The Global Cannabis Stock Index fell for the sixth consecutive month, declining 2.2% to 51.53:
The index, which is now down 9.8% in Q3, had 44 qualifying members during the month following the quarterly rebalancing at the end of June. After increasing 5.2% in 2020 to 44.39, it is now up 16.1% in 2021. It has declined 44.3% from its 2021 closing high of 92.48 on February 10th but has gained 57.4% over the past year:
After posting an all-time closing low of 16.95 set on March 18, 2020, the index has rallied sharply to end the month 204% higher but still down 71% from its early 2018 closing high at 180.02:
The strongest 4 names in August all gained at least 14%:
- urban-gro (NASDAQ: UGRO): +64.2%
- Agrify (NASDAQ: AGFY): +48.7%
- Flora Growth (NASDAQ: FLGC): +19.0%
- Innovative Industrial Properties (NYSE: IIPR): +14.4%
urban-gro has gained 155% so far in 2021. Agrify is up 184% since its IPO earlier this year, while Flora Growth has increased 87% since its IPO in May. Innovative Industrial Properties has gained 34% year-to-date.
The 4 weakest names in August all declined by more than 26%:
- HEXO Corp (TSX: HEXO) (NASDAQ: HEXO): -38.2%
- IM Cannabis (CSE: IMCC) (NASDAQ: IMCC): -32.0%
- Greenlane Holdings (NASDAQ: GNLN): -28.7%
- Verano Holdings (CSE: VRNO) (OTC: VRNOF): -26.6%
HEXO, which was one of the weakest names in June and then the weakest in July, is now down 33% in 2021. IM Cannabis has declined 55%. Greenlane has lost 36%. Verano Holdings began trading in February.
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 Licensed Producer Index Falls 7.5% in August
- American American Cannabis Operator Index Declines 10.6% in AugustStocks Return to Year-End Levels in July
- Ancillary Cannabis Stocks Rally 2.9% in August
We will summarize the index performance again in a month as well as provide a summary of the changes from the quarterly rebalncing. 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.