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.
