40,000 Spaniards reportedly suffered marijuana scam

Over the past few hours, there’s been a lot of fuss over the “marijuana scam”. Customers of a company called juicy fields, based in Germany, claims to have been scammed. The company promised returns of up to 65% to those who invest in growing medical marijuana, but that disappeared overnight. In the meantime, many customers have lost significant sums. It is estimated that in Spain alone there could be more than 40,000 victims.

As reported The worldJuicy Fields allowed interested parties to make investments to grow medical marijuana in countries where it is allowed. Based on minimum investments of 50 euros per plant, the company promised that customers would receive a percentage of sales, depending on the production achieved. It went from 35 to 65%.

But things turned sour when, overnight, the company disappeared and users lost access to their accounts. It was July 11 when what is now called the “marijuana scam” began to take shape.

Alarm bells rang when Juicy Fields sent an email to investors informing them that the company was hit by a strike. Without giving more details, the existence of apparent differences between blue-collar workers and executives was mentioned. Just two days later, on July 13, users they lost access to their accounts. From there, they could follow the progress of their investment, including the process of planting, harvesting, drying and packaging. In addition to the advantages obtained with commercialization, of course.

At the same time, Spain’s National Securities Market Commission and Germany’s Federal Financial Supervisory Authority warned against the company’s actions.

Juicy Fields disappeared in July without a trace

Juicy Fields’ alleged plan to repay investors.

Investors who allegedly lost their money to the “marijuana scam” created the Association of People Affected by Investments in CBD Crops and filed a complaint with the National High Court. They point out that Juicy Fields has completely disappeared, even deleting their social media profiles and official Telegram channel.

The group of victims currently includes some 1,000 people, but it is estimated that the real figure in Spain could exceed 40,000. While there would be even more of them around the world, given that the platform boasted of having over half a million users.

Accusations that Juicy Fields was actually a Ponzi scheme – or pyramid scheme – were not long in coming. However, many investors said they opted for the company because available information showed it had been in business since 2017 and without major downsides. Added to this was an aggressive advertising campaign in much of Europe.

The prospects for recovering the money do not look too encouraging for scammed investors. On the Juicy Fields website it was published a list of requirements comply to access reimbursement, which includes victims sending videos indicating how much money they lost, as well as documents certifying cases of disability or unemployment, among others. However, they also mention that refunds will be made only with cryptocurrenciesthrough the Ethereum blockchain.

The authors of the “marijuana scam” claim that in a year they will obtain profits for 5.5 million euros for the sale of a plantation in South Africa, and that this money will be used to pay the people concerned. Although they also left an undiplomatic message for those who trusted Juicy Fields:

“Everyone has a choice:

  • humble us
  • Go to one of the many lawyers and hope for a miracle…
  • Communicate with Ivan and us, we have a real plan and we can help them recover the funds.”

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