The Global Cannabis Stock Index posted a gain for the first time in 17 months, rising 4.3% in July. It closed up from 14.76, the lowest close ever, on 6/30 to 15.40.
After a 26% decline in 2021, the index with now 26 names is down 53.1% thus far in 2022.
The index is still below the prior closing low of 16.95 on 3/18/20.
The strongest 4 names in July all rose at least 17%:
- Cresco Labs (OTC: CRLBF) (CSE: CL): +36.6%
- GrowGeneration (NASDAQ: GRWG): +35.1%
- Leafly (NASDAQ: LFLY): +22.7%
- Tilray (NASDAQ: TLRY) (TSX: TLRY): +17.0%
While this group had solid bounces, each name is still down quite a lot in 2022. The leader, Cresco Labs, has declined 48.8%. GrowGeneration is down 62.9%. Leafly has dropped 44.8%, while Tilray’s drop is 48.1%.
The 4 weakest names in July all declined by at least 12%:
- Bright Green Corp (NASDAQ: BGXX): -25.7%
- 22nd Century Group (NASDAQ: XXII): -21.1%
- AgriFORCE: (NASDAQ: AGRI): -20.8%
- Innovative Industrial Properties (NYSE: IIPR): -12.3%
Bright Green, a 2022 IPO, is down rather dramatically since pricing, falling from the $8 IPO price and a post-IPO high of $58 to just $1.65. 22nd Century Group priced a $35 million equity offering during the month at $2.05. Purchasing the units included the stock and warrants to buy more stock at $2.05. The stock closed at $1.68, down 45.5% y-t-d. AgriForce is down just 11.1% in 2022, but it trades at $1.83, which is signfiicantly lower than its 2020 IPO price of $5. Finally, Innovative Industrial Properties, a REIT, disclosed a problem lease during the month that it has with Kings Garden in California.
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.
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