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There are many wonderful things about the cannabis industry — creation of new jobs, legal access to medicine, and reduction of drug war harms, to name a few. Every rose has its thorn though, and the cannabis industry is no exception. Like any industry pushed into the shadows, in this case by a misguided prohibitionist policy, unsavory individuals have found an opportunity to prey upon those without full access to the legal system or to legitimate sources of capital.
All cannabis entrepreneurs need to be on the watch out for the tell-tale signs the person or business they are talking to is a scam artist. Below are ten common signs that something might not be legitimate in your business transaction. Not all these signs indicate something is foul, but they should be a red flag that the business dealings bear further investigation. There are many legitimate reasons why business decisions must often be made on short notice.
And providing an opposing party with legal documents at the last moment is a time-honored negotiating tactic. However, the less scrupulous will often tell business owners often in dire straits that they need to decide in twenty-four hours, or in an even shorter time frame. A website contains a lot of bold claims about a service or financing source, but is short on physical addresses, names of principals, or legal company names.
A lot of websites are vague. But scam artists like to leave out key information — which means it will be hard for you to report them to the investigators or sue them. Most legitimate companies will list a real street address that is associated with a business, not a residence.
Why would a scam artist want to hide their real address? Well, think about trying to sue someone. You need to serve documents on them — not an easy feat when you have no idea as to their real name or address. There are many problems with this scenario. If someone does have material insider information about a publicly traded company, they cannot legally trade on that knowledge. Nor can they tell someone else the information and have them buy or sell stock.
Both persons are in violation of securities laws and subject to civil and criminal penalties. As people buy into the hype, the stock price of the company soars the pump part of the scam. Once the price climbs high enough, insiders of the company sell all their shares, making a tidy profit the dump part of the scam.
Everyone who bought shares of the company is then left with worthless penny stock as the share price tumbles after the major sell-off. Just by repeating rumors regarding the potential success of the company, they can help create the atmosphere necessary for the artificial inflation of the stock price.
When it comes to OTC stocks, if it sounds too good to be true, it probably is. An investor or other potential business partner has a great opportunity for you. The only catch is that you must first wire them money as a down payment for the process to get started. Legitimate lenders do not require a prepayment prior to underwriting a loan. They will charge you fees for the work they do, and the work their lawyers do, but this is typically taken directly from the loan amount when funding occurs this is called funding net.
Except in exceptional circumstances that have been vetted by counsel, you should not wire money to someone on the promise they will help you raise money. As a side note, many law firms and other businesses, will require a deposit before starting work. The difference is that these deposits are legitimate, and are refundable if no work is performed always ask about refundability. Scam artists, on the other hand, are highly unlikely to return a deposit, even if a deal falls apart.
Scam artists are understandably loathe to subject themselves to questioning from a skeptical lawyer. Sunlight is the best disinfectant and most scams will not stand up to a thorough vetting. Legitimate business professionals, however, while not always happy about it, accept that dealing with lawyers is the price to be paid to get deals done.
Every time you interact with a potential business partner you discover a new business name or web portal. This is one of the harder red flags to interpret and on its own it may not mean there is something nefarious occurring.
Almost every company of any size contains multiple legal entities. These legal entities often legitimately serve to contain liabilities e. What most legitimate companies are not doing, however, is playing a shell game — setting up and shutting down companies to stay one step ahead of the law and angry creditors and customers. If you think this might be occurring, you should discuss your concerns with counsel before proceeding.
Beware unconditional guarantees. When it comes to bold claims, trust but verify. Ask to speak directly to existing or previous customers. If they are offering payment processing solutions, ask which banks they work with and which credit card companies. Fate is fickle and the future is uncertain. No one can predict it with absolute certainty, especially not when it comes to the cannabis industry. When asked about the impact of certain laws or policies like the Cole memo priorities, the FinCen memo, or E on proposed business plans, someone responds these are not significant issues or, worse yet, they do not appear to have a strong grasp on what these items are.
Business are succeeding despite them every day. To cavalierly suggest they are not issues, or to somehow remain ignorant of their existence, however, is a major red flag. It may not always be a sign of fraud — it could also be the sign of rank amateurism. Either way, you should be hesitant to go into business with someone who does not fully appreciate the federal legal risks inherent in the cannabis industry, especially considering the current political environment. Legal documentation is, admittedly, frequently long, dense, and filled with antiquated terms.
And for a non-lawyer, legal agreements can be hard to understand. Some of this is a consequence of the fact that complicated concepts are being addressed, and part of this is because lawyers adhere religiously to previously drafted documents, which results in the survival of Latin terms, clumsy turns of phrase, and other habits that make agreements hard to read for the layperson. With a scam, however, an agreement may be drafted to be deliberately obscure.
The principal of a business claims he or she has 20 years of business experience and deep industry ties. However, when pressed, he or she cannot name an actual business they have worked for and no one in the industry has heard of them or their organization.
The cannabis industry certainly contains many successful people with eclectic backgrounds, but beware the individual with an unclear past. They may elude to successful enterprises, but never give specific names.
