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 10.6% in January to 5.89.

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 has 27 members, enjoyed a rally in Q3 of 53.0% but dropped 14.2% in Q4, declining for the full year by 4.2%.

Since the peak in February 2021, the Global Cannabis Stock Index has dropped 93.6% from the 92.48 closing high.

The strongest 3 names in January, each an MSO, all rose by more than than 4%:

• Turning Point Brands (NASDAQ: TPB): +11.8%
• Scotts Miracle-Gro (NYSE: SMGF): +10.1%
• Glass House Brands (OTC: GLASF): +4.0%

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

• Akanda (NASDAQ: AKAN): -44.0%
• iPower (NASDAQ: IPW): -42.0%
• RYTHM (NASDAQ: RYM): -26.0%

We will summarize the index performance again in a month. In April, 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. It soared 57.7% in 2025 to 13.18. The large AdvisorShares Pure US Cannabis ETF (MSOS) fell 14.6% in January.

The strongest stock in January was Glass House Brands, which r0se 4.0%. The weakest one, Trulieve (OTC: TCNNF), fell by 20.5%.

In February, the index will have nine members with the removals of Ascend Wellness (OTC: AAWH) and Grown Rogue (GRUSF).

Ancillary Cannabis Index

In January, ancillaries lost 5.9% as the index dropped to 10.44. The index declined 19.5% to 11.09 in 2025.

The strongest stock in January was Turning Point Brands, which rose 21.8%. The weakest one iPower, fell 42.0%.

In February, the index will have the same ten members.

Canadian Cannabis LP Index

In January, Canadian LPs fell 4.9% as the index dropped to 56.13. The index was up 17.8% in 2025 to 59.01.

The strongest Canadian LP in January was Simply Solventless Concentrates (TSXV: HASH), which rose 28.6%. Tilray Brands (TSX: TLRY) was the weakest, falling 18.0%.

In February, the index would will have the same thirteen members.

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