SEC Suspends trading in fourth (and largest so far) pot stock $CANN Advanced Cannabis Solutions

This morning in premarket the SEC suspended trading in Advanced Cannabis Solutions (CANN). CANN joins CDFTPTOG, and AVNE on the list of marijuana stocks that have been suspended by the SEC over the last month. PTOG reopens for trading tomorrow at the open.

SEC suspension press release
SEC suspension order

Unlike the other marijuana stocks that were suspended for questions over adequacy of disclosures, the SEC suspended trading in CANN because of alleged illegal sales of restricted shares. From the press release:

 

There are questions regarding whether certain undisclosed affiliates and shareholders of Advanced
Cannabis common stock engaged in an unlawful public distribution of securities. Advanced
Cannabis common stock is dually-quoted on the OTC Bulletin Board and OTC Link.

Trading in CANN will resume at the market open on April 10th, 2014.

cann

Disclaimer: No position in any stock mentioned above. I have no relationship with any parties mentioned above. This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.

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