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Pot-Machine Maker: Dudes, Stop Buying Our Stock

Medbox shares soar 3,000% after story
By John Johnson,  Newser Staff
Posted Nov 16, 2012 3:50 PM CST
Pot-Machine Maker: Dudes, Stop Buying Our Stock
A marijuana grower shows off his plants.   (AP Photo/Matilde Campodonico)

(Newser) – Need more evidence that marijuana is going mainstream? A company that makes pot-dispensing machines had to put out a news release today asking investors to chill, reports MarketWatch. Shares of Medbox were selling at $4 on Monday but jumped to $215 yesterday—a staggering 3,000% increase—because the company got a favorable mention in a previous MarketWatch story headlined "How to invest in legalized marijuana." The tactic worked, at least a little. Shares were recently hovering around $100.

story continues below

“We believe an appropriate trading range is between $5 and $10 but, alas, the market will do what it will do,” says company founder Vincent Mehdizadeh. (Read more Medbox stories.)

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