Medical marijuana company reps con St. Louis area investors
JEFFERSON CITY, Mo. — Secretary of State Jay Ashcroft’s Securities Division ordered Shawn Harrison, Kristie Harrison, Kevin Larson and their company Cannabis Plus Missouri LLC to cease and desist after they allegedly committed fraud in offering and selling unregistered securities.
From April 2019 to May 2019, Eureka, Missouri, resident Shawn Harrison allegedly sold at least $10,000 in unregistered, non-exempt promissory notes claiming to be investments in the cultivation of medical marijuana to at least three St. Louis-area residents. Neither Shawn Harrison nor his associated businesses, Cannabis Plus Missouri LLC and Can Plus MO Investments, were registered to offer and/or sell securities.
Larson aided in soliciting the sales of the investment contracts and promissory notes and facilitated the sales. Shawn Harrison’s spouse, Kristie Harrison, aided the enterprise with financial records. Additionally, she was the only individual on the bank records of the associated business.
Prior to the offer and/or sale of securities, it was not disclosed that the funds would be used for anything other than licensure and startup costs. Instead, the funds were used for personal expenditures.
“As the medical marijuana industry grows in Missouri, fraudulent investment schemes will arise,” Ashcroft said. “Before you part with your money, find out if the company or people you are considering investing with are properly registered. We can provide valuable information so that you can make informed investment decisions.”
The division ordered the Harrisons, Larson and their company to show cause why they should not be ordered to pay restitution plus interest, civil penalties and investigation costs totaling at least $21,000.
Ashcroft urges all investors to know the risks. If you have any questions about an investment opportunity or wish to check the background and registration status of a financial adviser, please call the toll-free investor protection hotline at 800-721-7996, or go online to www.missouriprotectsinvestors.com to file a complaint.