JuicyFields froze thousands investors from its platform and scrubbed its social media presence this month.
Investors hoping for a quick return on their money in the cryptocurrency space have been feeling the pain as that market faces some severe turbulence.
But cryptocurrency wasn’t the only investment vehicle that saw increased interest during the pandemic.
Interest in cannabis jumped over the past two years, and not just in the plant itself. The industry became an investment vehicle for people who had funds to invest thanks to stimulus checks.
However, just like with the crypto industry, there are plenty of bad actors ready to take advantage of the sudden influx of cash.
Earlier this month, JuicyFields, a cannabis crowdfunding company that pitched itself as a bridge for cannabis entrepreneurs to enter to industry, froze thousands of its users off of its platform.
JuicyFields has also scrubbed its social media presence.
Before these actions, users on JuicyFields online platform could buy and sell plants, manage them in virtual greenhouses and be paid for their plants.
However, now there are suspicions that the plants being traded on the platform never even existed.
The minimum investment for the platforms 500,000 (alleged) users on its platform was €50. The company said its users mostly from Europe, Latin America, Asia and Africa,
Much like the crypto exchanges that have collapsed, JuicyFields was reportedly offering unreasonably high return rates of up to 66% in just three months, according to elDiario.es.
Cannabis Bill Fast Tracked
A cannabis bill is being fast-tracked through the House of Representatives legislative process, but unfortunately it isn’t some version of the SAFE Banking Act.
The Medical Marijuana and Cannabidiol Research Expansion Act, is scheduled to see the floor of the House this week, NORML reported.
The bill would facilitate cannabis-specific scientific research and potential drug development, while also providing the U.S. Attorney General 60 days to either approve or deny the applications of scientists wishing to start clinical trials involving cannabis use by human subjects.
The chances of this bill reaching the President’s desk could be high as the bill is similar to Senate Bill 253, according to NORML, which the Senate unanimously passed in April.
Under current law, the U.S. Drug Enforcement Administration is the agency that reviews and licenses marijuana cultivators and scientists looking to engage in government sanctioned cannabis studies.
Scientists have complained in the past that it often takes years to get their research proposals approved by the DEA.
Cannabis Windfall Used to Help Vets
The state of Michigan is issuing another round of grants to support research into the therapeutic benefits of marijuana for military veterans.
The $20 million in grants being awarded were funded by taxes on adult use cannabis sales in the state.
The Michigan Cannabis Regulatory Agency is meeting its requirements under Michigan’s law which dictates that the agency give $20 million annually for two years to scientists at academic institutions or non-profit organizations.
Last week the MRA recommended awarding a grant to Wayne State University for $12.5 million and another to the University of Michigan for $7.5 million.
The University of Michigan said that it plans to use the money to study the “effectiveness of cannabis-based therapies to treat Veterans with chronic pain, towards the goal of reducing Veteran suicide risk.”, according to Marijuana Moment.