Bloom Off Of Pot Stocks On Wall Street

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.

The First Pot Stock Billionaire Says His Penny Stock Could Be A Little High

NEVADA:  You have probably never heard of Bart Mackay, a 57-year-old Las Vegas lawyer who works on various ventures like Dot Vegas, which operates the .Vegas top-level domain. But on paper, Mackay is the first pot stock billionaire.

Mackay’s holdings in CannaVest, which bills itself as the world’s leading hemp-based investment company, are valued at $1.8 billion. That figure might seem like a drug-induced hallucination, but it’s technically true. CannaVest is the top-performing stock in America in 2014 with a market capitalization greater than $1 billion. [Read more…]