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Securities

Aug. 25, 2022

SEC files 2nd suit related to cannabis company

“This is punitive by the SEC against a pharmaceutical company with a cannabinoid product that competes with other chemical and pharmaceutical drugs,” Steele Clarke Smith III, CEO of C3 International Inc., said in a phone interview on Wednesday.

The U.S. Securities and Exchange Commission filed its second lawsuit related to a medical cannabis company in Orange County, this time against a man it says was a former executive, while the CEO said the new defendant has never worked for his company.

The lawsuit Wednesday accused Nicolas Arkells of selling $500,000 in fraudulent securities to investors in C3 International Inc.

“This is punitive by the SEC again...

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