Cannabis stocks began the year with a bounce that ended quickly with an all-time low set in June for the Global Cannabis Stock Index , but July was strong. The index rallied 13.1% to 8.48:
The end of 2022 was challenging, with the index falling 23.7% in Q3 and 13.8% in Q4, which contributed to a 70.4% decline for the full year. In 2023, Q1 saw a 12.5% decline, and the index, which dropped 11.8% in Q2, is now down 12.7% year-to-date:
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 90.8% from the 92.48 closing high, dropping 9 consecutive quarters:
The strongest 3 names in July all rose by more than 32%:
- Tilray Brands (NASDAQ: TLRY) (TSX: TLRY): +62.2%
- Hydrofarm (NASDAQ: HYFM): +49.6%
- WM Technology (NASDAQ: MAPS): +32.5%
Tilray soared after reporting its fiscal Q4 financials, but the stock is still down 5.9% year-to-date. The other two stocks, ancillary are mixed, with Hydrofarm still down 24.5%, while WM Technology has rallied 9.9% so far in 2023.
The 3 weakest names in July all fell by more than 2%:
- Bright Green (NASDAQ: BGXX): -26.7%
- Green Thumb Industries (OTC: GTBIF) (CSE: GTII: -6.0%
- Cronos Group (NASDAQ: CRON) (TSX:CRON): -26.4.5%
Bright Green pulled back sharply, but it is still up 57.6% in 2023. GTI, which made a new multi-year low, has declined 17.1% year-to-date. Cronos Group, one of the stronger names last month, is down 23.6% so far in 2023.
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. 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 four 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. 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.
