down less than 2%.

A London mosque will begin accepting cryptocurrency for alms-giving during Ramadan. Shacklewell Lane Mosque partnered with Combo Innovations founder Gurmit Singh to begin the process of accepting crypto donations, according to a CCN report. The use of currencies not backed by commodities like gold and silver go against the Muslim faith, leaving Islamic scholars to debate the validity of cryptocurrency.

Shares of Riot Blockchain Inc (NASDAQ: RIOT) are falling after revealing that the Securities and Exchange Commission subpoena it received in April was part of a formal investigation. The SEC is looking into the company’s “business and affairs and accounting treatment of its cryptocurrency," according to the quarterly report. The company said that it will cooperate with the SEC’s request. Shares of the Colorado-based company were down more than 8% to US$8.27.

Oregon’s marijuana retail price is falling fast. Since legalizing recreational cannabis in 2015, the supply has flooded the market. A report by the Oregon Office of Economic Analysis found that the retail price for a gram of marijuana has fallen by half since 2015, from US$14 to US$7. Economists fear the same future for Canada as the country moves closer to legalization.

READ: Callitas Health bolsters cannabis products business by hiring industry expert as advisor

Clinical-stage pharma company Callitas Health Inc (CSE:LILY, OTCQB:MPHMF) welcomed Dr. Gregory Smith as its chief medical cannabis advisor. Dr. Smith began training on how to use medical cannabis back in 2000 and is the editor-in-chief of Cannabis-MD. Shares of the Cincinnati-based company were down nearly 9% to US$0.14.

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