For immediate release: July 17, 2020
Contact: Nick Omland, Communications Specialist
Securities Division Orders Medical Marijuana Company, Representatives to Repay St. Louis-Area Investors
Jefferson City, Mo. — Secretary of State Jay Ashcroft’s Securities Division issued a consent order against Shawn Harrison, Kristie Harrison, Kevin Larson and their company Cannabis Plus Missouri LLC after they committed fraud in offering and selling unregistered securities.
From April 2019 to May 2019, Eureka, Missouri, resident Shawn Harrison sold at least $10,000 in unregistered, non-exempt promissory notes claiming to be investments in the distribution of medical marijuana to at least three St. Louis-area residents. Neither Shawn Harrison nor his associated businesses, Cannabis Plus Missouri LLC and Can Plus Mo Investments, were registered to offer and/or sell securities.
Larson aided in soliciting the sales of the investment contracts and promissory notes and facilitated the sales. Shawn Harrison’s spouse, Kristie Harrison, aided the enterprise in a financial role.
Prior to the offer and/or sale of securities, it was not disclosed that the funds would be used for anything other than licensure and startup costs. Instead, the funds were used for personal expenditures, which constituted fraud.
“Before you part with your hard-earned money, make sure that money is put to its intended use and not for other purposes,” Ashcroft said. “Verify that the company or person you are considering investing with is properly registered to offer and sell securities in Missouri. Our office is here to help provide valuable information, so Missourians can make informed investment decisions.”
The division ordered the Harrisons and their company to pay restitution of $11,352.65 and $10,000 in penalties and costs. Of the penalties, $8,000 will be suspended pending compliance and ultimately waived Aug. 1, 2021, provided the Harrisons remain compliant with the order and pay all other amounts due in full before then.
Ashcroft urges all investors to know the risks. If you have any questions about an investment opportunity or wish to check the background and registration status of a financial adviser, please call the toll-free investor protection hotline at 800-721-7996, or go online to www.missouriprotectsinvestors.com to file a complaint.
Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.