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Pump and dump cannabis business MediCann sees investor money drained in legal fight
7 Jan, 2021 04:00 PM
5 minutes to read
Investors look likely to be left out of pocket amid a legal battle between former directors of a failed cannabis firm described as a pump and dump scheme in court. The six-monthly liquidators report for Tauranga-based cannabis company MediCann, released in December, shows that available funds have declined from $726,000 pre-liquidation to $221,600 by November 12, 2020.
The Herald understands that around $1.5 million was originally put into the business by 14 investors eager to capitalise on the opportunity presented by the fledgling medicinal cannabis space in New Zealand.