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 during the month before rebounding. The index rose 11.5% to 5.61 during the month.

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 18.5% in 2025.

Since the peak in February 2021, the Global Cannabis Stock Index has dropped 93.9% from the 92.48 closing high.

The strongest 3 names in April all rose by more than than 38%:

• Canopy Growth (NASDAQ: CGC) (TSX: WEED): 51.6%
• Glass House Brands (OTC: GLASF) (NEO: GLAS.A.U): 42.1%
• Verano Holdings (OTC: VRNOF) (CSE: VRNO): 38.5%

Glass House has gained so far in 2025, while the other two remain down year-to-date.

The 3 weakest names in April all fell by more than 5%:

• Tilray Brands (NASDAQ: TLRY) (TSX: TLRY): -26.2%
• Scotts Miracle-Gro (NYSE: SMG): -8.2%
• Jazz Pharmaceuticals (NASDAQ: JAZZ) : -5.8%

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

We will summarize the index performance again in a month. This month, we are combining 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. Readers can access last month’s article here.

American Cannabis Operator Index

In April, the ACOI gained 24.3%, rising from 5.99 to 7.45. It is down 10.9% year-to-date, declining from 8.36.

The strongest stock in April was Glass House, which rose 42.1%. The weakest one, TerrAscend (OTC: TSNDF) (TSX: TSND), fell 8.4%.

In May, the index would will have nine members with the return of Grown Rogue.

Ancillary Cannabis Index

In April, ancillaries improved by 1.9% as the index rose from 11.30 to 11.51. The index has declined 16.4% in 2025 so far.

The strongest stock in April was , WM Technology (NASDAQ: MAPS), which rose 14.2%. The weakest one, Scotts Miracle-Gro, fell 8.2%.

In May, the index would will have the same eight members

Canadian Cannabis LP Index

In April, Canadian LPs fell by 4.2% as the index fell from 49.86 to 47.77. The index has declined 4.7% in 2025 so far.

The strongest Canadian LP in April was Canopy Growth, which rose 42.9%. Tilray Brands was the weakest, falling 27.7%.

In May, the index would will have eleven members with the addition of SNDL, which just began trading on the CSE.

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