SEC Suspends Trading of Advanced Cannabis Solutions


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OTC:BB:CANN / PK:FITX / PK:HEMP / OTC:BB:PMCM
03/31/2014 [ACCESSWIRE]

On Mar. 27, the Security and Exchange Commission (SEC) suspended trading on Advanced Cannabis Solutions (OTCQB: CANN).

Here is the SEC's statement on its action:

"It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Advanced Cannabis Solutions, Inc. ("Advanced Cannabis"), a Colorado corporation headquartered in Colorado Springs, Colorado. 

Advanced Cannabis is dually-quoted under the stock symbol "CANN" on the Over-the-Counter Bulletin Board ("OTC BB") and OTC Link. There are questions regarding whether certain undisclosed affiliates and shareholders of Advanced Cannabis common stock engaged in an unlawful distribution of securities through the OTC BB and OTC Link.

The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.

Therefore, it is ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended from the period 9:30 a.m. EDT, March 27, 2014, through 11:59 p.m. EDT, on April 9, 2014."

By the Commission.

Jill M. Peterson

Assistant Secretary

Advanced Cannabis Solutions’ Response

"No one at the SEC contacted the Company or any of its officers or directors regarding whatever questions they had regarding this matter," Advance Cannabis Solutions, stated, responding to the suspension.  "All of the shares owned by the company's officers and directors are restricted and have not traded in the public market," it added, in the Mar. 27 press release.

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Up until now Advanced Cannabis Solutions stock had been on an upward trend, being fueled by a spate of positive news coming from the company along with its solid business plan backed by real estate investments.

On Feb. 20, Advanced Cannabis Solutions said it has signed an agreement to provide comprehensive consulting services to a significant investor group in Canada. This group is involved in the start-up and operation of a large cannabis production operation serving the Canadian medical marijuana marketplace. The contract has a minimum duration of six months and a potential value in the low six figures.

In addition, the company that is headquartered in the middle of one of the first, vibrant legal-marijuana marketplaces in the country has recently been approved for a major line of credit.

These two elements are essential for Advanced Cannabis Solutions to be able to build and equip the facilities it wants to rent to cannabis growers.

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Creative Edge Nutrition Secures $20 Million in New Private Financing

In other news, Creative Edge Nutrition Inc.'s (OTCPINK: FITX) share price continues to trend downward for seven days.

The downward trend continues despite the Madison Heights, Mich.-based nutrition company's Mar. 21 announcement that it has secured and received $20 million in private funding for the build-out of its future Medical Cannabis facility in Lakeshore, Ontario, Canada.

On Mar. 7, Creative Edge Nutrition said that it had acquired the assets of the global holdings of Hemp Technologies Ltd. with operations in New Zealand, Canada and the United States among other countries for an undisclosed amount. 

Hemp Technologies Ltd. is a vertically integrated hemp company that grows, processes and sells its hemp directly to the consumer and for industrial processing. In addition, it is instrumental in hemp home building and building materials, hemp spirits and food, and hemp pharmaceutical and dietary supplements.

In Place to Purchase Pharmacy License 

These are just the latest positive news being reported by the company.

On Feb. 26, news of a partnership agreement between Creative Edge and RXNB Inc. for the first right of purchase of a pharmacy license in the State of Michigan was also announced.

Under the agreement, CEN Biotech Inc. is positioned to establish a gateway for distribution of naturally occurring pharmaceuticals in acknowledgement of Michigan Senate Bill 0660.

Canadian Medical Marijuana Venture

On Jan. 9, Creative Edge also inched closer to approval by complying with the Canadian government’s regulations on tracking 1.3 million pounds of medical marijuana annually. The medical marijuana is to be distributed by Creative Edge’s wholly owned subsidiary CEN Biotech.

Creative Edge cleared this obstacle by using a new state-of-the-art M3Hub Seed-to-Sale tracking platform, which meets and exceeds Health Canada's tracking compliance regulations. This news comes less than two months after Creative Edge broke ground on its new 58,000-square-foot future Medical Marijuana distribution center, which will be attached to the company’s current 26,400-square-foot facility.

On Mar. 27 FITX shares closed at 0.0823 cents down 0.0049 from its closing price the previous day of 0.0872, on volume of 48,124,359 shares.

