SEC suspends trading of Colorado Springs cannabis company's stock

By: david migoya The Denver Post
April 1, 2014 Updated: April 1, 2014 at 3:00 pm

Executives at Advanced Cannabis Solutions on Tuesday described the recent temporary suspension of trading on the Colorado Springs' company's stock as an "enormous inconvenience," but were optimistic trading will resume.

Last week's stop-trade order by the U.S. Securities and Exchange Commission comes just three months after the start-up landed up to $30 million in credit to help acquire properties to be leased to marijuana growers, which shot its stock up by 466 percent.

The SEC issued the order following questions over "whether certain undisclosed affiliates and shareholders (of ACS stock) engaged in unlawful distribution of securities" on the Over-the-Counter Bulletin Board and OTC Link.

The order is scheduled to be lifted April 9, the SEC said in a statement.


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