the global medical cannabis scam

More than a thousand Spaniards filed a “fraud” complaint against JuicyFields, a company that offered to invest in therapeutic cannabis and whose actions would lead to many victims around the world, as we learned on Monday, especially in Luxembourg and even in France. The case is just beginning.

The class-action complaint, which targets a company called JuicyFields, alleges “fraud,” “theft” and “money laundering,” Mr.d Norberto Martínez, a lawyer at Martínez-Blanco, at the origins of this procedure.

It brings together almost 1,200 investors (1,400, according to some media reports), it was submitted over the weekend to the investigating judges of the National Audience, a Spanish court that specializes in complex cases, a gatekeeper confirmed to AFP. – The word of this institution.

This will be the first class action against JuicyFields at this stage. But definitely not the last.

The promise of 66% return on investment

In 2020, the company JuicyFields was created, which launched a fundraising campaign through Telegram and specialized cryptocurrency forums. This company, based in the Netherlands, offers to buy medical cannabis plants online (from 50 to 180,000 euros in cryptocurrencies), promising investors very high returns.

To reassure investors, JuicyFields claims to have signed deals with market leaders such as Aurora Cannabis or Canopy Growth. But they deny any connection whatsoever.

The promised return on investment is “between 29% and 66%,” explains the Martínez-Blanco firm, which mentions in a press release a possible “pyramid Ponzi,” a scam that consists of rewarding existing investors with funds provided by new participants.

In fact, according to several testimonies collected by AFP and other media, investors initially made significant profits. But since July 11, the ability to withdraw money was blocked and the accounts were gradually closed. Almost 500,000 people would be affected. At the time, there were over 5 billion euros in cryptocurrencies in its online wallets.

Mid July JuicyFields no longer responds

“The alarm was raised on July 13 when the JuicyFields website stopped working,” explains Martinez-Blanco’s firm, for which a drop in new investors, as well as a fall in the cryptocurrency market, would lead to the company’s “bankruptcy.” Leaders are unattainable. Facebook, Twitter and Instagram accounts have been deactivated and YouTube content has disappeared.

The firm estimated that JuicyFields would have caused almost 4,500 victims in Spain alone, with “average losses of €6,500” but in some cases up to €200,000. Many other investors would become victims of this company in other European countries. In Luxembourg alone, 101 people would lose 1.6 million euros in this case. Although there is no exact figure, it is actually estimated that 260 victims have already filed a complaint or are planning to do so.

In France, a woman has already lodged a complaint with the Tourquen police station against the company, according to a report seen by AFP. In addition, a class-action complaint must be filed by the end of the year in France, according to a lawyer contacted by “4 to 500” alleged victims, M.d Arnaud Delomel. A resident of Colmar is also part of the deceived. He invested 25,000 euros.

According to the survey inEl País Financierothe fraud will amount to hundreds of millions of euros.

“Victim groups are being formed in country after country,” the lady explained.d Delomel, calling a complex file, with contradictory speeches from “former managers” and “new ones”, as well as “employees who express an opinion about everything and its opposite”.