Marijuana Stocks Flying High on Wall Street - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Marijuana Stocks Flying High on Wall Street

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As some people in Colorado get high, investors are getting high on pot stocks. Colorado made recreational sales legal, on January 1st.

"I'm excited, I've been dreaming about this since I started smoking."

And investors have been piling into the marijuana market in droves. Shares of Medbox - a company that makes products for businesses that dispense medication are up 190%, since the beginning of the year. Penny stocks HEMP, GreenGro, and Growlife are also blazing.

But market-watchers warn: buying into these companies isn't for the faint of heart.

"These aren't your classic long term buy and hold, put them in your 401k or your kids' 529 type portfolio stocks. These are very, very risky."

It reminds veteran stock traders like Alan Valdes about the end of Prohibition. "Look back at history, if you look at Prohibition, once Roosevelt signed that, that Prohibition was over, basically the brewers never looked back, they made millions."

But does marijuana, which is still illegal under federal law have a future on Wall Street? Valdes, is bullish. "I think it's probably going to be biggest growth business over next 10 years."

Recreational pot will next go on sale in Washington state later this year. And Illinois, Massachusetts, Oregon and Nevada, will begin allowing medical cannabis shops to open. It could all leave pot firms with a pretty penny, if federal laws blow their way.

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