Big Stock Gainers In June
India Globalization Capital
The biggest gainer in the industry in June was India Globalization Capital (IGC), which surged by as much as 61% in the month of June. The main trigger for the rise in the company’s stock price was due to the acquisition of another property that took the total number of properties under its control to 22.
Additionally, the company also made the major announcement that it was going to raise its quarterly dividend to $.60, which reflected a rise of 33%. Since the company’s business model depends on the acquisition of new properties, it is expected that the stock price would react each time the company acquired new properties. The rise in the stock price was hence understandable.
Tilray
Another cannabis company that made a significant move in June was Tilray Inc (NASDAQ:TLRY), which emerged as the second-best performing stock in the industry having surged by over 23% in the month. However, the main trigger for its rise came in the second week on the money, when Tilray decided to acquire its biggest investor and private equity firm Privateer Holdings. Privateer held 77% of the company’s stock and hence, there was a fear that the stock could be dumped to trigger a collapse.
Now that the gap has been plugged, investor confidence in the stock has increased significantly. It will be interesting to see how the stock performs over the coming months.
KushCo Holdings
KushCo Holdings Inc (OTCMKTS:KSHB) may have been one of the more interesting companies in the medical marijuana space for some time but no one quite expected the stock to be the third biggest gainer in the month of June. The stock gained as much as 20% in June, but there was no particular news with regards to the company that could have sent the stock to those highs.
Hence, it is perhaps important to track this particular stock for the next few weeks and watch how it performs. That being said, it is important to add that the company has decided to move the high import costs of its vapes to customers, instead of bearing the costs themselves.