IMO The primary reason Washington State Licensing was not acted on by certain broker-dealers dealing in Pot Scams we know and love, and specializing in gaming up the prices thereof is not the problems that Washington State Experienced (i.e. lateness and slowness of issuing, lack of product etc.)
The main reason is SEC Heat. The recent SEC statements of mission and actions, have put a chill on the whole game. MM's are minding their P's and Q's much more than usual. IMO this may (more speculative) account for broader absence of manipulation in the penny's post tax-season (May, June... etc.)
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