After a big rally in January to begin the year followed by a moderate loss in February, the Global Cannabis Stock Index plunged 15.2% in March to 8.50. In April, it dropped 2.9% to 8.25:
After falling 23.7% in Q3 and 13.8% in Q4, which were a big part of the 70.4% decline in 2022, the index lost 12.5% in Q1. In 2023, the index has lost 15.0%:
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 91.1% from the 92.48 closing high:
The strongest 3 names in April all rose by more than 9%:
- Bright Green (NASDAQ: BGXX): +54.0%
- Turning Point Brands (NYSE: TPB): 13.3%
- BYND Cannasoft (NASDAQ: BCAN) (CSE: BYND): 9.4%
Bright Green, a big loser in 2022, is up 208.8% this year. Turning Point Brands has rallied 10.0%. BYND Cannasoft is down 37.1% year-to-date.
The 3 weakest names in April all fell by more than 14%:
- Canopy Growth (NASDAQ: CGC) (TSX: WEED): -25.7%
- Organigram (NASDAQ: OGI) (TSX: OGI): -21.9%
- WM Technology (NASDAQ: MAPS): -14.6%
Canopy Growth, a big winner in January but the worst stock in February and second-worst in March, was the poorest performing stock in the index, down now 43.7% year-to-date. In late February, we shared a very negative outlook on the stock in our weekly newsletter. Organigram is down 37.5% in 2023. WM Technology was the third-worst stock in March too, and it has declined 28.2% so far this year.
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.
