Marijuana Stocks Surge 20%-80% as Investor Optimism Over Cannabis Swells
Shares of public cannabis companies started off 2014 with a bang, posting huge gains on the first day of trading since the successful launch of recreational marijuana stores in Colorado.
Many stocks rose at least 20% in intra-day trading on Thursday vs. their 2013 closing price. A handful surged more than 60%, and one touched 80%. That’s a stark contrast to the broader stock markets, which dipped into the red.
Only a handful of marijuana stocks declined.
The stock spikes reflect excitement over the future of the cannabis industry after retail cannabis shops successfully launched in Colorado on Wednesday. The first stores encountered huge demand, and the “cannabis chaos” that some predicted didn’t materialize.
That stoked optimism among investors about the continued spread of marijuana laws – and the businesses that benefit from them.
Cannabis stocks – all of which are listed on the over-the-counter markets – are subject to rapid price changes, as they are thinly traded. So they could relinquish some or all of these gains quickly.
Regardless, it’s a great way to start 2014 for the industry.
Last year, nearly half a dozen cannabis stocks ended the year down, though the sector as a whole experienced a late-December rally.
Here are some of Thursday’s biggest cannabis stock movers (note – prices reflect intra-day highs as of mid-afternoon Eastern Standard Time):
San Diego is continuing its quest to close down illegal medical marijuana dispensaries. Four more [click to continue...]
This may be the strangest marijuana-related story you read all week. A Russian cannabis company [click to continue...]
A Washington State sheriff has a message about marijuana for Oregon voters. “The sky hasn’t [click to continue...]
The first country in the world to fully legalize the sale and possession of recreational [click to continue...]
Obtain a state permit or shut down. That’s the gist of a letter Seattle’s Department [click to continue...]
Nevada lawmakers will tackle the recreational marijuana issue early next year, whether they’re ready to [click to continue...]
A Colorado company attempting to develop THC breathalyzers is getting some help from the state [click to continue...]
Cannabis growers of a different stripe can begin submitting applications to the Missouri government next [click to continue...]
Colorado edibles manufacturers can let out a sigh of relief. A proposal on Monday to [click to continue...]
Several businesses have taken a big step forward in their quest to open medical marijuana [click to continue...]
San Francisco, which was at the forefront of the medical marijuana movement a decade ago, [click to continue...]
An Oregon judge has decided that towns and counties have the right to ban or [click to continue...]
Medical Marijuana Inc. has filed a lawsuit in California against several businesses – including a [click to continue...]
Want to track sales of individual marijuana stores, cultivators and processors in Washington State? Easy [click to continue...]