Cannabis stocks, as measured by the Global Cannabis Stock Index, were quite volatile last year. The index dropped 7.5% in December, and it is off to a bad start in 2025. In January, the index fell 7.3% to 6.38:
In 2024, the index fell 15.2% to 6.88 after falling 16.5% in 2023. Q1 was up a lot, but the market fell in Q2 with a small gain in Q3 and a collapse in Q4:
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 93.1% from the 92.48 closing high:
The strongest 3 names in January all rose by more than 6%:
- Innovative Industrial Properties (NYSE: IIPR): +7.6%
- Scotts Miracle-Gro (NYSE: SMG): +7.0%
- Turning Point Brands (NYSE: TPB): +6.1%
Innovative Industrial Properties, which reported a default from its largest tenant PharmaCann, ended 50.5% lower in Q4 and dropped 33.9% in 2024, but it bounced back partially in January on news of resolution of the default. Scotts Miracle-Gro rallied in 2024 and is off to a good start this year. Turning Point Brands was also very strong in 2024.
The 3 weakest names in January all fell by more than 29%:
- Canopy Growth (NASDAQ: CGC) (TSX: WEED): -27.4%
- Flora Growth (NASDAQ: FLGC): -24.4%
- Tilray Brands (NASDAQ: TLRY) (TSX: TLRY): -21.1%
Canopy Growth fell 43.2% during Q4 and dropped 46.4% during 2024, and it is plunging to begin the new year. Flora Growth was a recent addition to the index. Tilray Brands posted a new all-time low this month.
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.
