Colorado's 9News reports, "Colorado had 24 shops open Wednesday, most of them in Denver, and aside from long lines and sporadic reports of shoppers cited for smoking pot in public, there were few problems." It was also reported that shops are reporting sales that exceed $1 million.
And that was just the first day.
Companies associated with the industry received a huge boost this week in their stock price. Below are the winners and losers in the marijuana industry Friday:
Marijuana Stock Winners:
- MediSwipe, Inc. (MWIPD) : $0.3340, up 0.1380(70.41%)
- Medbox, Inc. (MDBX): $28.74 up 4.04(16.36%)
- GreenGro Technologies, Inc. (GRNH): $0.1040 Up 0.0301(40.73%)
Marijuana Stock Losers:
- Medical Marijuana, Inc. (MJNA): $0.1520, down 0.0382(20.08%).
- GW Pharmaceuticals plc (GWPH): $40.43 down 0.15(0.37%)
- Hemp, Inc. (HEMP) $0.0255 down 0.0050(16.39%)
The long-term effects of Colorado's legalization of marijuana is still hard to determine. While stocks like Medical Marijuana Inc. experience significant jumps this week, it's too early to tell whether or not legalized marijuana will have a significant effect on many of these companies that trade in the over-the-counter markets (OTC). Either way, unless otherwise noted, legal marijuana is here to stay, and so goes the industry.