Cannabis stocks, as measured by the Global Cannabis Stock Index, were quite volatile in 2024 and then in 2025 as well. While the index did rally in December, it fell for the year. The index dropped 14.4% in January to 5.89. February saw lower prices, but the market recovered with the index ending the month at 5.86,. March was very tough, with the index plunging 10.6% to 5.24.
After the Q4 collapse of 21.8% to 6.88 at the end of 2024, the index was down a lot in Q1 and then marginally in Q2. The Global Cannabis Stock Index, which currently ha5 27 members during Q1, enjoyed a rally in Q3 of 53.0% but dropped 14.2% in Q4, declining for the full year by 4.2%. In 2026, it has dropped 20.5%.
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 94.3% from the 92.48 closing high.
The strongest 3 names in March, each an MSO, all rose by more than than 13%:
- Verano (OTC: VRNO): +0.9%
- Glass House (OTC: GLASF): +0.2%
- Jazz Pharma (NASDAQ: JAZZ): -0.5%
These three stocks are mixed year-to-date, with only JAZZ rallying so far. The other two are down less than the index.
The 3 weakest names in March all fell by more than 13%:
- Turning Point Brands ( NASDAQ: TPB): -36.6%
- Akanda (NASDAQ: AKAN): -32.9%
- iPower (NASDAQ: IPW): -27.6%
Akanda and iPower are down substantially in 2026 so far, while Turning Point Brands has declined slightly worse than the index.
The index has been rebalanced as of the close on 03/31, and this was based upon data from 03/24. For Q2, the index will have 24 names, down from 27 names, with six removals and three additions. Leaving the index are AKAN, GRWG, IPW, RYM, TSNDF and YCBD. Rejoining the index are Advanced Flower Capital (AFCG), Charlotte’s Web (CWBHF) and Chicago Atlantic BDC (LIEN).
We will summarize the index performance again in a month. In April 2025, we combined what had been two articles historically, and we are updating here on the other indices that New Cannabis Ventures continues to maintain, the American Cannabis Operator Index, the Ancillary Cannabis Index and the Canadian Cannabis LP Index.
American Cannabis Operator Index
In January, the ACOI sank, plunging 12.5% to 11.53, and it fell further in February, dropping 5.8% to 10.87. In March, it fell 5.5% to 10.27. It soared 57.7% in 2025 to 13.18, and it is down 22.1% in 2026. The large AdvisorShares Pure US Cannabis ETF (MSOS) fell 8.5% in March and is down 24.8% in 2026.
The strongest stock in March was Verano, which r0se 0.9%. The weakest one, Trulieve (OTC: TCNNF), fell by 12.4%.
In April, the index will have the same seven members.
Ancillary Cannabis Index
In March, ancillaries lost 6.5% as the index dropped to 9.20. The index declined 19.5% to 11.09 in 2025, and it has dropped 17.0% this year so far.
The strongest stock in March was (NASDAQ: AFCG), which rose 23.7%. The weakest one, Turning Point Brands, fell 36.7%.
In March, the index will have eight members after the readdition of Chicago Atlantic BDC.
Canadian Cannabis LP Index
In March, Canadian LPs fell 7.5% as the index dropped to 51.49. The index was up 17.8% in 2025 to 59.01, and it has declined 12.7% in 2026.
The strongest Canadian LP in March was Decibel Cannabis (TSXV: DB), which rose 28.6%. Simply Solventless Concentrates (TSXV: HASH) was the weakest, falling 57.7%.
In April, the index would will have eleven members, as MTL Cannabis was acquired and Simply Solventless Concentrates no longer qualifies due to its price.
