Too high? Medical marijuana dispensing machine company’s stock increases 3,000%

Tom Cheredar
Too high? Medical marijuana dispensing machine company’s stock increases 3,000%
It’s rare for publicly traded companies to be concerned when its stock price gets a dramatic increase, but that’s exactly what happened to MedBox earlier this week.
MedBox produces vending machines used in hospitals, pharmacies, doctor’s offices, and “alternative medicine clinics,” which is code for medical marijuana dispensaries. The machines use a pre-registered biometric scan to identify authorized users, track and restrict drug usage, and deliver secure reports about those that use it. The company, which was awarded a U.S. patent on its “herb” dispensing machines, has generated over $8 million in revenue since launching in 2010.
And due in part to voters in Washington and Colorado legalizing marijuana for recreational use, MedBox’s stock experienced quite a dramatic boost. The company’s shares went from $4 on Monday to $215 by the end of the week, which prompted MedBox execs to lower investor enthusiasm, reports Marketwatch.
 
Full Article:
http://venturebeat.com/2012/11/17/too-high-medical-marijuana-dispensing-machine-companys-stock-increases-3000/