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 pulled back by 7.0% during May and by 3.8% in June. In July, it ended at 5.32, rising 6.0%.
After the Q4 collapse of 21.8% to 6.88, the index dropped 26.9% in Q1 and then just 0.2% in Q2. The Global Cannabis Stock Index, which currently has 23 members, is down 22.7% in 2025.
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 July all rose by more than than 29%:
- SNDL (NASDAQ: SNDL) (CSE: SNDL):+42.1%
- Tilray Brands (NASDAQ: TLRY) ( TSX: TLRY): 40.2%
- Village Farms (NASDAQ: VFF): 29.1%
VFF is up big in 2025, while SNDL and TLRY are down year-to-date.
The 3 weakest names in July all fell by more than 14%:
- Glass House Brands (OTC: GLASF) (NEO: GLAS.A.U): -16.9%
- Canopy Growth (NASDAQ: CGC) (TSX: WEED): -15.6%
- Chicago Atlantic Real Estate Finance (NASDAQ: REFI): -6.9%
Each of these stocks is down year-to-date.
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 July, the ACOI gained 20.0%, rising from 5.81 to 6.97. It is down 16.6% year-to-date, declining from 8.36.
The strongest stock in July was Curaleaf (OTC: CURLF) (TSX: CURA), which rose 60.1%. The weakest one, Glass House Brands (OTC: GLASF) (NEO: GLAS.A.U), the only declining stock, fell 16.9%.
In August, the index would will increase to eight members, with Jushi Holdings (OTC: JUSHF) (CSE: JUSH) rejoining.
Ancillary Cannabis Index
In July, ancillaries fell by 0.8% as the index rose dropped 11.11 to 11.02. The index has declined 20.0% from 13.77 in 2025 so far.
The strongest stock in June was Turning Point Brands (NYSE: TPB), which rose 9.5%. The weakest one, Chicago Atlantic Real Estate Finance (NASDAQ: REFI), fell 7.0%.
In August, the index will have the same seven members.
Canadian Cannabis LP Index
In July, Canadian LPs soared by 36.4% as the index rose from 41.24 to 56.25. The index has gained 12.3% in 2025 so far from 50.11.
The strongest Canadian LP in July was MTL Cannabis (CSE: MTLC), which rose 146.2%. Canopy Growth (TSX: WEED) was the weakest, falling 14.9%.
In August, the index would will have a dozen members, with Auxly Cannabis (TSX: XLY) rejoining due to its higher price.
