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5 Non-Cannabis Stocks That Doubled in 2017

Looking for stocks that did well in 2017 is as simple as looking at how the big pot stocks performed. Canopy Growth Corp.  (TSX:WEED) and Aurora Cannabis Inc.  (TSX:ACB) are just two big players in the industry that saw their share prices triple in value.

However, investing in cannabis presents a lot of risk, and high valuations could minimize the potential upside that remains for investors that buy today. For that reason, I’ve outlined five non-cannabis stocks below that have seen their values double in 2017 and that could be great buys for investors that do not want to invest in pot.

Shopify Inc.  (TSX:SHOP)(NYSE:SHOP) saw its share price rise 120% in 2017, and that could have been even more if not for a controversial report released in October that questioned the company’s business model. The scathing criticism would eventually knock the stock off its pedestal, leaving it stuck in a range for the remainder of the year.

In its most recent quarter, Shopify’s sales grew 72%, and if it can build on that momentum, then it’s share price in 2018 will only continue to rise.

Lithium Americas Corp.  (TSX:LAC) had an even stronger performance than Shopify last year, with its share price rising as much as 180%. Although the company only had a little more than $1 million in sales in its latest quarter, the potential that the stock presents is what has investors excited.

Lithium-ion batteries are used in many everyday electronics, including laptops and cell phones, and that’s what makes lithium stocks particularly appealing. The company has multiple projects on the go, and once it is in production, that’s when the stock will likely skyrocket even further.

Westport Fuel Systems Inc.  (TSX:WPRT)(NASDAQ:WPRT) is a green stock that focuses on clean-burning fuel systems, as the company hopes to make energy not only cleaner, but more sustainable.

The share price tripled in 2017, despite the company struggling to stay out of the red. Investors are drawn to the company’s mission and see the value in Westport as a great long-term buy.

Ballard Power Systems Inc.  (TSX:BLDP)(NASDAQ:BLDP) is another company that is behind the green-energy movement, and it got a big boost when it announced that its fuel cell engines would be used in France’s hydrogen-tram buses. Ballard’s stock rose more than 140% in the past year, and in five years it has grown a whopping 800%.

It’s no coincidence that in this list we see two companies that are looking at long-term viability of our world and that are trying to develop sustainable sources of energy for our day-to-day needs. As people become more concerned with the environment, these are the types of stocks that will continue to rise in popularity.

Theratechnologies Inc.  (TSX:TH) is a pharmaceutical company that aims to create products that will improve the lives of HIV patients. Unfortunately, due to the prevalence of the disease and how widespread it is, this gives the company a lot of potential for growth.

In just two years, sales for Theratechnologies have grown more than 450%, although profits have still hovered around breakeven levels.

In 2017, the stock’s price rose over 160%, and in five years it is up more than 2,100%.

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Fool contributor David Jagielski has no position in any of the stocks mentioned. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of Shopify and SHOPIFY INC. Shopify is a recommendation of Stock Advisor Canada.

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