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

Credit: Alumina Limited

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.

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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.

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