JuicyFields was a company specializing in the e-growing of medical cannabis. With a promising business idea and a strong online presence, it attracted numerous investors hoping to profit from the growing industry.
However, negative headlines soon increased around the company, particularly related to insolvency and investor rights. In addition, there was a brief period of an avoidable refund from the company where customers could sign up.
However, according to several reports, JuicyFields’ e-growing companies are insolvent. The hoped-for refund is also an issue that currently seems impossible. What those affected can do and what options you have, we summarize in our article.
Table of contents
- Current procedure of the investigators
- Jansen Grow and JuicyFields the same thing?
- Refund: Do not register under any circumstances
- The investigation against JuicyFields to date
- Tips and free initial consultation for investors
- The danger posed by JuicyFields clone
- JuicyFields – opaque business model
- JuicyFields investigation and class action lawsuit
- What should investors do now?
Current procedure of the investigators
In the context of the current investigation surrounding JuicyFields, there are several aspects that are significant. Here are some of the key issues highlighted during the investigation:
Financial transparency: investigators are examining JuicyFields’ financial activities to uncover irregularities or possible fraud. This includes, for example, examining business records, bank records and transaction histories.
Business Practices: Investigations also look at JuicyFields’ business practices to determine whether the company has violated applicable law. This may include, for example, compliance with licenses, permits, and other legal requirements.
Responsible Individuals: Investigators will identify and interview key individuals within the company to determine their roles and responsibilities in connection with the bankruptcy and possible unlawful acts. This could include board members, directors, and senior executives.
Communications with Investors: Investigations will include analyzing JuicyFields’ communications with its investors to determine whether the company provided misleading or false information. This includes, for example, reviewing promotional materials, informational brochures and email correspondences.
Working with insolvency practitioners: investigators work closely with the appropriate insolvency practitioners to identify the assets of insolvent companies and ensure that they are distributed equitably among creditors.
Some examples of specific issues investigated during the investigation include:
- Were investors informed of the true risks and potential returns on their investments?
- Did JuicyFields have the necessary licenses and permits to grow and sell medical cannabis?
- Were there any irregularities in the use of investor funds, such as misappropriation or misappropriation?
The results of the investigation will help to complete the overall picture of the situation at JuicyFields and identify possible approaches for legal action and redress for the investors involved. It is important to emphasize, however, that the investigation will take time and it may be some time before definitive conclusions can be reached.
Jansen Grow and JuicyFields the same thing?
The JuicyFields platform is still plagued by doubts and ambiguities regarding its corporate structure and responsibilities. The imprint of the Juicy Fields website has been changed several times, sometimes even within one day. When Juicy Fields was founded in 2020, the Berlin-based Juicy Grow GmbH was originally registered as the responsible company. Currently, “Jansen Grow ApS Havnegade 39, 1058 København K, Denmark” is listed as the responsible company.
In addition, Juicy Fields investors were briefly promised a repayment plan to reimburse potentially harmed investors for their investments. Responsibility for the collapse of Juicy Fields is attributed solely to Friedrich Graf von Luxburg Carolath.
As tempting as the repayment seemed, we advised any investors not to accept the “offer”. In the current situation, it seemed completely implausible that JuicyFields could make repayments. In addition, the Berlin Attorney General’s Office continues to investigate fraud. The statement was most likely aimed at keeping investors happy.
Refund: Do not register under any circumstances
Under no circumstances sign up for a “refund” with a video message and your ID, not even in the future. There is a risk of identity theft and money laundering here. Perpetrators could open accounts and launder money using victims’ identity credentials.
In addition, many victims report that they are misled or even intimidated into not taking action against JuicyFields by JuicyFields officials or JuicyFields supporters in Telegram groups or through emails.
It is important that potential injured parties and investors in the JuicyFields platform are aware that the promises and schemes presented to them may be untrustworthy and that they should not fall into the trap. Instead, they should seek legal assistance to learn about their options and rights in this situation.
An experienced and competent attorney can represent your interests and guide you through the reporting process.
