Buyers flock to marijuana shares

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Whereas the Dow and S&P rang within the New 12 months with its first terrible begin to a yr considering 2008, a trio of marijuana shares was once pure diesel.

Shares opened down on Thursday after a one-day vacation market closure and endured to slip, however regardless of market traits, and buoyed through heavy media protection of the nation’s first criminal gross sales of marijuana on Wednesday, traders look like taking note of the imply inexperienced cash computing device.

Best the percent is Medbox, Inc. (MDBX) a business that sells and services sophisticated marijuana storage and vending machines. Currently valued at $357 million, the company’s stock shot up almost 50% before settling down for a gain of 35% at 24.70, its highest close since October.

Finishing at a close second GrowLife, Inc. (PHOT) logged an impressive 31% increase in share price with the penny stock closing near $0.20, matching the highest valuation of the company in over one year. The California-based company manufactures a range of plant-growing systems marketed towards the marijuana industry. When markets closed Thursday, GrowLife had a market cap topping $140 million.  GrowLife president Marco Hegyi told MSNBC that his company is looking forward to continued growth as retail sales will commence in Washington state later this year, and that he, “appreciates that investors recognize that GrowLife is one of the few fully-reporting, revenue generating companies in this dynamic and growing industry.”

In third with the bronze is Medical Marijuana, Inc. (MJNA) whose share value greater than doubled to $zero.32 all over mid-day buying and selling earlier than settling right down to an in depth at $zero.19 and a achieve of greater than 22%. With forty eight staff, a market cap of $one hundred eighty million, and greater than three years of buying and selling historical past, MJNA is most likely probably the most mature marijuana participant on hand to buyers as of late. MJNA can be distinctive in that it produces pharmaceutical merchandise containing marijuana compounds together with non-psychoactive therapeutic merchandise used to deal with sure varieties of epilepsy and autism.

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