For These 55 Marijuana Companies, Every Day is 4/20
More than two years after Colorado and Washington became the first states to legalize recreational marijuana, a small but growing number of publicly traded companies are betting their futures on the hope of a thriving legal market for pot-based products. Bloomberg Intelligence identified 55 public companies whose business is based largely or completely on legal marijuana, and whose shares traded at $0.10 or more as of April 15th. These wildly fluctuating penny stocks aren’t for the faint of heart.
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After surging briefly in 2014, many companies dependent on marijuana have sputtered as the industry hovers in a wait-and-see mode about pot’s legal fate. The Drug Enforcement Administration classifies marijuana as a Schedule 1 illegal drug, a category that also includes narcotics like heroin. The U.S. Justice Department under President Obama has largely refrained from enforcing...
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