Cannabis is becoming increasingly popular as an investment. In Europe, 230.7 million euros were already sold with medical cannabis in 2020, writes Finanztest. By 2025 it should be over 3.1 billion euros. But now Stiftung Warentest is warning against making investments in cannabis over the Internet. The offers could easily be attempts at fraud.
Crowd growing
If you're currently searching the internet for a way to invest in cannabis, you'll often come across the words " crowdgrowing " or "e-growing". These terms have only emerged in recent years from various cannabis industry marketing campaigns. The term crowdgrowing is made up of the words “crowd” for a larger number of people and “growing” for the cultivation of cannabis or hemp plants. The “E” in E-Growing emphasizes the digital, virtual component behind this concept.
The providers of both business models promise the customer great financial profits through investments in hemp plantations and the associated growth of cannabis plants.
There are often fraudsters behind crowdgrowing companies
As Stiftung Warentest reveals in an article on its website , the companies involved are often fraudsters.
One of them is the Internet platform “Juicyfields”, whose business practices the consumer experts had disclosed. It is said that the investors suffered damages amounting to several million euros. Investors invest digitally in plants that are cultivated via a platform, with e-growers initially receiving double-digit annual returns. Stiftung Warentest assumes that these payouts were made possible by other investors' money until the fraud system collapsed.
Finanztest also advises against the company “My First Plant” because they have a relevant history. In this case, a company from Austria is behind it. The latter supposedly promises “miraculous things with the help of cannabis plants”, which contain CBD and therefore have a non-intoxicating effect. “By selling the harvest yields... your plant will generate the purchase price for you on its own,” “In the current market situation, you have a return of around 40-50% per year,” is how the provider advertises on its own website . Although this is authorized by MFP, it is operated by others - not uncommon for scams. “Juicyfields” also had various websites that were very similar to their own. However, when asked about good-sounding promises from such a site, Juicyfields distanced itself.
It is also interesting that the founder of “My First Plant”, Mario Abraham, was also part of a fraud scheme in his previous company.
This company, for which he previously worked, is part of a company network that the Austrian financial regulator even warned about on television because important business permits were missing. In addition, investors later complained that they never received any payouts. The company no longer exists.
Basically, be careful with business models that promise high returns
The consumer experts at Finanztest generally warn you to be careful “with new and supposedly modern business models” when it comes to being able to obtain above-average returns. You should be particularly suspicious “if these are supposedly permanent offers” that are advertised with a bonus or a commission model. Likewise, YouTube videos that refer to providers' websites with affiliate links are, to a certain extent, dangerous and tempting.
According to Finanztest, it is clear that the planned legalization of cannabis as a recreational product in Germany is triggering a gold rush atmosphere, which is taking advantage of e-growing offers such as those from “Juicyfields” and “My First Plant”. It's like a "mixture of crowdfunding and gardening, but without getting your hands dirty," says Finanztest.
Author: Nick L.
Article image: Pixabay
Source: t-online
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