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You are here: Home / Business / Bloom Off Of Pot Stocks On Wall Street

Bloom Off Of Pot Stocks On Wall Street

March 21, 2014 by drheins 1 Comment

NEW YORK: Wall Street seems to be losing its appetite for pot.

Marijuana stocks were high flyers — so to speak — after Colorado and Washington states legalized pot sales and several other states announced they may legalize sales or decriminalize possession. Shares in about 20 marijuana-related companies began soaring, with some gaining more than 500% off 52-week lows.

But marijuana mania continues to fade as investors realize there’s more smoke than fire at many companies, which show “pot-tential” but little actual revenue. CannaVest, which specializes in industrial hemp production, had climbed to $180 a share last month. After dropping 11% to to $61.45 Thursday, it’s lost nearly two-thirds of its market value.

Read full article @ USA TODAY

Filed Under: Business Tagged With: cannavest, marijuana investment, marijuana stocks, New York, NY, penny pot stocks, penny stocks, pot stocks, the business of MJ, wall street

About drheins

David Rheins is founder and executive director of the MJBA, a leading B2B trade organization, providing business intelligence, professional networking and opportunity for participants in the legal cannabis industry.

MJBA publishes the popular MJHeadline News on Facebook, MJNewsNetwork.com, Marijuana Green Pages and Marijuana Channel One on YouTube.

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