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Queensland Bauxite Ltd shares are up over 150% in a month

The Queensland Bauxite Ltd (ASX: QBL) share price has continued its strong run and rose 24% to hit an all-time high of 4.2 cents this afternoon.

This brought its one-month return to a staggering 150%.

Why are its shares going gangbusters?

Although there was no news out of Queensland Bauxite today, investors have been fighting to get hold of its shares in the last few weeks following a series of key announcements.

Surprisingly, though, these key announcements have nothing to do with bauxite or mining, but actually cannabis.

The bauxite exploration and development company has a 55% stake in Medical Cannabis Limited.

With hemp-based food products now legal for human consumption in Australia as of November 12, the company believes that Medical Cannabis Limited could be on the brink of generating significant revenues through its Vitahemp brand.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We’re living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That’s why at The Motley Fool we’ve been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Cochlear or REA Group.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

One ASX Stock For An Estimated $US22 Billion Marijuana Market

A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.

And make no mistake – it is coming. To the tune of an estimated $US22 billion.

Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.

Here’s the best part: we think there’s one ASX stock that’s uniquely positioned to profit immensely from this explosive new industry… taking savvy investors along for what could be one heck of a ride.

AND, this is the first time The Motley Fool Australia has EVER put a BUY recommendation on a marijuana stock.

Simply click below to learn more on how you can profit from the coming cannabis boom.

Click here to find out more