A Hong Kong-based blockchain investment firm is planning to take up a position in the cannabis market as a way of diversifying its Bitcoin investment portfolio.
Diversifying with Cannabis
According to the South China Morning Post (SCMP), the Hong Kong-listed Grandshores Technology plans to take up investment positions in cannabis stocks. This move comes as part of the company’s efforts to diversify its investment holdings which previously focused on the cryptocurrency and blockchain market.
On Monday (April 29, 2019), the company filed with the Hong Kong Stock Exchange (HKEX) a cooperation agreement with the Heilongjiang hemp research institute. The agreement sees both companies developing multiple varieties of medicinal hemp strains.
Explaining the importance of the partnership, Yao Yongjie, the co-chairman of Grandshores Technology, said:
Through our partnership with Heilongjiang hemp research institute, we have gained an advantage in accessing high-quality cannabis seeds, with high levels of CBD. We want to be a key…