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Shares became available at Interactive Brokers to short this morning. My guess is over enthusiastic shorts are trying to get the borrows before others do, hence pressuring the price down.
Don't think there can be many shorts left in FSPM. Anyone short at the time of the suspension would have probably covered by now. I only know of one high-end broker that allows shorting of Gray market stocks, and I don't have an account with them.
No doubt you will be happy to know that I covered my short position two days before the suspension because the price action indicated an uptrend was starting.
As my "bashing" may have prevented some long biased traders from getting caught in the suspension, I would have thought some thanks would be coming from the longs.
My advice to you would be to learn how to research OTC stocks, read disclosures, and understand what is really going on in this market. It may save you some $$$.
If in fact you are an insider, I regret that you were unable to extract the maximum from naive investors. But the is always the next scam!
At least I disclose that I am short. The compensated pumpers on this board are required to disclose that they are being compensated, but they seem to have forgotten this requirement!
Thin on bid, thin on ask, huge trade doesn't move the price? Looks like a manipulative wash trade to me!
Disclosure - short this blatant pump and dump!
The breaking of $15 support is very bearish. My very patient short position continues to do well. CANV has to drop a long way before it is no longer ridiculously over valued.
It is more likely that you are seeing day traders with SpeedTrader or similar accounts that have the ability to route orders to specific MMs. When the price is dropping fast, they often route their sell orders to MMs who are below the bid to increase their probability of a fast fill.
Blaming the shorts tends to ignore the fact that shorts eventually have to cover, which creates buying pressure and price increases.
Disclosure - short for the long term.
This is a pump and dump after all....
I covered my short position just before the suspension because price action indicated another uptrend was starting. Bad timing on my part. :(
Luckily there will be lots of cheerleaders pumping the so that insiders can continue dumping stock!
The SEC investigates, makes findings and then takes action. FSPM has already been found guilty! They already had enough evidence to suspend the stock, which they know is a death sentence. The fact that they seized computers after the suspension indicates possible DoJ involvement, possibly leading to criminal charges.
I did a lot of DD starting in January which is why I was short during the last two major downtrends!
No, I implied the VertiFresh sale was the only sale to a veggie produce grower. All other sales have been MJ related. For a product that is going to revolutionize the growing of veggie produce, one sale in three years does not give one confidence.
Does VertiFresh offer a line of organic kool aid made from produce grown in PharmPods? Lots of potential sales to posters on this board!
Sorry, why do criminals re-offend? You would have to ask them yourself.
Why do crinkles re-offend? You would have to ask them!
It is hard to know whether or not Sears is involved in the Canadian companies since the identity of the Canadian customers is a corporate secret!
I never said it wasn't legal. I was pointing out that the insiders have lots of cash to pay attorneys after dumping shares to naive investors.
Scott, his sister and William Sears have sold 5 million shares of FSPM over the last year. I think they have plenty of money to defend themselves. There is more money in dumping shares than in selling PharmPods!
Dittman's statement:
http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=1346460204
Anyone should be able to connect the dots now. One of the first sales that FSPM issued a press release was the sale of pods to VertiFresh through FSPM licensee Meadpoint ventures. William Sears is a holder of FSPM preferred shares, manages Meadpoint, and runs VertiFresh. VertiFresh and FSPM shared the same address. Since VertiFresh only seemed to be an active company at the time of the sale of PharmPods to them, perhaps the SEC thinks the sale was not a real sale. It would be interesting to know what happened to the VertiFresh pods. Perhaps FSPM got a great deal on slightly used pods!
VertiFresh is also the only company known to ever use PharmPods for veggie growing. So after three years of marketing this technology that would revolutionize agriculture, the only customer is VertiFresh, a company run by someone charged with securities fraud. Not the typical profile of an organic farmer!
Thanks, I appreciate the light of truth being shone into the murky depths of the OTC world. I stand corrected!
The more obvious conclusion is that the auditor was unwilling to sign off on the financial statements as prepared. In either case, not a good sign!
Disclosure - still short a small position from before the suspension. Waiting for a buy-in or collapse of pps, which may have finally started.
SEC warning on MJ sector referencing FSPM suspension:
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541842876#.U3Yg-1hdXW8
Now my short position will patiently wait 10 days for the payoff.
