Cannabis stocks, as measured by the Global Cannabis Stock Index, were quite volatile in 2024. The index dropped 7.5% in December to push the yearly close down 15.2% for the year and also was off to a bad start in 2025. It posted a new all-time of 4.97 during the last day of March and moved lower in early April. The index expanded 11.5% in April, and it pulled back by 7.0% to 5.22 during May.

After the Q4 collapse of 21.8% to 6.88, the index dropped 7.3% in January, 6.9% in February and then again in March by 15.3%. The Global Cannabis Stock Index, which currently has 23 members, was down 26.9% in Q1. It is down up 3.8% so far during Q2, but it is down 24.1% in 2025.

Since the peak in February 2021, the Global Cannabis Stock Index has dropped 94.4% from the 92.48 closing high.

The strongest 3 names in May all rose by more than than 16%:

• Turning Point Brands (NYSE: TPB): 27.1%
• Scotts Miracle-Gro (NYSE: SMG): 18.2%
• Empire Holdings (NYSE: EEX): 16.5%

Turning Point Brands has gained so far in 2025, while the other two remain down year-to-date.

The 3 weakest names in May all fell by more than 26%:

• Cresco Labs (OTC: CRLBF) (CSE: CL): -38.3%
• Verano Holdings (OTC: VRNOF) (CSE: VRNO): -29.2%
• Curaleaf (OTC: CURLF) (TSX: CURA): -26.2%

Each of these stocks is down year-to-date.

We will summarize the index performance again in a month, when we will also discuss the quarterly rebalancing that will take place at the end of June. Last month, we combined what have been two articles historically, and we are updating 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 May, the ACOI lost 15.63%, falling from 7.45 to 6.29. It is down 24.8% year-to-date, declining from 8.36.

The strongest stock in May was Glass House (OTC: GLASF) (CSE: GLAS.A), which fell 17.2%. The weakest ones, Planet 13 (OTC: PLNH) (CSE: PLTH) and Verano (OTC: VRNOF) (CSE: VRNO), each fell 29.2%.

In June, the index would will have seven members with the removals of Grown Rogue (due to low trading volume) and Planet 13 (due to low price).

Ancillary Cannabis Index

In May, ancillaries improved by 0.6% as the index rose from 11.51 to 11.58. The index has declined 15.9% from 13.77 in 2025 so far.

The strongest stock in May was Turning Point Brands, which rose 21.1%. The weakest one, WM Technology (NASDAQ: MAPS), fell 19.4%.

In June, the index will have seven members due to the removal of NewLake Capital Partners (due to low trading volume).

Canadian Cannabis LP Index

In May, Canadian LPs fell by 4.9% as the index fell from 47.77 to 45.43. The index has declined 9.3% in 2025 so far from 50.11.

The strongest Canadian LP in April was Aurora Cannabis (TSX: ACB), which rose 14.0%. Adastra Holdings (CSE: XTRX) was the weakest, falling 28.4%.

In June, the index would will have eleven members again.

Exclusive article by Alan Brochstein, CFA

Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email