Amateur investor Kent Holesinger made $100,000 in pot stocks — entirely on the highly volatile penny stocks that professional investors often warn against.
“I spent months just doing research and trying to find the right company,” Loveland resident Holesinger, shuffling through his monthly stock statements, told USA Today in the above video (click here if you’re having trouble viewing on mobile). “This was $16,000 that month … Another month I made $14,000.”
To boot, Holesinger doesn’t smoke (or eat or vaporize or dab or tincture) the stuff.
“Even though it’s legal,” he said, “it’s still just not something that I’m interested in doing.”
USA Today also chatted with financial planner Michael Tarantino, who works for northern Colorado’s Home State Bank, who said his penny stock advice is typically, “Stay far away.
“They’re trying to attract investors to purchase these penny stocks, inflate the prices just by title alone, at which time the insiders will get out and leave unsuspecting investors with worthless stock,” Tarantino said.
One of the stocks Holesinger had great timing on: Medical Marijuana Inc. (MJNA). And regardless of the warnings regarding penny stocks, the amateur investor has high hopes for his portfolio: “Within the next 10 years,” he said, “it is not that unrealistic that my stock could make me $1 million.”