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):
Marijuana Business Daily is closed for the long holiday weekend. We’ll resume publishing on Tuesday. [click to continue...]
A complaint filed by one marijuana legalization campaign against another in Ohio was dismissed unanimously [click to continue...]
Kyle Kingsley, MD, is hoping he’s found a way to expand his cannabis cultivation company [click to continue...]
A quartet of recreational cannabis shops in Washington State wrongly sold marijuana to minors in [click to continue...]
Yet another lawsuit has been filed in Illinois over the licensing process in the state’s [click to continue...]
Medical cannabis apparently isn’t socially acceptable in Connecticut. At least, not by Facebook. A marketing [click to continue...]
Former state Senate Minority Leader Eric Kearney, a Democrat from Cincinnati, has been hired by [click to continue...]
The Texas Legislature has sent a bill allowing CBD treatments for some epilepsy patients to [click to continue...]
Just a week after one legislative committee fought to a standstill over Oregon’s medical cannabis [click to continue...]
One of several losing contenders in Illinois’ medical marijuana program has withdrawn a lawsuit it [click to continue...]
Vicente Sederberg LLP, perhaps one of the best known marijuana legal firms in the country, [click to continue...]
Nine people were arrested at five locations after an Arizona SWAT team raided a medical [click to continue...]
Denver marijuana cultivator Organic Greens was shot down in court on Friday by a district [click to continue...]
Medical marijuana dispensary license applicants in Massachusetts will be judged on their own merits under [click to continue...]