The Global Cannabis Stock Index fell for the 12th consecutive month, declining 1.1% to 28.31, reported Alan Brochstein, founder of New Cannabis Ventures and 420 Investor.
The index, which was down 27% in Q4 and then fell 12.9% in January, had 38 qualifying members during the month. The index has declined 13.8% in 2022, noted Brochstein.
After increasing 5.2% in 2020, it fell 26.0% in 2021 to 32.85 and has declined 69.4% from its 2021 closing high of 92.48 on February 10, 2021.
After posting an all-time closing low of 16.95 set on March 18, 2020, the index remains 67.0% higher but still down 84.3% from its early 2018 closing high at 180.02:
The strongest 4 names in February all gained at least 13%:
- IM Cannabis (CSE:IMCC) (NASDAQ:IMCC): +30.3%
- Flora Growth (NASDAQ:FLGC): +19.9%
- WM Technology (NASDAQ:MAPS): +15.4%
- Cresco Labs (CSE:CL) (OTC:CRLBF): +13.5%
IM Cannabis bounced back, said Brochstein, from a difficult January when it was among the weakest names. Flora Growth, which started as a $5 IPO in May 2021, is now up in 2022 but down 59% since its IPO. WM Technology rallied after its Q4 financial report, with revenue exceeding analysts' expectations. Cresco Labs has been the strongest Tier 1 MSO thus far in 2022, rallying nearly 5%.
The 4 weakest names in February all declined by more than 17%:
- Greenlane (NASDAQ:GNLN): -29.1%
- iPower (NASDAQ:IPW): -23.1%
- Power REIT (NYSE:PW): -22.8%
- cbdMD (NYSE:YCBD): -17.3%
Brochstein noted that the three weakest names are from the ancillary sector, which has been under pressure in 2022. Greenlane has declined 44.0% year-to-date, iPower has lost 37.0%, and Power REIT has dropped 30.0%. cbdMD fell sharply after reporting its Q1 financials and is down 20.4% in 2022.
Photo by Christine Roy on Unsplash
