Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Repeal of Cole Memo Raises Concerns, Opportunities for Cannabis Industry

NetworkNewsWire Editorial Coverage


News provided by

NetworkNewsWire

18 Jan, 2018, 13:30 GMT

Share this article

Share toX

Share this article

Share toX

NEW YORK, January 18, 2018 /PRNewswire/ --

Shortly after cannabis enthusiasts and investors celebrated California's January 1, 2018, rollout of legal recreational marijuana sales to adults, the federal government reversed its course on marijuana policy, calling for tighter enforcement of marijuana laws. U.S. Attorney General Jeff Sessions rescinded the Cole Memorandum, a 2013 policy that offered some protections from federal prosecution for the cultivation, distribution and possession of cannabis in states where the highly regulated plant is legal (http://nnw.fm/7h5KR). Sessions' decision ushered in a deeper freeze to the banking dilemma facing cannabis retailers, who have found themselves relying primarily on cash transactions since cannabis remains illegal under federal law. Although the rollback of the Cole memo created serious questions and sent marijuana-related stocks lower, there continues to be positive movement in the cannabis industry as companies such as ChineseInvestors.com, Inc. (OTC: CIIX) (CIIX Profile), Overstock.com, Inc. (NASDAQ: OSTK), MGT Capital Investments, Inc. (OTC: MGTI), Riot Blockchain, Inc. (NASDAQ: RIOT), and Xunlei Limited (NASDAQ: XNET) invest their attention and resources on alternative financing options and the technology behind them.

Confusion = Opportunity 

Even amid what the media is describing as a potential future "crackdown" on marijuana-related business, the cannabis industry is expected to mushroom from $6.7 billion in 2016 to over $21 billion by 2021, according to Arcview Group research (http://nnw.fm/PL0e0). In rescinding the Cole Memo policy, Sessions said future prosecutions of businesses and individuals who sell cannabis in states where it has been legalized will be left up to individual U.S. attorneys (http://nnw.fm/E5rrP). Nearly 70 U.S. representatives of Congress wasted no time in proposing a spending bill amendment that would ensure protections for states that have legalized marijuana in spite of Sessions' decision. Representatives said the proposed provision is written to specifically respect the constitutional authority of states to regulate commerce within their own borders (http://nnw.fm/v1yAU).

Warren Wang, CEO and founder of ChineseInvestors.com (OTCQB: CIIX), said that even during a time of confusion in the broader cannabis industry there is opportunity if one knows where to look.

ChineseInvestors.com, a diverse educational and consulting company for the Chinese-speaking community in China and the United States with interests in the cannabinoid (CBD) market, recently announced it is spinning off two of its divisions to allow the company to focus on its new cryptocurrency division.

"We are excited to announce our intention to spin off CBD Biotechnology and ChineseHempOil.com, Inc., as we believe the existing business lines and the new acquisitions in China, secured by CEO (of CBD Biotechnology Co., Ltd.) Summer Yun, will allow these entities to continue to grow in their respective markets, while bringing new value to the company's existing shareholders," Wang said in a December news release (http://nnw.fm/Yp1aN).

Cryptocurrency Options 

The company recently announced an agreement with Blockchain BTM, LLC, to host a Bitcoin ATM in the lobby of its headquarters in San Gabriel, Calif. (http://nnw.fm/Vb6wQ). The Bitcoin ATM allows cryptocurrency enthusiasts to purchase up to $7,000 worth of Bitcoin daily. The company plans to expand this service in other Chinese communities located throughout the United States, in addition to providing onsite customer service representatives able to help customers with using the Bitcoin ATM. The machine offers translation into five languages including traditional and simplified Chinese, English, Spanish, French and Korean.

In the same announcement, CIIX unveiled its new cryptocurrency education and information services, including the first Chinese Daily Video Newscast, Bitcoin Multimillionaire, broadcast from the NYSE and covering cryptocurrency and blockchain technology. In November the company launched a free bitcoin news and education website in the Chinese language under the domain name newcoins168.com to serve Chinese cryptocurrency investors globally (http://nnw.fm/Vb6wQ).

"In addition to providing skilled investors with news about digital currency, ChineseInvestors.com, Inc., hopes to satisfy the average person's curiosity about cryptocurrency, including how to purchase Bitcoin," Wang said in announcing the company's strategy. "Moreover, the underlying blockchain technology is extremely compelling and we expect to see many interesting developments in this area. Bitcoin ATMs are just one example of how this area is moving forward. We are excited to make this service available to the Chinese community."

Viable Alternatives 

Bitcoin and other cryptocurrencies are seen as viable alternatives to conventional banking for the cannabis industry. Adopting this method of payment could provide a safer alternative to dealing solely in cash when conducting a transaction at a medical marijuana dispensary or retail establishment (http://nnw.fm/cMs5P). Cryptocurrencies are supported through blockchain technology, an encrypted digital ledger used to record financial and informational transactions. Wang, who remains bullish on the future of bitcoin and other cryptocurrencies, emphasized during a recent interview (http://nnw.fm/lGJ4G) that the Chinese-speaking community worldwide is eager to learn more about buying and managing digital currencies, despite China's ban on trading cryptocurrencies on a regulated exchange.

In an interview with the Bad Crypto Podcast (http://nnw.fm/oO7WI), Wang said the Chinese investor is an important target for cryptocurrency entrepreneurs.

