Cannabis stocks, as measured by the Global Cannabis Stock Index, extended the sharp February declines, falling 6.5% to 107.89:
The index, which went through its last quarterly rebalancing at the end of 2017 and had 75 members that were equally weighted at the time, declined 24.1% in the first three months of the year. Despite the losses, the index is still up almost 90% since late October.
Fighting the downward pressure on the sector, 13 companies produced double-digit gains. The top three gainers included InMed Pharmaceuticals (TSX: IN) (OTC:IMLFF), which rose 55% after uplisting from the CSE to the TSX, Canopy Growth (TSX: WEED) (OTC: TWMJF), which gained 22.5%, and Beleave (CSE: BE) (OTC: BLEVF), which increased 19.8%. 10 companies fell by more than 25%. Year-to-date, 16 companies have lost more than half their value, while 10 have gained more than 10%. The 6 companies with gains in excess of 20% include PotNetwork Holdings (OTC: POTN), AusCann (ASX: AC8) (OTC: ACNNF), THC Biomed (CSE: THC) (OTC: THCBF), iAnthus Capital (CSE: IAN) (OTC: ITHUF), Invictus MD Strategies (CSE: GENE) (OTC: IVITF) and Kush Bottles (OTC: KSHB).
Effective at the close of business on March 29th, the index was rebalanced, with stocks trading above $.01 per share and with average trading value in excess of $300,000 as of March 15th included. The number of stocks to qualify fell from 75 at the end of the year to 68, with all of the removals due to not meeting the trading value criterion.
The index members include 47 that are listed in Canada (69%), including 19 licensed producers (28%), and 3 that are listed in Australia (4%). U.S. listed companies comprise just 27% of the index.
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.
