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Aussie pot stocks are on the charge again

Cannabis shares

It has been a positive day for the market so far on Wednesday, with the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) once again trading on the right side of 6,000 points.

One group of shares that have made notably strong gains today are the pot stocks.

Here is the state of play in the industry:

The Auscann Group Holdings Ltd (ASX: AC8) share price is up 4% to 81 cents despite there being no news out of it.

The Cann Group Ltd (ASX: CAN) share price is higher by 3.5% to $2.90 at lunch. There hasn’t been any news out of the medicinal cannabis company since its AGM last week.

The Creso Pharma Ltd (ASX: CPH) share price has stormed 5% higher to $1.31 after another new product development. Creso has signed a binding letter of intent with LGC Capital and Baltic Beer Company to create a bespoke portfolio of unique cannabis and hemp derived alcoholic and non-alcoholic beverages.

The Queensland Bauxite Ltd (ASX: QBL) share price has jumped almost 8% to 70 cents. Earlier this week the miner, which has an interest in Medical Cannabis Limited, announced the launch of its VitaHemp premium food products.

The Zelda Therapeutics Ltd (ASX: ZLD) share price has rocketed almost 22% higher to 14 cents after revealing that it has received full regulatory approval to commence a clinical trial of its medicinal cannabis formulations on chronic insomnia patients in Australia.

Foolish takeaway

There certainly is a lot going on in the industry at the moment and I expect more of the same in 2018. In my opinion, investors should keep a close eye on the industry next year as things continue to develop.

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Motley Fool contributor James Mickleboro has no position in any of the 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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