As we described in an article released earlier, the Global Cannabis Stock Index moved lower again in February falling 6.9%. It was down 15.2% in 2024, and it is down 13.7% so far this year.
In this article, we summarize the performance of the other managed indices that New Cannabis Ventures offers to its readers. We discuss the performance of the American Cannabis Operator Index, Ancillary Cannabis Index and Canadian Cannabis LP Index. The index that had been the strongest since the DEA was asked by the Department of Health & Human Services in late August to reschedule cannabis has been very volatile since then and was down again. Ancillary, which was the strongest sub-sector in 2024, fell slightly, while Canadian LPs rose despite continued weakness in the two largest names.
American Cannabis Stocks Index
The American Cannabis Operator Index peaked last April on potential rescheduling news and sank for the rest of 2024. In February, it experienced more of the decline, with the index falling 8.4% to 7.18 (note that there is a price error on the chart):
In 2024, this index was down 45.5% to 8.36 after it rallied 7.6% in 2023 despite the overall weakness in cannabis stocks, and it posted a new all-time low during February. It is down 14.1% so far in 2025:
The index, which launched in October 2018, made an all-time low a year ago in August 2023 before soaring. It is down a lot from when it launched:
The best performing MSO in February was Ascend Wellness (OTC: AAWH) (CSE: AAWH.U), which is now down just slightly year-to-date. During February, it rose 13.9%. Verano Holdings (OTC: VRNOF) (NEO: VRNO) was the weakest stock, falling 31.6%.
In March, the index will have 9 members, as Ascend Wellness (OTC: AAWH) (CSE: AAWH.U) Ayr Wellness (OTC: AYRWF) (CSE: AYR.A) depart due to low trading volumes.
Ancillary Cannabis Index
The Ancillary Cannabis Index was weak in December but had a good year last year. In January, it fell just 0.4%, but it fell more in February, hitting a new all-time low and declining 3.5% to 13.25:
After a massive loss of 76.6% in 2022, it declined 10.9% in 2023, which was better than the Global Cannabis Stock Index, and it was up 2.9% in 2024 to 13.77:
The index, which has declined 3.8% so far in 2025, is down over 86% since launching at the end of March in 2021:
The best performing stock in the index in January was Turning Point Brands (NYSE: TPB), rising 10.3%. The worst stock was GrowGeneration (NASDAQ: GRWG), declining 18.6%.
In March, the index will have the same eight members again.
Canadian Cannabis LP Index
The Canadian Cannabis LP Index had a rough year in 2024, but it ended 2024 with a bounce and began 2025 by dropping just 2.5% during January. Helped by one stock, it rose 5.2% in February to 51.41:
The index, which fell 62.8% in 2022 and 16.2% in 2023, declined 17.7% in 2024 to 50.11. It is now up 2.6% in 2025:
The LP index is down a lot from its peak, which hit more than 5 years ago in early 2018:
Several of the Canadian LPs trade below C$1, with six of the stocks having a higher price at the end of February. None of the 10 stocks in the index closed below C$0.25. During February, Aurora Cannabis (TSX: ACB) (NASDAQ: ACB) soared 39.6%. Canopy Growth (TSX: WEED) (NASDAQ: CGC) fell 29.3% to a new all-time low. Cronos Group (TSX: CRON) (NASDAQ: CRON) rallied 8.1%. Organigram (TSX: OGI) (NASDAQ: OGI) slumped 24.1%. Tilray Brands (TSX: TLRY) (NASDAQ: TLRY) fell to a new all-time low with a 31.0% loss.
In March, the index will again have ten members.
