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):
At least one outspoken cancer patient in Connecticut has been brought to tears by what [click to continue...]
Absentee ballots have just started to hit Florida mailboxes, and it’s no coincidence that a [click to continue...]
The Emerald City is finally about to get its second recreational marijuana shop, while three [click to continue...]
The marijuana industry has spawned a seemingly endless number of ancillary business ideas, and one [click to continue...]
Montana’s once-burgeoning medical marijuana sector unraveled quickly several years ago due to legal issues, but [click to continue...]
If you work in the marijuana industry in Colorado, brace yourself. The state’s Marijuana Enforcement [click to continue...]
Remember that 250-pound bag of imported hemp seeds customs officials detained in Kentucky earlier this [click to continue...]
The company that runs some of the most well-known casinos in Las Vegas has filed [click to continue...]
Marijuana businesses across the country, take heed: If your venture doesn’t pan out, don’t count [click to continue...]
U.S. Attorney General Eric Holder, who is resigning from his post later this year, suggested [click to continue...]
Cannabis entrepreneurs can now submit applications to take part in an investor pitch session at [click to continue...]
Though a bill to legalize medical marijuana in Pennsylvania won overwhelming support in the state [click to continue...]
Illinois received 369 applications from entrepreneurs seeking licenses to open medical marijuana businesses, according to [click to continue...]
A fake news site duped thousands of online readers into believing – at least for [click to continue...]