Who Is The Pot Penny-Stock Guru?

171923820.jpgHis wife filed on April 8 to sell 7.8 million shares. Penny-stock companies market their shares through press releases and research reports that they sometimes pay to have written. Day traders pass them around on message boards and Twitter, hyping their favorites.

Steve DeAngelo, president of a cannabis investors club called the ArcView Group, says investors believe so strongly in the marijuana surge that theyll seize on anything that looks like positive news as a reason to buy.

“A lot of small investors want to support the growth of this industry and might be fleeced”, says DeAngelo, “who says he helped organize pot smoke-ins outside the White House in the 1970s. There seems to be very little real activity going on.”

GrowLife shares soared 1,206 percent in the 12 months ended on March 17, when they peaked at 77.7 cents, lifted by a mania for all things cannabis and by a steady stream of press releases extolling the company.

To read more, visit http://www.thecannabist.co/2014/06/18/david-weiner-penny-stocks-marijuana-bloomberg/14220/

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