The American Cannabis Operator Index extended its strong start to 2019, gaining 8.9% in March, to leave it up 48.4% thus far in 2019:
The index, which launched at the end of October with a value of 100, traded as low as 70.64 in late December after having reached a closing high of 124.16 in early November and has now rebounded 62.4% from the December 24th low:
During March, the index included 23 companies, including 18 multi-state operators (MSOs) and 5 focused solely on CBD extracted from industrial hemp. Several MSOs are pursuing CBD strategies apart from their state-licensed cannabis businesses. 9 companies managed double-digit gains, while 3 posted double-digit losses:
The seven best performers, all up more than 20%, included Cannex Capital (CSE: CNNX) (OTC: CNXXF), which remains halted in Canada pending its merger with 4Front, Charlotte’s Web (CSE: CWEB) (OTC: CWBHF), Origin House (CSE: OH) (OTC: ORHOF), Elixinol Global (ASX: EXL) (OTC: ELLXF), Harvest Health and Recreation (CSE: HARV) (OTC: HRVSF), CV Sciences (OTC:CVSI) and Cresco Labs (CSE: CL) (OTC: CRLBF). Charlotte’s Web, Elixinol and CV Sciences are all pure-play CBD companies, and Cresco Labs recently launched its CBD business, though the driver of its strength was likely the announcement of an acquisition in Florida. MJardin Group (CSE: MJAR) (OTC: MJARF) and United Cannabis (OTC: CNAB) both declined more than 20%.
For April, the index will include 24 names, as DionyMed Brands (CSE: DYME) (OTC: HMDEF) and Plus Products (CSE: PLUS) (OTC: PLPRF) enter for the first time. We also removed Dixie Brands (CSE: DIXI) (OTC: DXBRF) due to its daily average trading value declining below the minimum of $100K in the U.S.
In the next monthly review, we will summarize the performance for April and discuss any additions or deletions. Be sure to bookmark the page to stay current on American cannabis operators stock price movements within the day or from day-to-day.
