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New York First, Karachi Second In Cannabis Consumption

New york first, karachi second in cannabis consumption

New York First, Karachi Second In Cannabis Consumption

Karachi toke

According to the Weed Index, 2018 Cannabis Price Index report, Karachi Pakistan remains the second largest consumer of cannabis (toke), among the 120 cities studied by ABCD, an Israeli company which sells devices for at-home marijuana growth.

The use of marijuana in Pakistan is illegal, but that has done little to reduce the recreational use of the plant. A 2013 article by PRI details the drug enforcement in Pakistan:

Technically, selling any drugs in Pakistan can lead to life in prison, though in rare cases tribal leaders have called for drug trafficker’s public execution. In Karachi, however, such sentences are rare. Though the country’s bumbling police often enforce laws for harder drugs, they typically overlook hash. Cannabis is indigenous to South Asia, and inhabitants of the remote, unruly mountainous regions cultivate it widely; towering green plants with fragrant buds the size of fat cucumbers waft in the autumn breeze.

Marijuana Use Around The World

Despite having the second highest consumption rate among the cities apart of the ABCD study, Karachi falls way short of the level of toking done in New York, New York. The Big Apple consumed 77.44 metric tons of herb in 2018, compared to the 41.95 in Karachi. New Delhi, India came in an impressive third with 38.26 metric tons of weed consumption last year. Despite having the most headshops worldwide (156) Los Angeles, California came in fourth with 36.06.

Inside The Study

ABCD provides insight into the study:

ABCD, a data-driven media campaign outlet, has released new data which reveals the number of marijuana head and growshops in 120 cities around the world. This research, which builds on the 2018 Cannabis Price Index released earlier this year, reveals which locations around the world are ready to embrace cannabis legalisation [sic]. The aim of the study is to illustrate the continuous need for legislative reform on cannabis use around the world, and to determine if there are any lessons to be learned from those cities at the forefront of marijuana legalization.

“ABCD decided to conduct the extra research in order to to [sic]further the discussion around the medical and recreational use of cannabis, and the potential industry and business opportunities that would follow legalisation [sic],” the report continues. “By identifying the number of headshops as well as growshops, this study serves as an indicator to a city’s existing cannabis infrastructure and willingness to accept such reform on a larger scale.”

The study definitely shows if marijuana reform was conducted on a global scale, there would be a booming weed business. The only concern would be not allowing multinational corporations to monopolize the industry, squeezing out small growers and artificially setting unreasonable prices.

The post New York First, Karachi Second In Cannabis Consumption appeared first on ValueWalk.

Published at Wed, 09 Jan 2019 04:03:48 +0000

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Bitcoin Plummets $600 Following Volatile Thursday Trading

bitcoin’s price suffered more losses on Friday following Thursday’s drop and subsequent rebound, plummeting 25% in a single day.


While it appeared that bitcoin had regained its historic upward momentum following Thursday’s $500 drop, Friday proved even more turbulent as prices dived $600 from $2.5k towards $1.9k. As of Saturday afternoon, bitcoin’s price appears to have stabilized around $2.1k.

Bitcoin price chart

What Goes Up, Must Come Down

bitcoin’s price drop follows a week of unprecedented growth, in which it climbed from $2000 to an all-time high of $2800. Many claimed that a correction was overdue and that bitcoin is back on its way towards $3,000.

Others have issued dire warnings of a bitcoin bubble that may just now be popping. Older investors can still recall the sting of bitcoin’s infamous 2013 crash (and subsequent destruction of the Mt. Gox exchange), and are wary of repeating the same mistakes. bitcoin’s price also has a repeatable history of spiking suddenly before crashing to a higher, more stable level.

Friday, Bloody Friday

Traders have historically used Fridays to sell off securities or place shorts, anticipating a price drop come Monday morning due to what has been called the “weekend effect“. The upcoming long weekend combined with Thursday’s high volatility likely fueled a large sell-off in the cryptocurrency market. bitcoin’s influx of new investors following its price increases may have also spurred a panic sell.

You Bought the Ticket, Now Ride the Coaster

Experienced traders have continuously warned new investors about bitcoin’s notorious volatility. In a Reddit thread chastising those who bought at the top on FOMO (“fear of missing out”), one Reddit user had some choice words to share:

Now here’s the question: did you buy bitcoin just because it was worth a certain amount of dollars, or did you buy it to hold a piece of the action? This is a piece of the action. Roller coaster to the moon has its ups and downs.” – zomgitsduke

Another thread was created by a user claiming to have dumped $45k into BTC at its top. He intends to exercise discipline and hold:

“Genuinely don’t give a s— that the price has corrected/crashed/whatever you want to call it. It’ll be back sooner or later. bitcoin is long term. Don’t weep.” – thesilentwitness

bitcoin To The Moon

Despite these recent setbacks, many are still confident that bitcoin’s run isn’t over yet. The market appears to remain Bullish as traders look to buy in on the massive price dip.

Do you think bitcoin is headed back up? Or do you think that the bitcoin bubble has finally burst? Tell us in the comments below!


Images courtesy of WorldCoinIndex, Shutterstock

The post Bitcoin Plummets $600 Following Volatile Thursday Trading appeared first on Bitcoinist.com.