A payment processor for marijuana dispensaries has been ordered by the Arizona Corporation Commission to pay back retirees hundreds of thousands of dollars.
The company is called Mideon, and the Arizona Corporation Commission says it defrauded investors.
Mideon reportedly raised more than a half-million dollars from retirees and promised them a 30% return within two years.
The investors believed their profits would come from payment processing Mideon did for marijuana dispensaries. But the company had already gone months without generating revenue and was not registered to buy or sell securities.
Now state regulators have ordered Mideon to pay about $470,000 in restitution and penalties.
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The marijuana holiday 4/20 is on Monday. It falls about 10 weeks before the deadline to submit enough signatures so Arizona voters could decide in November whether to outlaw dispensaries.