The investigation against JuicyFields to date
JuicyFields had offered e-growing since 2020. This means that investors could participate by investing in the cultivation, harvesting and distribution of cannabis plants to be used for medicinal purposes.
Investors were promised returns of more than 100 percent annually. The company did not reveal exactly how it would accomplish this, let alone guarantee it.
The JuicyFields company also operates under the name of Juicy Holdings B.V.
JuicyFields operates the following websites:
https://juicyfields.io/de/
https://juicyfields.io/
https://juicyfields.crowddesk.io
The website https://juicyfields.io/ was the most important of the company. Here, customers had the opportunity to invest in four different plants: buy, sell, pay out profit – all this took place in virtual greenhouses. Until now, it is unclear whether the plants ever actually existed.
Because finally, in July 2022, the first inconsistencies appeared. Customers could no longer log into their accounts. Around the same time, company content on JucyFields’ social media channels was also deleted. These were the first signs of fraud.
JuicyFields raided by Berlin State Criminal Police Office
On August 16, 2022, investigators from the Berlin State Criminal Police Office searched the homes of 12 suspects. In addition, offices of a total of five companies believed to be involved were also searched at two different locations.
The LKA seized a large number of documents, which are now being evaluated as evidence. BaFin was also involved in the raid.
BaFin repeatedly issued warnings and is conducting investigations
BaFin warned Juicy Holdings B.V. in March 2022 against offering a subordinated loan without a BaFin-approved prospectus. Juicy Holding B.V. subsequently shut down its promotional website. The revised offering was subsequently published on https://juicyfields.io/.
As with the previous offering, no BaFin-approved prospectus containing all required information was published. In July 2022, BaFin issued further consumer warnings and announced that it was investigating Juicy Holdings B.V. for possible violations of the German Investment Code.
As a result, on June 3, 2022, BaFin had prohibited Juicy Holdings B.V. (Amsterdam, The Netherlands) from offering to the public an investment in cannabis plants of the varieties JuicyFlash, JuicyMist, JuicyKush and JuicyHaze. Accordingly, Juicy Holdings was not able to publicly advertise these plants in Germany. BaFin announced the ban on its website.
BaFin justified the ban by stating that the investment opportunities mentioned are “asset investments” under the German Asset Investment Act (VermAnlG). Before the start of the public offering in Germany, which was carried out via the website https://juicyfields.io/de/, among others, Juicy Holdings was therefore legally required to prepare a sales prospectus approved by BaFin. The regulator claimed that the company had never complied with this obligation.
Clear warning and fine
In addition to the usual references to the prospectus obligation and the scope of BaFin supervision, the BaFin notice contained an unusually clearly worded suggestion for investors who have invested money with Juicy Holdings.
It advises that if fraud is suspected, the investor should immediately file a report with the police or the public prosecutor’s office. In addition, BaFin “recommends that those affected speak to a lawyer if necessary” to assert possible civil claims for damages.
Bafin also demanded a penalty payment of one million euros from JuicyFields in early July for failing to comply with the sales ban. This letter was posted on the German and English versions of the Juicy Fields website.
At first, some visitors thought the site had been compromised. However, upon closer inspection, it turned out that the operators had uploaded the file themselves.
Tips and free initial consultation for investors
Our law firm continues to receive numerous inquiries from investors who have invested funds with JuicyFields and are now having our attorneys review legal steps.
In principle, there are many different options, which the Herfurtner law firm takes depending on the individual case.
These include, among others, the following services:
- If this has not yet been done, we file a criminal complaint for fraud with the police or the public prosecutor’s office on your behalf.
- Furthermore, we take over the communication and cooperation with the investigating authorities.
- We work closely with IT forensic experts to preserve evidence and trace money in money transfers and cryptocurrency transactions.
- In case of confirmation of the crime of fraud, we take all legal steps under consideration both in extrajudicial and criminal proceedings.
