Top 10 Penny Stocks 2014: Profits of More Than 850%

The top 10 penny stocks of 2014 have seen tremendous gains, one as high as 877%.

That's exactly why some investors are so enamored with penny stocks - they have the potential to transform portfolios in a very short period of time.

While some of the top penny stocks this year are related to the marijuana industry recently legalized in some U.S. states, numerous fields are represented on the list.

Here are some of the best penny stocks of 2014, and they've all posted gains of at least 150%...

Top 10 Penny Stocks of 2014

GreenGro Technologies Inc. (OTCMKTS: GRNH) has been the biggest winner of 2014 so far, posting an incredible 877% gain year to date. Pot penny stocks have seen some huge jumps in 2014, but GRNH has rewarded shareholders the most.

Title: Top 10 penny stocksGreenGro is involved with the planning, construction, staffing, and operation of medical marijuana dispensaries. The stock opened the year at just $0.04 and quickly zoomed to almost $0.80 a share. The stock has settled back down to $0.43.

Hemp Inc. (OTCMKTS: HEMP) is another marijuana stock that has watched its share price soar in 2014. Since Jan. 1, HEMP is up 513%. HEMP is a holding company that invests in "profitable, legal, and diversified ventures" related to marijuana. HEMP shares currently trade near $0.12 after opening the year at $0.02. The company has a market cap of just $24 million, making it a true penny stock.

SMTP Inc. (Nasdaq: SMTP) provides email services and support to companies of various size. Since the start of 2014, SMTP stock has climbed 324%. The stock jumped nearly 500% in the first week of 2014 and has since settled. The stock is currently valued at $6.06 per share, up from $1.43 on Jan. 1. In February, the company announced that it would begin paying its shareholders a $0.12 dividend.

Verso Paper Corp. (NYSE: VRS) develops the paper and paper products that are used in catalogs, magazines, retail inserts, and commercial print. VRS traded at $0.63 per share at the start of 2014 and is now worth $2.18. The stock reached a peak of $4.38 in January and has pared its gains since. However, investors who bought the stock in early January are still sitting on year-to-date gains of 250%.

Marina Biotech Inc. (OTCMKTS: MRNA) is a biotech company that is developing therapies for the treatment of bladder cancer and myotonic dystrophy. MRNS stock is up more than 200% in 2014. Unlike many of the penny stocks on this list, MRNA has steadily gained throughout the year, rather than skyrocketing in just several days. The stock is priced at $1.20 per share, and the company has a market cap just under $20 million.

Synthesis Energy Systems Inc. (Nasdaq: SYMX) has rewarded shareholders with a year-to-date return of nearly 197%. Synthesis is an energy and gasification company based in Houston, Texas. In 2014, shares of SYMX have gained $1.18, and the stock is currently worth $1.78 per share. The company's principal operating activities are located in China.

Minco Gold Corp. (NYSE: MGH) is an exploration-stage gold mining company that holds 12 exploration permits in China. Year to date, MGH has watched its stock climb 189%. MGH is another micro-cap company on the list, with a market cap just over $24 million. Shares are currently worth $0.48 after beginning the year at $0.16. While it operates in China, the company is based in Vancouver, British Columbia.

Cannabis Science Inc. (OTCMKTS: CBIS) develops cannabis-based medicines to treat disease symptoms of disease and to promote general health maintenance. In 2014, CBIS stock is up 188% to a share price of $0.14. Like many other marijuana-related stocks, the company is located in Colorado. Its market cap is $113 million.

Netlist Inc. (Nasdaq: NLST) develops memory subsystems for global datacenters. Through 2014, shareholders have been rewarded with a gain of 173%. Investors can buy into the stock for $2.02 per share today, but those who purchased the stock in January got it for $0.74 per share at the time. With a market cap of $64 million, NLST is a mid-sized company for this list.

Mines Management Inc. (NYSE: MGN) rounds out the list with a year-to-date gain of 150%. The company acquires and develops mineral properties and is primarily focused on silver mines. The stock opened 2014 at $0.60 per share and now trades at $1.52 per share. MGN's principle property is located in Montana, and the company is headquartered in Spokane, Wash.

Are you a penny stock investor? Which penny stock is the next to take off? Give us your thoughts on Twitter @moneymorning using #PennyStocks.

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