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Old 03-05-2013, 11:55 AM
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How to invest in legalized marijuana

In a news release today, the company said that the stock’s rocket launch, which sent its market cap skyrocketing from $45 million at the start of the week to a staggering $2.3 billion, was ignited by a MarketWatch story Tuesday on how to invest in legalized marijuana (see How to invest in legalized marijuana.) (That’s about double the market capitalization of retailer Jos. A. Bank Clothiers.) The stock, which fell around 50% in early trading Friday, still hovers at $100. “We believe an appropriate trading range is between $5 and $10 but, alas, the market will do what it will do,” says Medbox founder Vincent Mehdizadeh.

At the height of trading this week, $600,000 to $700,000 worth of purchases were made, an unusually high volume for a company of this size. “It was astonishing,” Mehdizadeh says. “We couldn’t really understand why that was happening other than that there was a high demand for stock with limited supply.” It was “thin volume,” but Mehdizadeh says he doesn’t know whether it was one hedge fund or several big buyers.

The company says it’s also investigating ways to minimize any potential shareholder losses. Medbox is in discussions with its attorneys to see if it can reward early investors with company-owned shares should the price they bought at in recent days fall significantly. “We don’t want those investors to have sour feelings about what happened,” Mehdizadeh says. “Obviously day traders are having a field day lately trading our stock.”

Oh my....We have now pot stocks at wall street...somebody is on drug!
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Old 03-05-2013, 12:16 PM
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That must be why the market is so high in a lousy economy.
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