After 12 consecutive monthly declines, the Global Cannabis Stock Index lost 0.2% in March, closing at 28.25 to extend the streak to 13 months.
The index, which was down 27% in Q4 and then fell 12.9% in January and 1.1% in February, had 38 qualifying members during the month. The index has now declined 13.8% in 2022. After increasing 5.2% in 2020, it fell 26.0% in 2021 to 32.85. It has declined 69.4% from its 2021 closing high of 92.48 on February 10, 2021:
After posting an all-time closing low of 16.95 set on March 18, 2020, the index remains 67.0% higher but still down 84.3% from its early 2018 closing high at 180.02. It has increased 15.5% since posting a 2022 closing low on March 14th at 24.45:
The strongest 4 names in March all gained at least 13%:
- WM Technology (NASDAQ: MAPS): +33.7%
- Tilray (TSX: TLRY) (NASDAQ: TLRY): +27.4%
- cbdMD (NYSE American: YCBD): +20.9%
- urban-gro (NASDAQ: UGRO): +17.8%
WM Technology was one of the strongest names in February as well, and it rose 30.8% during Q1. Tilray has gained 10.5% thus far in 2022. cbdMD, one of the weaker names in February, has declined 3.7% this year. urban-gro’s strong month pushed its year-to-date return to 2.5%.
The 4 weakest names in March all declined by more than 17%:
- Hydrofarm (NASDAQ: HYFM): -25.2%
- Jushi Holdings (CSE: JUSH) (OTC: JUSHF): -21.2%
- Agrify (NASDAQ: AGFY): -19.3%
- Power REIT (NYSE American: PW): -18.4%
Hydrofarm’s weak March left its year-to-date return at -46.4%. Jushi Holdings has declined 11.7%. Agrify, a $10 IPO in early 2021, has lost 49.7% this year. Power REIT, a big gainer in 2021, fell 42.8% in Q1.
We have also published separate reviews of the performance of the Canadian LP Index , the American Cannabis Operators Index and the Ancillary Cannabis Index:
- Canadian Cannabis Stocks Fall 1.4% in March
- American Cannabis Operator Index Declines 4% in March
- Ancillary Cannabis Stocks Gain 2.7% in March
As of April 1, the index will include 35 members following several deletions and additions. We have removed Akerna (NASDAQ: KERN), cbdMD (NYSE American: YCBD), Greenlane (NASDAQ: GNLN), IM Cannabis (CSE: IMCC) (NASDAQ: IMCC), India Globalization (NYSE American: IGC), iPower (NASDAQ: IPW), Lexaria (NASDAQ: LEXX) and urban-gro (NASDAQ: UGRO), which no longer qualify for inclusion. Joining the index are AgriForce (NASDAQ: AGRI), Akanda (NASDAQ: AKAN), CEA Industries (NASDAQ: CEAD), Goodness Growth (CSE: GDNS) (OTC: GDNSF) and Leafly (NASDAQ: LFLY).
We will summarize the index performance again in a month. You can learn more about the index members and the qualifications for inclusion by visiting the Global Cannabis Stock Index. A more complete analysis of the index is available at 420Investor.com. Be sure to bookmark the page to stay current on cannabis stock price movements within the day or from day-to-day.
New Cannabis Ventures maintains seven proprietary indices designed to help investors monitor the publicly-traded cannabis stocks, including the Global Cannabis Stock Index as well as the Canadian Cannabis LP Index and its three sub-indices. The sixth index, the American Cannabis Operator Index, was launched at the end of October 2018 and tracks the leading cultivators, processors and retailers of cannabis in the United States. More recently, we introduced the Ancillary Cannabis Index at the end of March 2021, reflecting the increasing number of publicly-traded companies providing goods or services to cannabis operators.