Over the past two months, the SEC said it has suspended trading for five companies that claimed their operations were related to the marijuana industry.
As a result, the regulator issued an investor alert May 16 warning about possible scams involving marijuana-related investments, noting that fraudsters often exploit the latest growth industry to lure investors with the promise of high returns.
Nearly two weeks ago, the SEC said it suspended trading in Denver-based FusionPharm Inc., which claims to make a professional cultivation system for use by cannabis cultivators among others.
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