While I could probably write about more than 100 failed penny stocks in the sector, including some that showed up in 2014, went away and then later came back, time constraints require me to pick only a few examples, which I will share in alphabetical order, beginning with American Green, which has been trading as a cannabis company since 2012. Pazoo, the company where Farinella committed his fraud, is in the cannabis stock graveyard, which is populated with zombies for the most part, as these silly companies never seem to just go away.
I called out Farinella publicly in 2015 for infractions that extend beyond those for which he was convicted. Over the years, I have shared my views in writing publicly on many questionable cannabis companies and have reported several companies to the CFA Institute, the SEC and even the FBI, but justice is rare and certainly slow. The timing of this perspective was heavily influenced by some news regarding one of the failed penny stocks that I will detail below, the jail sentence given to fraudster James Farinella, who plead guilty to charges of conspiracy to commit securities fraud in October and was sentenced to 25 months in prison in June. 3 companies trade exclusively on the NYSE or NASDAQ, while the balance have primary listings in Canada or Australia. While I track hundreds of companies, I focus my efforts most intensively on 28 companies that belong to my "Focus List", and there are only 4 that trade exclusively on the OTC. Trading exclusively on the OTC is a yellow flag, though there are several leading ancillary companies and CBD manufacturers that currently trade there while attempting to list on a higher exchange. Almost all of these companies also maintain a listing in the U.S. and Canadian cannabis operators are in Canada, mainly on the TSX, TSX Venture or Canadian Securities Exchange but also the NEO Exchange. Today, while these exchanges are off-limits to American companies that grow, process, sell or distribute the federally illegal substance, they have opened to similar Canadian companies as well as some ancillary companies that serve the industry.
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When I transitioned my professional focus to the industry in the nascent days of the cannabis stock market, all of the stocks traded "over-the-counter", meaning that they weren't listed on a major exchange, like the NYSE or NASDAQ.
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