India Globalization Capital Inc. (IGCC)  was up another 12.2% to 66 cents a share Thursday shortly after 2:30 p.m. ET, adding to a 36% gain that the stock saw in Wednesday's session.

But unlike Wednesday's gains, India Globalization was making Thursday's jump on its own, as many other cannabis stocks lagged. 

Fellow pot stocks that had strong days of trading Wednesday like Tilray Inc. (TLRY) , DAVIDsTEA Inc. (DTEA) , Aurora Cannabis Inc. (ACB) and Canopy Growth Corp. (CGC) were all trading lower in Thursday's session. 

Canopy Growth shares declined 2.5% to $33.15, while DAVIDsTEA fell 4.17% to $2.07, Aurora Cannabis fell 5.2% to $5.65 and Tilray fell 3.3% to $107.20. 

The cannabis craze seems to be subsiding following a spate of disappointing earnings results from some of the industry's biggest public players. However, a broader market rebound Wednesday lifted all boats, including the cannabis sector.

But that rally seems to be short-lived. The ETFMG Alternative Harvest ETF (MJ)  was down 1.65% Thursday and has declined 9.5% over the past three months.

Still, CGC chief Bruce Linton told Jim Cramer on Thursday at a conference sponsored by TheStreet's sister publication TheDeal that the legal-cannabis market has lots of growth ahead of it across a wide variety of sectors.

"I think the larger companies from other spaces are either going to have to joint venture or acquire [cannabis companies], because the final option is to fearfully wait," Linton said. "I don't think that there's any material alcohol-producing company or sports-drink company or pharma company that isn't either in country or in committee looking at how to [get into cannabis]."

(This item has been updated.)

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