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Daily CryptoCann Report: Coinbase opens its crypto index fund; Michigan cracks down on dispensary names

Medical marijuana shops in Michigan risk their license if they refer to themselves as a dispensary
Dispensary sign
Michigan marijuana businesses cannot use the words dispensary, apothecary, pharmacy or drugstore

The Crypto Report

All of the top five coins were in the red today. Ripple (XRP-USD) was the biggest decliner, falling nearly 8% to US$0.51. Bitcoin (BTC-USD) hit a four-month low, down more than 4% to US$6,269.77.

Crypto exchange Coinbase has opened its cryptocurrency index fund to investors, setting its sights on institutional investors. The fund is open to accredited investors in the US looking to invest between US$250,000 and US$20mln, according to its blog post.

Coinbase CEO Brian Armstrong pitched the fund to investors on Twitter, touting its broad range of crypto assets and low rates.

Last month, the company introduced four new products on an exclusive platform called Coinbase Prime to help investors transition from traditional markets. Coinbase said it is looking to launch more funds that will be accessible to all investors.

The platform recently acquired securities dealer Keystone Capital Corp as it heads down the path to becoming an SEC-regulated broker-dealer.

The Cann Report

Medical marijuana establishments in Michigan will have to be careful what they call themselves after the state licensing board banned the use of 16 words and phrases, according to a report by Marijuana Business Daily. Businesses cannot refer to themselves as a dispensary, apothecary, pharmacy or drugstore.

Those that do risk violating the Michigan Public Health Code, which restricts the use of those words to specific persons. Michigan also spells it “marihuana” after the word appeared without the letter J in an early statute and would need to change the law to change the spelling.

Aurora Cannabis Inc (TSX:ACB, OTCQB:ACBFF) announced that it will complete a C$7mln investment into cannabis retailer Choom Holdings Inc (OTCQB:CHOOF). Aurora will receive more than 9.8 million common shares priced at C$0.71 per share, adding up to an 8% ownership interest. Choom has the rights to 17 retail leases in Alberta, seven leases in British Columbia and is looking to move into the Saskatchewan market. Shares of Aurora were up around 2.7% to C$9.10.



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