Why THC Global and these ASX cannabis shares are rocketing higher today

The THC Global Group Ltd (ASX:THC) share price and these cannabis shares are rocketing higher on Monday. Here's why…

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It certainly has been a busy day for the local cannabis industry.

A large number of announcements have been made by Australian pot stocks today. Here's a summary of what's happening:

The BOD Australia Ltd (ASX: BDA) share price is up over 6% to 33.5 cents on the day of its annual general meeting. Ahead of the event, the cannabis centric healthcare company released a presentation which appears to have caught the eye of investors. That presentation reminded investors that the innovation arm of Health & Happiness Group acquired a 17.64% stake in Bod Australia through a $5.5 million investment at $0.37 per share in July. Health & Happiness Group is the company behind the Swisse brand.

The Cann Global Ltd (ASX: CGB) share price is up 5% to 2.1 cents this morning. This follows the release of a product launch update. According to the release, Cann Global has launched its new and nutritious Black Label Hemp Seed Oil and Hemp Seed mixes product range. It also provided an update on its Costco deal. Its VitaHemp Premium Hemp Seed Oil capsules are now available for purchase from Costco's Australian stores after meeting stringent standards.

The Medlab Clinical Ltd (ASX: MDC) share price is up over 7% to 36.5 cents following the release of its October update. According to the release, Medlab achieved a record month in cannabis revenue with 846 bottles dispensed. The company's lead pain drug candidate programme "has seen unprecedented increases in demand."

The THC Global Group Ltd (ASX: THC) share price is up over 8% to 39.5 cents after providing an update on its Southport manufacturing facility. According to the release, THC has been granted a Manufacture Permit from the Australian Office of Drug Control for the facility. This allows the company to accept medicinal cannabis plant material from any Australian licenced and permitted cultivator. Furthermore, it can now commence production of Australian medicinal cannabis medicines. It believes it has the capacity to support a minimum of 250,000 Australian patients in addition to having excess capacity for the global export market.

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 Scott Phillips.

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