The danger posed by JuicyFields clone
Sweetfields.io was a website that apparently copied prominent features, layout, services and business model of JuicyFields platform. It can be assumed that this provider had dubious intentions and wanted to use the uncertainty of JuicyFields providers to get their money. That is why our lawyers advised against investing.
On the home page, the provider described itself as a “cannabis platform in the Netherlands”. Contradictorily, the footer of the domain contained a Polish company address.
Poland, Gagarin st 158
Just as with JuicyFields, capital investments in e-growing were possible here. The investments were to be paid either in cryptocurrency or by bank transfer – exactly as with JuicyFields.
The language Sweetfields used to advertise was also very reminiscent of JuicyFields, which is under urgent suspicion of fraud.
“The Sweet Fields cannabis cultivation platform.
Be the first to get in on the new, fast-growing business! What do we offer? We invite you to start a legal business related to cannabis cultivation. To start this business, you don’t need high investments and land! All you need is an amount of 50 euros. Already after 108 days the investor can get a profit, such as a full return of the investment together with the interest.
The investor determines the size of the investment and sets the limits of the future income by choosing the variety of cannabis and the number of its bushes. The growth rate, maturity and yield of cannabis varies. The timing of profit and the amount of profit are also different. It ranges from 36% to 66%. Everyone can choose the best path for themselves.”
(10/20/2022, https://sweetfields.io/de/)
It cannot be ruled out that more clones of JuicyFields will appear on the market in the near future.
JuicyFields – opaque business model
As an industry leader, JuicyFields seemed to pioneer the “e-growing” of medical cannabis. Seemingly, high profits were distributed to investors in the form of dividends thanks to the yields of the plants.
Yields and extremely profitable returns varied greatly from plant to plant. JuicyFields offered four different types of plants.
The JuicyFlash variety was the least expensive at €50, but could only be harvested once. It was advertised at €1.50 per gram retail price. The money taken in ranged from €68 to €83.
JuicyMist’s price was significantly higher at €2,000. However, both the yield and the selling price sounded better here. With four harvests per year, the annual income should be between €1,200 and €1,600.
“Plants and cultivation management services offered by licensed cultivation partners of Juicy Holdings B.V.” were to be purchased by the investor. Investor funds were to be initially deposited into the account of “Juicy Grow GmbH” in Germany and transferred to “Juicy Holdings B.V.” in the Netherlands at a later date.
What do JuicyFields executives say?
Until the beginning of the year, Alan Ganse acted as CEO of the company. When asked about the fraud allegations, he said he was not responsible for the investment platform or the finance department.
He blamed the incidents on the complexity of the company’s structure and an internal power struggle between new and old owners.
Juicy Fields: Website still online
While customer accounts are blocked and investors have not been able to log in since mid-July 2022, the provider website is still online. Regularly, the information changes here. However, it is not known who operates the website and creates the current content.
Until a few months ago, there was a text on the JuicyFields domain that made accusations and attributed responsibilities in a very clear way. We have translated part of it from the original English into German for you.
“Update for all our Juicy members.
It looks like Gorath von Luxbourgh is finally feeling the pinch due to his lies and fraud. The authorities have apparently raided his homes and businesses, including LC Med. Despite all the rumors circulating in the market about the alleged machinations of JuicyFields, the true situation is much easier to explain. Von Luxbourg has been trying to steal our company and your money, and to prevent him from doing so, the banks have frozen all our bank accounts at our request.
We welcome the authorities to continue their investigation so that the truth can finally be seen and heard by all. In the meantime, we have put into action a plan that will allow us to generate revenue with our own money to at least repay the funds of all existing investors that are in the bank accounts.”
(10/20/2022, https://juicyfields.io/)
Just a short time before, the following texts could be read at the top:
Hello E-Growers!
The summer of 2022 is coming to an end, but we all still have a long way to go together, and a brand new page of the JF movement is beginning this moment as you read this email. Before you take a look, understand this.
The feedback we receive in your emails, as well as the personal financial disaster and more that everyone involved in the project has experienced, is the responsibility of the owners. And we, the team that came up with the idea of co-cultivation, feel the bitterness of it all.”
