Cannabis stocks, as measured by the Global Cannabis Stock Index, were quite volatile in 2024 and have been in 2025 as well. 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, but ended Q2 down from there, closing at 5.02. Q3 was strong with gains in July and August, and September, which started with a pullback, ended up with another gain until the last-day pullback. The index ended up declining just a bit in September. In October, it pulled back more substantially, falling 11.1% to 6.83.
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 28 members, was down 27% year-to-date in June. After the rally in Q3 of 53.0%, the index was up 11.6% year-to-date. Now, it is down 0.7%.
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 92.6% from the 92.48 closing high.
The strongest 3 names in October all rose by more than than 1%:
- Rythm, Inc. (NASDAQ: RYM): 11.3%
- Jazz Pharmaceuticals (NASDAQ: JAZZ): 4.4%
- Village Farms (NASDAQ: VFF) ( TSX: TLRY): 1.3%
Each of these stocks is up year-to-date.
The 3 weakest names in October all fell by more than 22%:
- SHF Holdings (NASDAQ: CGC) ( TSX: WEED): -64.5%
- Tilray Brands (NASDAQ: TLRY) ( TSX: TLRY): -22.5%
- iPower (NASDAQ: IPW): -22.1%
Two of these stocks are down substantially year-to-date, while Tilray has rallied slightly.
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 October, the ACOI fell again, declining 6.0% to 12.21. It soared 123.6% in Q3 to 12.99 and is now up 46.1% year-to-date, rallying from 8.36.
The strongest stock in October was Ascend Wellness (OTC: AAWH) (CSE: AAWH.U), which rose 8.0%. The weakest one, TerrAscend (OTC: TSNDF) (TSX: TSND) again, fell 14.6%.
In November, the index will have ten members with the addition of Vireo Health (OTC: VREOF).
Ancillary Cannabis Index
In October, ancillaries lost13.4% as the index dropped to 11.02. The index, which was up 14.5% in Q3 to 12.72, has declined 20.0% from 13.77 in 2025 so far.
The strongest stock in October was Chicago Atlantic Real Estate Finance (REFI), which rose 0.6%. The weakest one, SHF Holdings, fell 64.5%.
In November, the index will have eight members with the removals of LIEN and SHFS, both of which joined in October.
Canadian Cannabis LP Index
In October, Canadian LPs fell by 10.4% as the index fell to 65.91. The index, which soared 78.4% in Q3 to 73.56. is now up 31.5% in 2025 so far from 50.11.
The strongest Canadian LP in October was Adastra Holdings (CSE: XTRX), which rose 12.8%. Rubicon Organics (TSXV: ROMJ) was the weakest, falling 22.5%.
In November, the index would will have thirteen members, with Decibel Cannabis (TSXV: DB) rejoining.