Well your wishes will be partially fulfilled! I covered my short position today at the close based solely on price action on the daily chart. The uptick on the daily chart was not very strong, but I am a rules based trader and my rules told me to cover.
I am now hoping for a huge run up in FSPM, so that I can establish a short position at a much higher price when the trend on the daily chart turns down again.
I will not be posting on this board until I have a position again.
GLTA, especially to those who are naively "investing" in pink sheet stocks.
Go FSPM!
Scott Dittman's bad luck:
The first corporate secretary for FSPM gets charged by the SEC with forging opinion letters for MicroCap stocks.
Of all the suppliers of grow equipment in the US, Scott chooses to partner with the only one that gets suspended by the SEC.
His sister marries a stock promoter, William Sears. As he says in the Cannabis Radio interview, he took FSPM public based on advice from his brother in law. And why do stock promoters like public companies?
Nice catch! The original Corporate Secretary for FSPM, Guy Jean Pierre, was charged by the SEC with forging opinion letters for Microcap stocks!
And Guy Jean Pierre also wrote opinion letters for JAGR, which was promoted by Scott Dittman's brother in law William Sears, who is also a preferred share holder of FSPM, runs Meadpoint Ventures, the company that has exclusive licensee rights for selling PharmPods, and also runs VertiFresh, one of the largest buyers of PharmPods to date. That's right, he sells PharmPods to himself!
I agree! I find it shocking that investors expect audited financial statements just because the CEO stated that he would be filing audited financials! I suppose the same foolish investors will be expecting good Q1 revenue results just because the CEO said they were coming! Truly shocking!
In Canada, pump and dumps are a provincial jurisdiction! PGFY is still tradable in other provinces. I assume PGFY was late with a SEDAR filing or something like that. Oh for the good old days when Vancouver and the VSE was the world center of stock promotion!
Even the resident annoying short ( me) would be happy to see a big uptrend. I have been scaling out of my short position during the decline, and my position is now quite small. Given a good uptrend, I would cover my short once there is evidence of an uptrend on the daily chart. I would then hope for a super strong up move with lots of momo traders piling in, sucking in fresh naive "investors". Once the inevitable down trend starts again I would load up again and enjoy the next profitable leg down. And I promise not to post any inconvenient "bad news" facts during the uptrend!
It's less painful watching the share price tank if you keep drinking the kook-aid!
Can you reference a filing for this? I looked but couldn't find anything. Thanks in advance.
My guess is that Vine Street is the location of the GroundSwell Cannabis Boutique grow. There is not enough space for a grow at the storefront location of the Groundswell Boutique. Would it be a wild stretch to suggest that these are the same pods that may have been used by VertiFresh in the past, also at the Vine Street location?
Well 3.00 broke, looking a bit panicky on L2. Yes, it can go much lower!
Not sure that I would classify an article written by Scott Dittman as an independent third party review!
OK, thanks!
Hi Max, when you show up, we are often treated to a significant price drop, any thought about the next few days?
OK, then we are back to the issue that started this discussion. PharmPods have been available commercially for three years. We hear constant claims that they are on the leading edge of growing technology. But there is no third party review of the product! Nothing in trade magazines, no articles highlighting this great new innovation anywhere to be found! And of the three publicly identified customers one is Scott's stock promoting brother in law who runs Vertifresh, and another is one in which Scott has a significant equity stake - Greeneway Wellness. The identity of other customers is confidential. So what conclusions are we supposed to draw from all of this?
Can't wait to read the audited Q1 financials to determine what percentage of this hype has been actually achieved. The prediction by John Scott, the chief PharmPod salesman, of selling 100 PharmPods in 2013 was a total fail!
When will the new Boston facility have 108 PharmPods? The Greeneway Wellness site says that they have been unable to get the local approvals for any of their dispensaries. So that means ZERO PharmPods at the Boston site for the foreseeable future.
But I would have to steal a whole acre of farmers field to get the same results as stealing just one PharmPod!
I stated that a tool crib in a shipping container on a job site where I worked had been stolen. I did not say that a PharmPod had been stolen. I have researched extensively, and can find no references from any third party users of PharmPods claiming that they have ever had a pod stolen!