They claim to be involved in other businesses, but never give enough information for you to track these down. The cannabis industry is still small and many of the pioneers of the industry have known each other for years. There are often legitimate reasons not to name current or former employers e. Do not sign anything or wire any money. Ask for items in writing and save relevant emails.
Consider reaching out to an attorney. Better to spend time and money evaluating a deal upfront than to experience the heartache and headache that comes with trying to mitigate the damage of a scam.
Remember, in the cannabis industry, the old expression caveat emptor remains as true as ever. Prior to joining Vicente Sederberg, Mr. In addition, Mr. Alovisetti has experience in both U. In addition to his corporate work, Mr. Alovisetti has worked with clients on multiple competitive licensing applications, including in Maryland, Hawaii, Pennsylvania, and Texas.
He can be reached at charlie vicentesederberg. Follow him on Twitter C Alovisetti. Prior to joining Vicente Sederberg, Jessica worked at a small Denver law firm specializing in corporate law, business planning, and taxation. Jessica currently focuses her practice on corporate, licensing, and regulatory matters. She has also worked with several other organizations to define and execute their brand strategy.
NCIA is leading the cannabis industry's unified and coordinated campaign to ensure our business sector is treated fairly and has the opportunity to reach its full potential. Now - more than ever - is the time to invest in your business and the future of the industry by becoming a member. Share Share to Facebook Share to Twitter.
Education Created with Sketch. Next Post. Read Now. Related Posts. Public Cannabis Stocks. Join the movement NCIA is leading the cannabis industry's unified and coordinated campaign to ensure our business sector is treated fairly and has the opportunity to reach its full potential. Join NCIA today.
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Stephen Paulsen is a freelance journalist based in Houston, Texas. He covers food, cannabis and criminal justice, among other topics. Brian Gwinn offered promising opportunities to invest in cannabis, according to Brian Gwinn. His firm, Greenview Investment Partners, was raising a lot of money, he told market-watchers as his company seemed to take off.
We hear from people every day who have fallen for this scam and the ads are all over Facebook and in emails. Any offer of a "free trial bottle of CBD oil" where you just pay a small shipping and handling fee is a scam.
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The MarketWatch News Department was not involved in the creation of this content. Mar 11, Market News Bizz via Comtex -- Natural GrowRx is a cannabidiol medication that treats various daily issues that people face in their lives. People love it for being effective in treating pain, anxiety, sleeplessness, high blood sugar, chronic pain, inflammation, depression. Cannabidiol is a cannabis compound. It is a beneficial medicine that relieves pain, also as a recreational drug due to its mood-altering effect and other various benefits.
An important message for cancer patients: Beware the ‘cannabis oil’ scammers
Some documents on this page require Adobe Reader available as a free download to view. The Attorney General and Department of Law staff may not provide legal advice to private citizens or organizations. Please contact an attorney if you need legal advice. The Alaska Lawyer Referral Service or your local bar association may be able to assist you in locating a lawyer. Beware of scammers selling cars they don't own. Read the Internet Crime Complaint Center's alert about the new twist on this scam and check out examples of fraudulent emails on the eBay Motors Security Center site. The Federal Trade Commission has issued an alert warning consumers about scams related to rebate checks. The scammers pretend to be from the IRS, the Social Security Administration, or another governmental agency and claim they need some bit of personal information to process your rebate check.
Over the past several years, FDA has issued several warning letters to firms that market unapproved new drugs that allegedly contain cannabidiol CBD.
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There are many wonderful things about the cannabis industry — creation of new jobs, legal access to medicine, and reduction of drug war harms, to name a few. Every rose has its thorn though, and the cannabis industry is no exception. Like any industry pushed into the shadows, in this case by a misguided prohibitionist policy, unsavory individuals have found an opportunity to prey upon those without full access to the legal system or to legitimate sources of capital. All cannabis entrepreneurs need to be on the watch out for the tell-tale signs the person or business they are talking to is a scam artist. Below are ten common signs that something might not be legitimate in your business transaction. Not all these signs indicate something is foul, but they should be a red flag that the business dealings bear further investigation. There are many legitimate reasons why business decisions must often be made on short notice. And providing an opposing party with legal documents at the last moment is a time-honored negotiating tactic. However, the less scrupulous will often tell business owners often in dire straits that they need to decide in twenty-four hours, or in an even shorter time frame. A website contains a lot of bold claims about a service or financing source, but is short on physical addresses, names of principals, or legal company names. A lot of websites are vague.
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Shoppers eager to find deals can sometimes find themselves on fake websites, or sending money to an impostor. WMAR-2 News Mallory Sofastaii is counting down the 12 Scams of Christmas, so your money goes toward presents or charity, and not to scrooges hoping to ruin your holiday. If you find that one-of-a-kind gift, but the seller is requesting payment in gift cards, wire transfer, or a peer-to-peer platform like Zelle or Venmo, Loyola University Maryland accounting professor JP Krahel recommends asking yourself this: "Are they demanding I make a payment in a certain way because they know they get all the protection and I get none? Credit cards offer the best protection from fraud. Unlike debit or cash apps, there's a third-party between your money and the person you're giving it to. Once I send that out, I will never find it again, there is no protection there.
