The current marijuana stock craze shows no signs of slowing down. Canada’s legalization of recreational use pot is coming on October 17.
September saw stocks surge
The sector has seen a host of new companies hoping to catch the wave of stock gains. They may even be taking some market share from the more well-known pot companies such as Canopy Growth, Aurora Cannabis, and the very volatile Tilray.
New companies making waves
September’s big gainers include less well-known companies, such as New Age Beverages, India Globalization Capital, and Aleafia Health.
India Globalization Capital lnc. (NYSE: ICG),formerly a heavy equipment rentals company, recently pivoted into the space. Its share price spiked after introducing cannabis-infused beverages. The cost per share of that company went up by nearly four times, making even Tilray’s 115 percent increase seem meager.
New Age Beverages (NasdaqCM: NBEV) tripled its share price in September, when it finished up almost 31% at Friday’s close. The newcomer stock traded high volume, too. The company is set to announce a portfolio of cannabis-infused drinks at the North American Convenience Show in Las Vegas this month.
“We believe we have developed unique consumer insights and accessed superior technology in CBD-infused beverages over the past year,” said Zach Ross, Marketing Manager of the Brand Marley at New Age. “We intend to launch the most efficient and safe CBD-infused products for consumers, with the most responsible marketing and education.” Zach Ross,
Newcomer Alkaline Water also doubled its valuation. Leafbuyer Technologies, moreover, nearly tripled its stock price by combining blockchain technology with marijuana.