The U.S. Securities and Exchange Commission has temporarily suspended trading in Pineapple Express, a cannabis consulting and investment company headquartered in Los Angeles.
The agency said it did so “because of recent, unusual and unexplained market activity in the company’s stock that raises concerns about the adequacy of publicly-available information regarding” Pineapple Express.
The suspension took effect at 9:30am on April 28, and will stay in effect until 11:50 pm on May 11. Before the suspension, the company’s stock price was $9.15. It trades under the ticker symbol PNPL.
On the day of the suspension, Pineapple Express issued a letter to shareholders saying it was in “constant contact” with the OTC Markets Group, which operates the market where the company’s stock trades. It didn’t provide ad...