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Advanced Cannabis Solutions stock continues plunge

Published: April 11, 2014, 3:45 pm, by Wayne Heilman

Shares of Advanced Cannabis Solutions Inc. continued to decline Friday in the wake of a 10-day trading suspension ordered by the Securities and Exchange Commission that ended Thursday.

The company’s shares fell $4.70, or 25.4 percent, to $13.80 in over-the-counter trading on Friday. The stock fell 38.3 percent on Thursday, the first day of trading after the suspension, and has now declined 54 percent since trading has resumed. The SEC halted trading March 27 over concerns about whether affiliates or stockholders of Advanced Cannabis Solutions had engaged in illegal distribution of the stock, one of five small pot-related companies the agency has ordered to halt trading since March 5.

Advanced Cannabis shares jumped from $1.90 on Dec. 5 to $48.38 on March 5 during a surge in stock prices of small pot-related companies with shares traded on over-the-counter bulletin boards. The company provides real estate leasing and business consulting services to businesses that sell legal marijuana in Colorado and other states where medical use is allowed.