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Home 🌿 Marijuana Business News 🌿 After SEC halt, Advanced Cannabis Solutions’ stock resumes trading 🌿After SEC halt, Advanced Cannabis Solutions’ stock resumes trading
A stock delisting and a one-year stint on the grey market was not a death sentence for Advanced Cannabis Solutions.
Shares of the Denver-based company that leases real estate to marijuana grow operations and dispensaries resumed trading this week under the symbol “CANN.”
“It’s been a big battle for the management and really fighting very hard for our shareholders,” said Robert Frichtel, chief executive officer of Advanced Cannabis Solutions, which does business as General Cannabis Corp.
The U.S. Securities and Exchange Commission initiated a stop-trade order on Advanced Cannabis Solutions in March 2014 amid a concern that affiliates and shareholders “engaged in unlawful distribution of securities.” Three months earlier, Advanced Cannabis Solutions announced it secured a $30 million credit facility, news that caused the stock to skyrocket 466 percent.
The halt triggered an auto delisting, Frichtel said, adding that the firm had to go through a lengthy reinstatement process with...
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