The Global Cannabis Stock Index dropped for the eighth month in a row, falling 8.8% to 41.06.
The index, which was down 21.2% in Q3, had 43 qualifying members during the month following the quarterly rebalancing at the end of September, though Harvest Health and Recreation was removed early in the month after its purchase by Trulieve went through. After rising 5.2% to 44.39 in 2020, it is now down 7.5% in 2021. It has dropped 55.6% from its 2021 closing high of 92.48 on Feb. 10, but has increased 38.3% over the past year.
After an all-time closing low of 16.95 on March 18, 2020, the index has caught a second wind to end the month; it is up 142%, but still 77% down from its early 2018 closing high at 180.02.
The strongest four names in October all increased at least 8%:
- AgriFORCE Growing Systems (NASDAQ: AGRI): +36.8%
- Grove Inc. (NASDAQ: MAPS): +16.1%
- Innovative Industrial Properties (NYSE: IIPR): +13.8%
- AFC Gamma (NASDAQ: AFCG): +8.7%
Despite its comeback in October, AgriForce ended the month 39% below its July IPO price of five dollars. Grove Inc. ended the month 18% above its own five-dollar IPO price in June. Innovative Industrial Properties expanded on its 2021 gains and is now up nearly 44% this year. AFC Gamma ended the month 23% above its March IPO price of $19.
The four weakest names in October all dropped by more than 22%:
- Greenlane Holdings (NASDAQ: GNLN): -27.8%
- Green Thumb Industries (CSE: GTII) (OTC: GTBIF): -26.3%
- Flora Growth (NASDAQ: FLGC): -23.5%
- Columbia Care (NEO: CCHW) (CSE: CCHW) (OTC: CCHWF): -22.9%
Greenlane has fallen 57% in 2021, while GTI has declined 16%. Flora Growth has dropped 14% since its five-dollar IPO in May. Columbia Care has lost 50% in 2021 so far.
We have also issued summaries of the Canadian LP Index, the American Cannabis Operators Index and the Ancillary Cannabis Index:
- Canadian Cannabis Stocks Drop Over 9% in October
- American Cannabis Operators Index Continues Steep Decline in October
- Ancillary Cannabis Stocks Drop 8% in October
We will review the index again in one month. You can find out more about the index members and the criteria for inclusion by visiting the Global Cannabis Stock Index. A more comprehensive assessment of the index is accessible at 420Investor.com. Bookmark the page to stay up to date on cannabis stock price movements.
New Cannabis Ventures has seven proprietary indices whose purpose is to help investors track the publicly-traded cannabis stocks: the Global Cannabis Stock Index; the Canadian Cannabis LP Index and its three sub-indices; the American Cannabis Operator Index, which was launched at the end of October 2018 and tracks the top cultivators, processors and retailers of cannabis in the United States; and, most recently, the Ancillary Cannabis Index, which reflects the increasing number of publicly-traded companies providing goods or services to cannabis operators and which we introduced at the end of March 2021.
