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):
The two companies selected to grow and dispense medical cannabis in Minnesota have raised a [click to continue...]
Medical marijuana businesses in Vancouver, British Columbia, may soon be in the city’s crosshairs. The [click to continue...]
An increasing number of states are requiring cannabis companies to track every plant from seed [click to continue...]
The agency in charge of overseeing Oregon’s recreational marijuana industry is planning to add a [click to continue...]
Cannabis business owners harassed by federal prosecutors despite operating legally in their respective states would [click to continue...]
An attempt to legalize medical marijuana in Florida this year via the state Legislature is [click to continue...]
An Ohio organization pushing for medical marijuana legalization in the state says a stronger, more [click to continue...]
A dispensary run by the president of the California Cannabis Industry Association has come under [click to continue...]
Oregon officials in charge of regulating the state’s up-and-coming recreational marijuana industry expect roughly 2,000 [click to continue...]
One of the first commercial cannabis testing labs in the United States is seeking $5 [click to continue...]
The head of the Drug Enforcement Agency will resign next month, prompting cheers from cannabis [click to continue...]
The owners of a planned Las Vegas dispensary held a ceremonial groundbreaking on Monday despite [click to continue...]
Yet another national poll has revealed that attitudes towards legalizing cannabis have grown more tolerant [click to continue...]
Washington State cultivators must be hurting. The average price of a gram of retail cannabis [click to continue...]