Publicly Traded Marijuana Companies: Buyer Buzzkill
In Spring 2014, the Securities and Exchange Commission suspended trading in several publicly traded marijuana companies, including FusionPharm, Inc., Cannabusiness Group, Inc., GrowLife, Inc., Advanced Cannabis Solutions, Inc., and Petrotech Oil and Gas, Inc. In addition to those suspensions, the SEC issued a warning regarding investments in publicly traded marijuana-related stocks. Though we have no opinions about these specific marijuana companies, we do have an opinion regarding publicly traded pot stocks in general: BE CAREFUL.
According to the SEC, it “suspended trading in these companies because of questions regarding the accuracy of publicly-available information about these companies’ operations. For two of the companies, the trading suspensions were also based on potential illegal activity (unlawful sales of securities and market manipulation).” The SEC actually filed federal charges for market manipulation against four of GrowLife’s promoters and a securities fraud class action lawsuit by GrowLife investors followed soon...
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