This morning the SEC suspended trading in former oil and gas stock and current me-too marijuana stock Petrotech Oil & Gas (PTOG). PTOG entered the marijuana business and put out a press release about that on February 19. PTOG has also been the subject of numerous email promotional campaigns since last May and continuing to this morning. Here is the disclaimer of one promoter that touted PTOG this morning at 7:53am:
AwesomeStocks.com is a web property owned by Empire Investment Group Ltd. AwesomeStocks.com has been compensated up to $10,000 for this profile of PTOG by a third party. .
The suspension of PTOG scared many traders of marijuana stocks and caused gaps down in TRTC and GRNH. Many traders I know were long PTOG overnight because of its strong close yesterday. PTOG will reopen for trading at market open on March 28th.
This is now the second suspension of a marijuana stock, following last week’s AVNE trading suspension. If this continues then the marijuana hype should die down.
The Commission temporarily suspended trading in the securities of PTOG because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the company’s operations.
The Commission acknowledges FINRA’s assistance in this matter.