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):
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...]
The author of the 2013 Cole Memo has a clear message for California: “If you [click to continue...]
A national cannabis consulting firm has brought on a key architect of Israel’s medical marijuana [click to continue...]
Yet another sign that the marijuana industry is maturing: 14 cannabis labs from across the [click to continue...]
Let the rebirth of San Diego’s medical marijuana industry begin. On Wednesday, the city granted [click to continue...]
Can medical marijuana dispensaries continue operating without electricity and water? In Anaheim, California, the answer [click to continue...]
The Emerald City’s second recreational marijuana shop is rolling in the green. Uncle Ike’s, which [click to continue...]
Marijuana companies in Colorado could eventually have their very own bank if a publicly traded [click to continue...]
Hurry up and wait. That’s the situation Massachusetts medical marijuana dispensaries find themselves in as [click to continue...]
Will the cost of doing business in Maryland turn away medical marijuana entrepreneurs and disenfranchise [click to continue...]
Marijuana sales in Colorado are hitting new highs. Both recreational and medical cannabis revenues jumped [click to continue...]
American investors who funnel money into Canadian medical marijuana companies could run into legal issues [click to continue...]
Colorado Republican gubernatorial candidate Bob Beauprez (pictured) suggested during a debate Thursday evening that voters [click to continue...]