The Global Cannabis Stock Index fell for the 11th consecutive month, declining 12.9% to 28.62:
The index, which was down 27% in Q4, had 38 qualifying members during the month. After increasing 5.2% in 2020, it fell 26.0% in 2021 to 32.85. It has declined 69.1% from its 2021 closing high of 92.48 on February 10th:
After posting an all-time closing low of 16.95 set on March 18, 2020, the index remains 68.9% higher but still down 84.1% from its early 2018 closing high at 180.02:
The strongest 4 names in January all gained at least 1%:
- Jushi Holdings (CSE: JUSH) (OTC: JUSHF): +16.9%
- Chicago Atlantic Real Estate Finance (NASDAQ: REFI): +14.1%
- Jazz Pharmaceuticals (NASDAQ: JAZZ) : +9.0%
- Planet 13 (CSE: PLTH) (OTC: PLNHF): +1.0%
Jushi and Planet 13 were the strongest MSOs in the index during the month. REIT Chicago Atlantic conducted its IPO in early December at $16. Jazz Pharma, which bought GW Pharma last year, was one of the strongest performers for the second month in a row.
The 4 weakest names in January all declined by more than 30%:
- IM Cannabis (CSE: IMCC) (NASDAQ: IMCC): -41.6%
- GrowGeneration (NASDAQ: GRWG): -35.3%
- Agrify (NASDAQ: AGFY): -32.7%
- Hydrofarm (NASDAQ: HYFM): -30.7%
IM Cannabis, a global cannabis operator that counts Wasatch as a large shareholder, pulled back to levels not seen since early 2020. The other three weakest stocks were from the ancillary sub-sector. Agrify was one of the weakest stocks for the second consecutive month. GrowGeneration pre-announced revenue substantially below what had been expected by analysts.
We have also published separate reviews of the performance of the Canadian LP Index , the American Cannabis Operators Index and the Ancillary Cannabis Index:
- Large Companies Push Canadian Cannabis Stocks 9.5% Lower in January
- American Cannabis Operator Index Declines 7.4% in January
- Ancillary Cannabis Stocks Plunge 16.5% in January
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.