Cannabis stocks began the year with a bounce that ended quickly, and during May the Global Cannabis Stock Index fell again, dropping 7.0% to 7.67 with a 7.45 intraday all-time low set today:
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 is now down 21.0% year-to-date:
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 91.7% from the 92.48 closing high:
The strongest 3 names in May all rose by more than 11%:
- WM Technology (NASDAQ: MAPS): +40.7%
- BYND Cannasoft (NASDAQ: BCAN) (CSE: BYND): 35.7%
- Curaleaf Holdings (OTC: CURLF) (CSE: CURA): +11.7%
WM Technology, despite the strong month, is up just 1.0% this year. BYND Cannasoft is down 14.7% year-to-date. Curaleaf has declined 32.7% in 2023.
The 3 weakest names in May all fell by more than 29%:
- Hydrofarm (NASDAQ: HYFM): -41.6%
- Canopy Growth (NASDAQ: CGC) (TSX: WEED): -35.8%
- Bright Green (NASDAQ: BGXX): -29.0%
Hydrofarm is down 40.8% during 2023. Canopy Growth has dropped 63.9%. Bright Green, despite the rough month, is still up 119.4%.
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.