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Hemp Inc. Adding Over 50 New Products to Its Online Marketplace  

Meanwhile, Hemp Inc. (OTCPINK: HEMP) announced Mar. 27 that its wholly-owned subsidiary, Hemp Life Today, LLC, is adding over 50 new products to its online marketplace through a recently announced partnership with Hemp.

The new products fall into five separate categories and will be available in the "Hemp Marketplace" section of the company's website, HempLifeToday.com. The company has begun adding these new products to its site and expects to have all 50 available for purchase within the next 10 - 14 days. Additionally, Hemp Life Today plans to significantly increase the number of hemp products available on its site through the partnership with Hemp, Inc. in the coming months.

This is just the latest in a bevy of announcements company from Las Vegas-based company.

On Mar. 25, Hemp announced that it has acquired interest in the alternative energy company, Liberated Energy Inc. (OTC: LIBE), by way of a signed consultant agreement.

Solid Strategy

This is yet another move by HEMP through a subsidiary that certainly strengthens its position in the marketplace. It also filled a much needed gap in its vertical offerings. While it’s too soon to measure how this will affect HEMP’s overall revenue, it is a positive move.

 Mar. 27, HEMP's share price closed at 10 cents, unchanged from yesterday’s close, on volume of 11,374,867 shares.

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Primco Management Volume Continues to Soar

Finally, Primco Management Inc. (OTCQB: PMCM) share volume continued to skyrocket through the Mar. 27, with 899,910,137 shares changing hands, substantially higher than  its three-month average volume of 522,277,810 shares.

The continued surge in volume is being sustained in part by several major announcements made by the Century City, Calif.-based multi-media and real estate development company with the latest one coming March 24.

The company announced it has commenced audits on both its Top Sail and D&B acquisitions, and that there will be no increase in the number of authorized shares until the audits and amended filing have been declared effective.

Delays Increase in Shares

"Based on conversations with our attorneys, it is possible that there will be no share increase for 90 days," stated Primco's CEO David Michery. "In the meantime, this delay is a blessing to our shareholders as we are in the midst of negotiating the settlement of all of our convertible debt and, consequently, the preservation of our share price. We have already entered into agreements with equity investors and have begun the process of improving the balance sheet," he added

On Mar. 19 Primco announced it had acquired Seattle-based Suzie Q's, a medical marijuana collective fully licensed by the City of Seattle.

Suzie Q's has been in operation for more than four years and serves over 1,500 patients. The agreement calls for the purchase of 100% of the assets of the co-op as well as the purchase and transfer of a Tier I Production License granted by the Washington State Liquor Board.

"The acquisition of Suzie Q's, one of the first fully licensed facilities in Seattle, gives us a base of operations which tie in perfectly with our plans in nearby Vancouver," stated Primco’s CEO David Michery.

"Once we complete the acquisition of Suzie Q's, we believe that we can significantly increase the current revenue stream over the next few months. Primco is in the early stages of establishing a massive marketing campaign to launch our new brand. By delivering the highest quality medicine at competitive levels, the Suzie Q's brand will grow to become one of the most trusted names in medical cannabis," he added. 

Putting the Pieces Together

This is just the latest move by Primco to enlarge its footprint in the medical marijuana industry.

The company entered into a joint venture with British Columbia-based CanMed Ventures on Feb. 24 to build and operate a 30,000-square-foot cultivation facility for the production of medical marijuana.

Primco said it expects to be fully licensed within 6 months and generating first-year revenues exceeding $20 million.

This is just Primco Management's latest move to develop various properties in order to lease them to companies growing or selling legal marijuana.

Also Acquiring Property in Los Angeles

On Feb. 12 the company said it also planned to initially acquire property in the greater Los Angeles area with subsequent plans to extend its operations to Western states where medical marijuana is permitted by state law. The leased facilities will meet all zoning and licensing requirements for the ongoing, legal dispensing of medical cannabis. Primco will not engage in the cultivation or sale of medical cannabis or any of its byproducts.

On Mar. 27, PMCM's share price closed at 0.005 cents, down 0 0.0013 cents, from its close of 0.0053 cents the previous day.  

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