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):
Entrepreneurs seeking cannabis licenses in multiple states have a new concern: legal issues from one [click to continue...]
Colorado marijuana businesses in need of a bank account, take heart. Banking services may soon [click to continue...]
A bill introduced in Congress by representatives from California and Oregon with 10 bipartisan cosponsors [click to continue...]
Legal marijuana dispensaries face potential prosecution if a U.S. attorney enforces federal guidelines banning marijuana [click to continue...]
The crusade against illegal medical marijuana dispensaries in southern California has been going on for [click to continue...]
In what must come as a relief for cannabis enthusiasts in the nation’s capital, The [click to continue...]
Legalize Maine, an advocacy organization for legalized recreational cannabis in the northeastern state, announced a [click to continue...]
Oregon lawmakers have started asking questions about how to frame regulations pertaining to recreational marijuana [click to continue...]
The Emerald City has been trying for months to slow down the quickly-expanding medical marijuana [click to continue...]
Though Alaska voters spoke earlier this month on recreational marijuana, the state’s largest city might [click to continue...]
California Attorney General Kamala Harris said cannabis legalization in the state is “inevitable” as advocates [click to continue...]
Some Montana marijuana dispensaries are asking for more-stringent regulations to avoid a repeat of 2011 [click to continue...]
The smallest state in the nation will get its third and final medical marijuana dispensary [click to continue...]
One of the ways backers of recreational cannabis sales in Oregon planned to fight the [click to continue...]