(9/22/2022, https://juicyfields.io/)
As previously mentioned, it is unclear who currently runs the JuicyFields website. This is as opaque as the entire business model.
In any case, the current contact information on the website is interesting. Here is now no address in the Netherlands (Amsterdam), but in Denmark:
Jansen Grow ApS
CVR No. 43303503
Legal address
Havnegade 39, 1058 København K, Denmark.
E-mails:
press@juicyholdings.com
refund@juicyholdings.com
legal@juicyholdings.com
JuicyFields AG has investments in these cannabis companies:
60% Cannabis international
20% Formula Swiss, Denmark
20% Vertical, Switzerland
Exit Scam – How high are the losses?
JuicyFields itself spoke of a total of 500,000 registered customers on the investment platform. The customer base spans Europe, Latin America, Africa and Asia.
Either by bank transfer or payments with cryptocurrencies such as Bitcoin, customers were able to make investments between 50 and 180,000 euros.
Aggressive advertising with unbelievably high returns
For a serious image and to gain the trust of investors worldwide, the JuicyFields company relied on a consistent marketing and advertising strategy since 2020.
Large-scale advertising measures were applied on various websites, in Telegram chat groups, various social media channels and on Youtube. Even influencers were worked with and the investment platform was promoted at international trade fairs.
In addition, JuicyFields appeared as a sponsor of various events and exhibitions and was featured in Forbes magazine several times. Some of the investments in medical cannabis promised profits of more than 100% annually.
And the marketing plan seemed to work for a long time. Investors reported an unproblematic payout of their profits for a long time. The positive experience reports further stimulated the interest of small investors in JuicyFields.
Quite a few private investors put their entire savings into the cannabis platform. Some even took out loans. Those affected are now exchanging information on the Internet and drawing comparisons between JuicyFields and the major fraud case surrounding the digital currency OneCoin.
Ruja Ignatova was listed by the FBI as the mastermind – among the world’s most wanted persons. The total economic damage caused by OneCoin is said to be four billion US dollars.
The damage caused by JuicyFields is currently estimated to range from tens of millions to billions.
JuicyFields: a modern-day economic crime story
According to the current state of the investigation, JuicyFields used the Ponzi scheme, at least in part. This involves illegally using funds from new customers to pay off “older” customers.
Likewise, some investors were tied to JuicyFields with bonuses if they could attract new customers. That investing in the cannabis industry is so attractive to investors is not all that surprising.
The industry has been growing since the use of cannabis was legalized for medical treatment in several countries worldwide. Even for private consumption, the herbal drug is permitted in some US states and in Canada.
In Germany and other European countries, political debates and government plans to legalize cannabis have also been a topic of discussion for years and are coming within reach.
JuicyFields investigation and class action lawsuit
The Berlin Public Prosecutor’s Office initiated investigations against those behind the platform. Together with the Berlin State Criminal Police Office, the public prosecutor’s office also investigated the amount of the total damage caused by JuicyFields.
Last according to public prosecutor’s office Berlin against so far 4 societies fortune arrests were executed, which amount to in each case more than 2.5 million euro.
Each investor concerned of JuicyFields has the possibility of submitting criminal complaint because of fraud with the police and should this – so the advice of our attorneys – also do. Because only by this step the investors emerge in the investigation procedure.
Our law firm is aware that the public prosecutor’s office in Berlin is already handling several cases, so that it is likely that a collective proceeding will be initiated.
Nevertheless, aggrieved parties should not wait for this, but act now and report the probable case of fraud also at the place of residence, in order to be able to enforce later claims, if necessary.
What should investors do now?
The most important advice is to act promptly. In addition to filing a criminal complaint, investors should also go a step further and retain the services of an attorney. A lawyer who is familiar with investment fraud has wide-ranging options.
The attorneys of the Herfurtner law firm first offer you a free initial consultation in which you can describe your experiences to us. We will then conduct a case-by-case examination and explain to you realistically and honestly what chances of success we see.
If a mandate comes about, we will work conscientiously for your interests.