It claims to be the first publicly owned service center in the U.S., with penny-priced stock that investors can buy if they’d like to cash in on the shroom boom… cannabis was a ripe market for stock schemes back then, says Vince Sliwoski, a Portland lawyer who advises cannabis and psilocybin firms. It was the “green wave,” and Oregon was the first jurisdiction in the world to allow outside investment in the cannabis industry. Dispensaries sprouted throughout the state. So did fraud.

Companies with stocks that sold for pennies set up large grow operations and put out press releases making claims that drove their stock price higher, only to have it crash when profits failed to follow the hype. But, by that time, their biggest stockholders had already cashed out, leaving small investors stuck with worthless shares. “A lot of people lost a lot of money,” Vince Sliwoski says. The Sacred Mushroom… Arnold and his partners are betting that spa-like amenities and their pitch to party seekers will command a premium, putting them in the black while others bleed red ink. Arnold says he’s still working out pricing, but he expects a full trip will cost between $1,200 and $1,400 per person, in line with other centers… “While there is more to do,” to make The Sacred Mushroom a success, Kaya said in… press release, “we are proud to be in the forefront of an industry that is poised to offer relief to so many, as well as growth opportunities for KAYS.” So far, the pivot hasn’t paid. Kaya lost almost $750,000 in the six months… according to its latest quarterly report, and its liabilities exceed its assets by more than $16 million. The bulk of its liabilities is debt that the company can convert to shares, Frank says, “a very manageable load for a facility like The Sacred Mushroom.” … The stock changes hands at 4 cents a share. “It’s a zombie kind of company from a financial perspective,” Vince Sliwoski says.

Original Article (Willamette Week):
A new portland shroom service center offers halloween trips and bargain-priced psychedelic stock
Artwork Fair Use: obsidiansoul