Move over marijuana heavyweights, the rookies are taking over.
The recent pot mania has seen a slew of companies looking to get in on the sector and stock returns this month have overshadowed larger and more established marijuana companies, including Canopy Growth, Aurora Cannabis and even high-volatility Tilray. September’s MVPs are lesser-known names, including India Globalization Capital, Aleafia Health and New Age Beverages, and the rallies are showing no signs of slowing ahead of Canada’s legalization of recreational use on October 17.
India Globalization Capital, a company whose legacy business is in heavy equipment rentals, saw share prices surge when it entered the cannabis-infused drinks space this week. The stock has nearly quadrupled this month, making Tilray’s 115 percent gain look tame. Other newcomers include New Age Beverages, which more than tripled in September, and Alkaline Water, which doubled its valuation. The most recent addition to this cannabis craze is Leafbuyer Technologies, which missed the whole summer’s rally, but saw nearly tripled this week after mentioning blockchain technology.