On May 19, 2017, the U.S. Securities and Exchange Commission announced the temporary suspension of two marijuana stocks that trade on the OTC Markets, with both orders of suspension related to the companies neglecting to provide accurate and up-to-date information.
The SEC has suspended trading of Eco Science Solutions, Inc. (OTC:ESSI), a Hawaii-based alternative wellness tech company, from May 22 to June 5. The suspension is the result of a questionable press release issued by Eco Science Solutions on May 5 regarding the company’s announcement that it had signed a letter of intent to acquire Ga-Du Bank, Inc., with the bank aiming to potentially provide banking services to the marijuana industry.
The SEC has suspended trading of the Holy Grail Company (OTC:HGRL), a manufacturer and distributor of Holy Grail Hemp Lifestyle products based in Temecula, Calif., from May 22 to June 5 for a lack of company information made available to the public, particularly regarding the company’s controlling interests.
On May 22, Holy Grail issued a press release indicating that it’s in the process of filing Form 10, also known as the General Form for Registration of Securities, but it did not specifically address the trading suspension.