Page 2 - Dan Oran News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Two South Florida men are in hot water for promoting their company's stock with reports of securing "preliminary approval" to cultivate medical cannabis in the African nation of Eswatini. The problem with that claim, according to a civil enforcement suit by the Securities and Exchange Commission, is that growing and smoking cannabis is illegal in Eswatini. The company said it had assurances from top-level officials in Eswatini that cannabis would soon be legalized. And then it wasn't.

A penny stock company's CEO has agreed to pay $150,000 to end U.S. Securities and Exchange Commission allegations that the company lied about plans to grow cannabis in a part of Africa where it is illegal and concealed the fact that its "de facto executive officer" previously served time for securities fraud.