Washington State Issues First Retail Marijuana Licenses

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By Trey Thoelcke Published
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Washington state issued its first retail marijuana licenses on Monday. The state’s Liquor Control Board notified two dozen stores so they could prepare before they are allowed to open their doors at 8 a.m. Tuesday. Eventually, more than 300 recreational pot shops are expected to open across the state.

Back in November of 2012, residents of Colorado and Washington voted to legalize marijuana for adults 21 and over, as well as for the creation of state-licensing systems for growing, selling and taxing the pot. In Colorado, sales began on January 1.

Pot prices in Washington are expected to reach at least $25 a gram on the first day of sales. Orders from retailers to the state’s first licensed growers have already rushed in, and many are predicting shortages.

Cannabis has been legalized for medical use in 20 states, and perhaps the most prominent play in this growing field for stock investors is GW Pharmaceuticals PLC (NASDAQ: GWPH), a biopharmaceutical company engaged in discovering, developing and commercializing cannabinoid prescription medicines.

Piper Jaffray recently increased its price target to $147 from $97, based on an evaluation of the U.K.-based company’s cannabinoid-based epilepsy treatment, Epidolex. The consensus price target is $110. Shares ended last week at $103.57, in a 52-week range of $8.50 to $111.46, but retreated, along with the broader markets, about 1% Monday morning.

That 52-week high was hit last week, and GW Pharmaceuticals shares have pulled back more than 8% since then.

ALSO READ: As GW Pharma Gets Fast Track, Is FDA More Open to Medical Marijuana?

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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