"Smith was “going to take this really small company in Australia, inject it with the Medicann ‘big story’, blow their valuation sky high and then cash out. That was the whole point – pump and dump.”Smith would later use that term in court, during a hearing to determine whether his shares in Medicann were void.He explained to the court how “pump and dump” was how he made his money.
“As an investment banker, we put together early stage companies,” he explained. “We put a management team around it, and then we list it on disallowed, and then we sit out our escrow period and then chisel that stock out of the market.“That is how I make my money. I don’t work for a couple of hundred thousand dollars a year, all right. I make millions, all right, tax free.”
So can you imagine what these funds in MMJ would be used for if they were allowed to invest in anything! Just propping up the companies they are trying to start and cash out on. They will use MMJ as a source of funds to pump up other stocks they want to get out of.
MMJ Price at posting:
12.5¢ Sentiment: Hold Disclosure: Held
