13th August 2022
cannabis plants.
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Cannabis investment platform ‘JuicyFields’ hit with Ponzi scheme lawsuit in Spain

Nearly 1,200 investors have filed a class-action lawsuit in Spain against a medicinal cannabis investment platform operating worldwide, accusing it of fraud, embezzlement and money laundering, their lawyers have announced.

JuicyFields, which is based in the Netherlands, promised high returns to invest online in medicinal cannabis plants, said Norberto Martinez from the Martinez-Blanco law firm that filed the case.

A spokesman with Spain’s National Court, the country’s top criminal court, confirmed the lawsuit was filed over the weekend.

This is believed to be the first class-action lawsuit against JuicyFields, which according to media investigations allegedly scammed investors around the world.

Established in 2020, JuicyFields offered investors the chance to participate in the cultivation, harvesting and sale of cannabis plants, promising returns of between 29% and 66%, according to the law firm.

But JuicyFields suddenly stopped operations in mid-July, froze cash withdrawals and vanished from the internet, according to several investors.

The lawsuit accuses JuicyFields of operating like a Ponzi scheme, in which early investors are paid out by receipts from later investors.

It estimates that there are nearly 4,500 victims in Spain alone, who each lost an average of €6,500. Some individuals lost as much as €200,000.

The minimum investment was €50, and the money could be deposited and withdrawn via bank transfer or cryptocurrencies.

The overall scale of JuicyFields’ alleged fraud is unclear. A class-action lawsuit against JuicyFields is also expected to be filed in a French court before the end of the year.

cannabis plants.
Library image of cannabis plants. (Richard T. / Unsplash)

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