This Marijuana Stock IPO Imploded on Its First Day of Trading
In recent years, you'd struggle to find a more attractive investment opportunity than legal cannabis. Investors who had the foresight, and luck, to buy into the most popular marijuana stocks years ago are probably sitting on huge gains today, even with pot stocks having retraced significantly off their highs over the past four months.
One of the big reasons marijuana stocks have delivered such impressive gains -- aside from their robust growth potential -- is their improved visibility. Entering this week, one dozen cannabis stocks were listed on either the New York Stock Exchange or Nasdaq. Although most of these pot stocks uplisted from the over-the-counter (OTC) exchange, the point is that they're now listed side by side with time-tested businesses, likely generating more buzz and higher daily trading volumes than they were on the OTC exchange, and perhaps even attracting Wall Street coverage and investment. This is why we've witnessed a growing push by marijuana stocks to list on major U.S. exchanges, when possible.
Image source: Nasdaq.
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