"The Chinese investor is an advocate of gambling," he explained. "Most today trade Bitcoin and other cryptocurrencies on the offline market. The Chinese-speaking people within China and also in North America - the U.S. and Canada - are excited about Bitcoin."

Legalization of recreational marijuana for adults is inching closer in Canada with an expected July 1, 2018, opening date. Blockchain technology, the underpinning strength of cryptocurrencies like bitcoin and Ethereum, is quickly being touted as the financial security tool of the future for the cannabis industry, its producers, growers, labs, specialists and dispensaries (http://nnw.fm/1OY0z). Industry giant IBM is also reporting that blockchain technology could provide "an irrefutable chain of custody" for cannabis - from its infancy as a seed to final production and sale of the plant's various forms (http://nnw.fm/6qH4i).

Blockchain Believers 

Among other companies developing opportunities in the blockchain sector, Overstock.com (NASDAQ: OSTK) solidified its goal of bringing greater transparency and efficiency to capital markets by launching an initial coin offering (ICO), cryptocurrency's version of a stock initial public offering (IPO), in December through its exchange operator, tZERO. The "pre-sale" phase targeting strategic purchasers began Dec. 18 and a "subsequent sale period" phase seeking agreements with other accredited investors is scheduled to begin Jan. 18 (http://nnw.fm/rOJa6). Overstock is the third most active corporate blockchain investor worldwide.

MGT Capital Investments (OTCQB: MGTI), with facilities in Washington state and Sweden, ranks as one of the largest global bitcoin miners. The company is also deeply invested in cybersecurity technologies for mobile and corporate applications. The company announced agreements in December to secure "reliable and adequate" electrical power in Sweden to begin bit mining operations there by the end of January. Stephen Schaeffer, president of the company's Crypto-Capital Strategies business unit, said the company is "exploring cost-efficient locations for hosting and electricity on a global basis" (http://nnw.fm/4UwVJ).

Riot Blockchain (NASDAQ: RIOT), a strategic investor and operator in blockchain technology, focusing primarily on bitcoin and Ethereum blockchains, has its own bitcoin mining operation. Its portfolio includes investments in cryptocurrency accounting and audit technology services, a Canadian exchange for digital currencies and a telecom industry escrow service based on the blockchain. Riot recently announced it has established Digital Green Energy Corp. as a wholly owned subsidiary to explore international infrastructure opportunities. The company is identifying environmentally friendly projects with large energy capacity and a cost-efficient rate for cryptocurrency mining and data center operations, according to a news release (http://nnw.fm/2FH1p).

Based in China, Xunlei Ltd. (NASDAQ: XNET) is an online advertising service provider that also provides downloading services and online game platforms for game developers and users. Its products and services include Xunlei accelerator and cloud acceleration subscription services, in addition to providing mobile device applications. Onething Technologies Co., a subsidiary of Xunlei Ltd., recently brought its OneThing Cloud technology that integrates "crowd sourced computing + blockchain" to the Consumer Electronics Show (CES) in Las Vegas. OneThing Cloud is a smart device that can collect idle computing resources including bandwidth and storage from users who are then rewarded with a form of digital asset called LinkToken (http://nnw.fm/wf87Z).

Blockchain technology is being touted as one of the single most important advancements in the securities and financial sectors. Cannabis-related business owners, along with other ancillary retail industry sectors, are paying close attention to the progress being made by companies leading the way in today's fluid environment as the public and politicians grapple with marijuana's next chapter.

For more information on ChineseInvestors.com, please visit: ChineseInvestors.com (CIIX)

About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.


Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. The commentary, views and opinions expressed in this release by NNW are solely those of NNW. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW for any investment decisions by their readers or subscribers. NNW is a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.

NNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and NNW undertakes no obligation to update such statements.

 NetworkNewsWire (NNW) is affiliated with the Investor Brand Network (IBN).

About IBN
Over the past 10+ years we have consistently introduced new network brands, each specifically designed to fulfil the unique needs of our growing client base and services. Today, we continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.

Please feel free to visit the Investor Brand Network (IBN) http://www.InvestorBrandNetwork.com

Corporate Communications Contact:
NetworkNewsWire (NNW)
New York, New York

http://www.NetworkNewsWire.com    
+212-418-1217 Office
Editor@NetworkNewsWire.com    

Media Contact:
FN Media Group, LLC
NNW@FinancialNewsMedia.com  
+1-(954)345-0611

Modal title

Also from this source

Near-Term Production Assets Gain Traction amid Historic Gold Price Surge

Near-Term Production Assets Gain Traction amid Historic Gold Price Surge

Gold's remarkable surge — driven by an unstable U.S. fiscal policy and rising inflation — has propelled prices beyond the historic US$3,300 per ounce ...

From Exploration to Execution: New Gold Player Emerges in One of Canada's Premier Mining Districts

From Exploration to Execution: New Gold Player Emerges in One of Canada's Premier Mining Districts

Gold's meteoric rally, fueled by waning confidence in U.S. fiscal policy and soaring inflation, has not only pushed prices past the historic US$3,300 ...

More Releases From This Source

Explore

Health Care & Hospitals

Health Care & Hospitals

Medical Pharmaceuticals

Medical Pharmaceuticals

Pharmaceuticals

Pharmaceuticals

Investments Opinions

Investments Opinions

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.