THELOGICALINDIAN - A Hong Kongbased blockchain advance close is planning to booty up a position in the cannabis bazaar as a way of diversifying its Bitcoin advance portfolio
Diversifying with Cannabis
According to the South China Morning Post (SCMP), the Hong Kong-listed Grandshores Technology affairs to booty up investment positions in cannabis stocks. This move comes as allotment of the company’s efforts to alter its advance backing which ahead focused on the cryptocurrency and blockchain market.
On Monday (April 29, 2019), the aggregation filed with the Hong Kong Stock Exchange (HKEX) a cooperation acceding with the Heilongjiang hemp analysis institute. The acceding sees both companies developing assorted varieties of alleviative hemp strains.
Explaining the accent of the partnership, Yao Yongjie, the co-chairman of Grandshores Technology, said:
Another HKEX filing shows Grandshores is additionally attractive to access a 40 percent disinterestedness pale in Hangzhou Yupu Trading – a hemp trading company. Hangzhou Yupu Trading has a one-year, 1,600kg allocation for a specialized hemp bulb from the Heilongjiang hemp analysis institute.
According to Yao, the aggregation is austere about its attack into cannabis. Yao says by 2024, the aggregation will adjudge on whether to focus best of its assets on the hemp industry rather than cryptocurrency advance positions.
The Intersection of Bitcoin, Blockchain, and Cannabis
Yao believes that 2020 will mark a watershed year for cannabis investment as the arising asset chic begins to mature. Bitcoin captivated off an 80 percent bead in 2018 and has connected to acquaintance abiding assets so far in 2019.
Commenting on the affairs of both markets, the Grandshores Technology arch opined:
However, like the crypto market, the cannabis arena is still grappling with a check of apart regulations and government apathy. Several projects accept appear up in the aftermost few years aggravating to revolutionize the industry with bound success appropriately far.
As ahead appear by Bitcoinist, Paragon – a cannabis startup absent 96 percent of its post-ICO bazaar capitalization.
Do you anticipate cannabis is a acceptable diversifier for firms with cryptocurrency advance portfolios? Let us apperceive your thoughts in the comments below.
Images via Bitcoinist archives, Shutterstock
