November Sees MSOs Driving Cannabis Stock Rise – New Cannabis Ventures
- The Global Cannabis Stock Index rebounded 8.1% in November after a significant loss in October, but it is still down 20.1% year-to-date following a record decline of 70.4% in 2022.
- The American Cannabis Operator Index, which suffered a 28.1% drop in October, recovered in November by 21.5%. So far, it has increased by 11.6% in 2023, outpacing the Global Cannabis Stock Index.
- The Ancillary Cannabis Index underperformed the Global Cannabis Stock Index, rising by 6.2% in November. The Canadian Cannabis LP Index, on the other hand, started the year strong but has been weak since, with a 1.3% drop in November.
As outlined in a previous report, the Global Cannabis Stock Index saw an 8.1% rebound in November following a significant October loss. It’s now 20.1% down year-to-date, following 2022’s record 70.4% decrease.
This article presents an overview of other indices monitored by New Cannabis Ventures including the American Cannabis Operator Index, Ancillary Cannabis Index, and Canadian Cannabis LP Index.
American Cannabis Stocks Index
The American Cannabis Operator Index dropped 28.1% in October, but bounced back in November with a 21.5% rise, reaching 15.91. Despite Q1 and Q2 losses, the index rallied 50.2% in Q3 and ended 2023 11.6% up, outperforming the declining Global Cannabis Stock Index.
Notably, AYR Wellness (OTC: AYRWF) (CSE: AYR.A) saw a 61.9% leap in November, while the Cannabist Company (OTC: CBSTF) (NEO: CBST) fell 14.6% for the second straight month, bringing its 2023 loss to 55.2%.
Ancillary Cannabis Index
The Ancillary Cannabis Index increased 6.2% to 12.20 in November, lagging behind the Global Cannabis Stock Index. Having dropped 76.6% in 2022, the index is down 39.2% over the past year and 18.8% in 2023. The best performer in November was GrowGeneration (NASDAQ: GRWG), up 30.4%.
Canadian Cannabis LP Index
The Canadian Cannabis LP Index started the year strong but weakened, dipping 1.3% to 60.91 in November. The index gained 11.5% in Q3 but is down 16.1% in 2023 thus far. Organigram (TSX: OGI) (NASDAQ: OGI) rose 18.9% in November, while Cronos Group (TSX: CRON) (NASDAQ: CRON) gained 10.4%.
New Cannabis Ventures operates four proprietary indices to ease tracking of publicly-traded cannabis stocks, including the Global Cannabis Stock Index, Canadian Cannabis LP Index, American Cannabis Operator Index, and the Ancillary Cannabis Index.
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