But GW Pharmaceuticals (GWPH +23.5%), a more established name that yesterday priced a 2.4M-share follow-on offering at $36, went in the other direction.
With demand outstripping expectations, Colorado is (for now) arguably seeing the marijuana equivalent of the 1970s oil crisis: Long lines, shortages, rationing, and soaring prices have become the norm for licensed dispensaries.
Words of caution from seasoned investors about putting money into pot plays are easy to find. Fund manager Frank Igarra: "There might be one or two that survive, but having seen crazes like this, people have been burned by them a lot. The average investor should think twice."
FINRA issued a warning in August about potential marijuana stock scams.