Marijuana Dispenser Company Stock Soars After Pot Legalization
Medbox, a company who makes marijuana dispensing machines, has unexpectedly seen their stock shoot through the roof after a series of unexpected events.
According to Boing Boing, “shares spiked 3,000% this week (from about $4 Monday to $215 Thursday)…caused by a MarketWatch story about how to invest in legalized marijuana” written after legalization passed in Colorado and Washington.
A followup MarketWatch story said that at one point during the week, the company’s stock value was $2.3 billion. That is not a typo. It was billion with a “B.” That forced the owners to try to “dampen investor enthusiasm” — aka, tell people the stock shouldn’t be worth that much. The stock plummeted back down to $100 a share, still well over the $5 – $10 owners believe shares should be worth.
So now let’s play a game of “Who’s f**king higher?”
Who’s higher: the stoners who are so psyched for marijuana legalization they are running up stock prices to 50 times their value, or the owners of the company who aren’t trying to grab that cash and run?
I guess pot dealers are feeling a little more frisky with their ill-gotten cash now that legalization keeps gaining acceptance.
Add the owner of Medbox to our list of Most Successful Potheads.
via Boing Boing