The (Unsurprising) Implosion of Juicy Fields

The (Unsurprising) Implosion of Juicy Fields
High Times

The idea was, on the surface of it all, quite original. Juicy Fields, a cannabis “investment” platform, supposedly connected micro investors with small cannabis farmers to “fund” crop cultivation that was then legitimately sold. Investors were told they could expect returns of up to 66% on their investment in just 90 days. More problematically, investors were also allowed to deposit up to 180.000 euros via bank transfer or crypto investment in the platform without going through required background checks that are standard procedure in both reputable banking and fintech apps. Suspicious or not, for the past 18 months or so, Juicy Fields was a big thing in the Spanish speaking world (in Latin America and in Spain). The company also established itself over the last year and a half across Europe by throwing sponsorship money at respectable festivals and gatherings. They established offices in Holland and Germany. Anyone with a banking, finance, or legal background—beyond those in the industry who know where legal cannabis comes from—were suspicious right from the start. But Juicy Fields was smart. It made its presence felt in highly effective ways, particularly in Europe, in 2021. As the world opened up after the pandemic, the chance to feel happy, party with friends, and make money was a tantalizing draw. If it sounds too good to be true, that’s because it was. Last Monday, on July 11, remaining company workers went on strike. The company then froze cash withdrawals, preventing investors from reclaiming their money. Many had invested small amounts in the beginning and gone through a few successful rounds where they actually saw returns before committing larger sums. These funds have now disappeared, probably forever. Multiple investors reported taking out loans to fund their Juicy investments. Company execs steadily disappeared, including scrubbing their profiles online. By…

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