After a big rally in January to begin the year, the Global Cannabis Stock Index lost 6.3% in February to 10.02:
After falling 23.7% in Q3 and 13.8% in Q4, which were a big part of the 70.4% decline in 2022, the index is now up 3.2% in Q1:
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 89.2% from the 92.48 closing high:
The strongest 5 names in February all rose by more than 3%:
- Scotts Miracle-Gro (NYSE: SMG): +14.3%
- TerrAscend (OTC: TRSSF) (CSE: TER): +14.0%
- Hexo Corp (NASDAQ: HEXO) (TSX: HEXO): +7.5%
- Green Thumb Industries (OTC: GTBIF) (CSE: GTII): +3.0%
- Turning Point Brands (NASDAQ:TPB): +3.0%
Scotts Miracle-Gro and HEXO Corp were among the winners in January, and both are up about 70% in 2023 thus far. TerrAscend is up 39%, and GTI is down 4%. Turning Point Brands is up more than 10%.
The 5 weakestnames in February all fell by more than 17%:
- Canopy Growth (NASDAQ: CGC) (TSX: WEED): -24.1%
- Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) -19.7%
- SNDL (NASDAQ: SNDL): -18.3%
- GrowGeneration (NASDAQ: GRWG): -17.9%
- 22nd Century Group (NASDAQ: XXII): -17.9%
Canopy Growth, a big winner in January, is now down year-to-date almost 1%. Aurora Cannabis has dropped nearly 10%, and SNDL has dropped exactly 10%. GrowGeneration is up 8%, and 22nd Century Group has dropped nearly 2%.
We will summarize the index performance again in a month, when we also provide an updated index for Q2. 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 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.