Yet another cannabis penny stock with some dubious links. Its price has more than doubled between the end of June and mid-July 2019, less than two weeks later it had fallen by 40%. It has been featured on website which receives payments for promoting stocks (whether they have been compensated for featuring CNAB is not specified) (1), which was also the case back in September 2016.
Tangiers Global LLC hold $1.5 million in convertible notes (2). Tangiers also happens to hold shares in various tickers that have been promoted in the last few years such as: ENDV (promoted in June 2019), GRWC (promoted in June 2016), PGUS (promoted February 2018) and BITXF (promoted April 2016) (3).
Their accountants are BF Borgers, whose services have been used by some recent and shady companies such as KLMN (4) (promoted stock, with no income, assets or employees) and PRED (5) (whose CEO and former Chairman have been subject to fraud allegations). They received a damning appraisal when they were inspected by the PCAOB (Public company accounting oversight board) (6).
- (1) https://www.prnewswire.com/news-releases/consumer-trends-shift-the-cannabis-market-spotlight-on-extracts-300878332.html
- (2) https://www.otcmarkets.com/filing/html?id=13436429&guid=yQnxUWBjCL1EZ3h
- (3) https://fintel.io/i/tangiers-global
- (4) https://seekingalpha.com/article/4240255-kalmin-corp-43m-penny-stock-promotion
- (5) https://seekingalpha.com/article/4274333-predictive-technology-95-percent-downside-executive-red-flags-believed-self-dealing-dubious
- (6) https://pcaobus.org/Inspections/Reports/Documents/104-2019-027-B-F-Borgers-CPA-PC.pdf