Medical marijuana company Medbox saw its stock soar an astonishing 3,000 per cent as investors seek to get in on the ground floor of what they think could be America’s next boom industry.
In the wake of this year’s elections in which both Colorado and Washington residents voted to legalize marijuana, investors began buying up MedBox shares as quickly as they could. On Monday, MedBox shares sold for $4. By Thursday they were at $215.
Medbox is an automated medication dispenser for medical marijuana accessible with fingerprint recognition or or a medical marijuana card. Using a touch screen, patients can select up to 50 different varieties of pre-weighed medical marijuana sealed in standard medication vials.
The machines do not use cash, but rather a pre-paid card that alerts the customer when the balance is low so that each purchase can be documented.The company operates 130 dispensers and is scheduled to install 40 more before 2013.
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