SEC Suspends Trading of Cannabis Stock

The U.S. Securities and Exchange Commission has temporarily halted trading of a cannabis company’s stock over concerns that “undisclosed affiliates and shareholders” unlawfully distributed shares.

Advanced Cannabis Solutions – which trades on the over-the-counter market under the symbol CANN – has been suspended until April 9 as the SEC investigates the issue.

The company said it was not aware that the SEC had any concerns before the stock was halted, indicating that the matter could involve trading by individual investors who own a large number of shares but do not actually work at Advanced Cannabis Solutions.

“No one at the SEC contacted the company or any of its officers or directors regarding whatever questions they had regarding this matter,” Advanced Cannabis Solutions said in a press release. “All of the shares owned by the company’s officers and directors are restricted and have not traded in the public market.”

Alan Brochstein, a Chartered Financial Analyst who runs a cannabis-focused stock website for investors and has written a column for Marijuana Business Daily, said Advanced Cannabis Solutions is one of the most promising publicly traded companies in the industry. He believes the issue likely involves an outside investor rather than an executive of the company.

The company’s stock traded at $29.99 before it was suspended.

Colorado-based Advanced Cannabis Solutions provides real estate and consulting services to the marijuana industry but does not actually touch the plant.

5 comments on “SEC Suspends Trading of Cannabis Stock
  1. Bill Middlebrook on

    Wake up people….we are in a politcal battle for our fundamental rights as citizens of this country…this is one more step of the Pax Romana/Right Wing contingent who want you all to be good born again christians and sheeple working for large corporations…it’s obvious the populous and free press see what’s going on. Something of little to no harm, with great potential social good is being denied to you in the name of subjegation….do they want you to make your own choices or live according to their power tripping, non-productive (except for executives working for large corporations) legislation….Look at Wally Herger for example….every bit of legislation he produced for years were related to tax breaks for special interests living in his district. Not one piece of legislation was in support of us ordinary people. Look up your senator’s and representatives voting record and bill’s they have worked on….that should clearly illustrate to you that they are working for special interests (institutions like churches, big corporations, etc.)….and what benefited you, the people on that tally sheet listing all bills/votes?

    Reply
  2. EatCBD on

    Alan Brochestein is a “financial analyst” with little credibility in the green rush stock community. He has pushed stocks that crash and bashed stocks that are doing well. No credibility there from our and many others view.

    Reply
  3. Doc on

    MJNA has had excellent gains the past three months, recent consolidation, excellent entry point, and a positive quarterly report. Sales have dramatically increased and the current quarter once released will be huge from our view.

    PMCM is another company that now owns a legal grow and retail facility in Washington state! They also own a ton of top 40 song rights, contracts with musicians, etc.

    ERBB is a company working hard in the green rush selling the equipment needed for growing and sales. ERBB is set to be the next Medbox and be catapulted into many dollars per share as a result. Huge demand and placement of their machines begins this month!

    Major money to be made in the green rush stock market! Just know what you are choosing and be wary of bashers, bloggers writing “articles”, etc. The truth is in the products, companies, and accomplishments! Read the PR’s! Major growth now and ahead!

    Reply
  4. quota617 on

    I found that the hemp (Otc) or thcz. Is a good company also Cy.. gbhpf last 6 months been excellent… green horn to the stock rush. But just wanted to add my 2 cents..

    Reply

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