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Hemp Co. Says Extract Deal Was Really Ponzi Scheme

Ponzi Scheme

Hemp Co. Says Extract Deal Was Really Ponzi Scheme

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By Mike Curley (May 11, 2022, 1:53 PM EDT) — A hemp products maker is suing another company it contracted to extract certain cannabidiols from raw materials, saying it now believes the other company was using its materials in a type of Ponzi scheme.

In a complaint filed in Los Angeles County court on Monday, Delta Technologies LLC claimed that Old Belt Extracts LLC had failed to live up to its end of the deal that they struck in March 2021 by dragging its feet on producing the extracts it promised, and when it did return the extracted material, Delta said it does not believe the extract came from its materials….

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