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Marijuana sales begin in Colorado; Marijuana stocks get 'contact high'

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Marijuana stock price on the rise: Marijuana sales have begun in Colorado. Meanwhile, the stock is also getting high...on price.

According to the Washington Post article, "...Colorado has approved 136 licenses for retail sales, three-fourths in the city and county of Denver and all at sites that have been legally selling marijuana for medical purposes. Eighteen city stores had completed the full process in time to open Wednesday. State officials expect dozens more to open across the state, and some have estimated that pot sales could add more than $200 million to Colorado’s economy..."

Meanwhile the price on marijuana stocks has also experienced a jump in price this week. For example, on Monday, the price for Medical Marijuana, Inc. (OTC Markets: MJNA) started at 11 cents and jumped to .13 cents by the end of the day. Tuesday's price saw it jump as far as 15 cents and cruised at that price for the majority of the day. The closing price for Medical Marijuana Inc. on Dec. 27 was around 10 cents, and was gaining little to no ground prior to the Colorado's approval for recreational marijuana use.

Medical Marijuana & Marijuana Stocks: 3 Stocks To Watch

Other stocks considered "marijuana stocks" are Cannabis Science, Inc. (CBIS), who closed out 2013 at $0.0515, up 0.0106(25.92%) and Medbox, Inc. (MDBX). Medbox finished 2013 at $18.26, up 3.38(22.72%).

Analysis

One of the main drivers for this penny stock is the fact the company is involved in the marijuana business. It's recreational connections are unknown, and as far as I know they only deal in the medicinal purposes of the drug. Investors have jumped at the stock due to the fact it says, "marijuana", and with Colorado's move to make the drug ready available, they're getting a piece of that wave..or they're experiencing a contact high (I couldn't help myself).

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