In September, the Global Cannabis Stock Index closed low on 9/30 and ended the month down 25.9%, wrote Alan Brochstein, CFA and founder of New Cannabis Ventures and 420 Investor.
Cannabis Companies Affected
According to New Cannabis Ventures, the strongest 4 names in September all fell:
- Innovative Industrial Properties IIPR: -3.5%
- Chicago Atlantic Real Estate Finance REFI: -5.6%
- Cronos Group CRON CRON: -7.5%
- Turning Point Brands TPB: -9.0%
“Innovative Industrial Properties fell the least, but it lost 19.5% during Q3 and is down 66.3% year-to-date. Chicago Atlantic, and IPO from late 2021, fell just 4.3% during Q3 and is down just 13.5% year-to-date,” according to Brockstein. “Cronos Group was unchanged during the quarter and is down 28.1% year-to-date. Turning Point Brands, a hybrid business, dropped 21.7% during the quarter and is down 43.8% so far in 2022.”
Image by New Cannabis Ventures
The 4 weakest names in September all declined by over 40%:
The report noted that “Leafly was the worst stock for the second straight month. It has dropped 93.2% since the end of 2021 when it was trading as a SPAC.” Moreover, “in Q3, it dropped 84.9%. Ayr Wellness lost 84.4% in 2022, and it fell 52.2% in Q3. Hydrofarm, down 93.2% year-to-date, like Leafly, dropped 44.3% during the quarter. Trulieve has declined 67.3% so far in 2022, and it fell 43.9% during Q3.”
Not Too Bad
In September, Q3 turned into a massive loss of 23.7% for the index.
Nevertheless,…
