Hemp Industry Daily report… it’s becoming fairly predictable behaviour in the industry.
A CBD company in Arizona is accused of bilking investors of millions of dollars and getting an emergency pandemic-relief loan while the business owners used the money to buy a private jet and fund other lavish expenses.
Integrated CBD (ICBD) got as much as $350,000 earlier this year through the U.S. Paycheck Protection Program (PPP) to help with payroll for 50 employees.
However, the company had laid off all of its employees months before, according to the lawsuit by investors filed in state court in Maricopa County.
The lawsuit alleges the company leaders “ran ICBD into the ground” while investors’ money vanished “into each and all of the defendant’s coffers.”
Also from their Twitter their spruiking via MJ Bulls December last year