I have to be honest — when it was suggested that I take a look at medical marijuana stocks, somehow the fact that marijuana stocks even existed had eluded me. Not that their existence came as a surprise — I was more amazed that after 18 years of investing, medical marijuana stocks never drifted onto my radar.
So I decided take a look at see if medical marijuana stocks — of which even the most prominent are penny stocks — are right to buy, sell, hold or short at this stage in the game.
Names like Medical Marijuana Inc. (MJNA), Cannabis Sciences (CBIS) and Growlife (PHOT) are the most-established picks in the world of marijuana stocks — meaning that they are a few of the top bets if you decide you want to bet on the sector.
The bad news, though, is that betting on the sector doesn’t look all that smart right now. Heck, one could probably guess that because medical marijuana stocks are penny stocks, staying away is smart. But let’s dig deeper to see how MJNA stock, CBIS stock and PHOT stock actually smoke out.