Pot for recreational use sells for an average of $400 an ounce, compared with $200 an ounce that Colorado retailers collect for medical marijuana, according to Aaron Smith, executive director of the National Cannabis Industry Association, a Washington-based trade group.
Medbox Inc., which has a market value of $626 million, climbed to a one-year high of $73.90 on Jan. 7. The West Hollywood, California-based company had about $260,000 in profit on sales of $2.1 million in the third quarter of 2013, according to a Nov. 19 statement. The shares slumped 19 percent to $43.25 today.
Advanced Cannabis, which leases space to producers and vendors, has climbed to $7.95 this year from $3.25. The Colorado Springs, Colorado-based company reported a $472,000 loss on $455 in sales in the quarter ending Sept. 30. The shares lost 7.6 percent to $7.35 today.
“We kind of anticipated this happening with the euphoria that happens around the cannabis space with any significant news,” Frichtel, president and chief executive officer of Advanced Cannabis, said in a telephone interview. “Momentum is just starting to build behind the industry and I assure we’ll do everything right to continue to promote shareholder value.”
GreenGro Technologies has climbed to 80 cents a share from 4 cents at the end of last year. The Anaheim, California-based company reported a net loss of $221,644 during the third quarter. Growlife Inc., which makes indoor growing equipment, has climbed to 35 cents a share from 15 cents in 2013. Tranzbyte, which has a market value of $29 million, has risen to 1 cent from 0.29 cent.
“We appreciate the confidence of investors,” Marco Hegyi, president of Woodland Hills, California-based Growlife, said in an e-mail to Bloomberg News. “We are essential to the expansion of the legal cannabis market.”