Cannabis Stocks Suffer Large Declines Again in March

Cannabis stocks, as measured by the Global Cannabis Stock Index, were quite volatile in 2024. The index dropped 7.5% in December to push the yearly close down 15.2% for the year and also has had a bad start in 2025. It posted a new all-time of 4.97 during the last day of March, and the index fell 15.3% to 5.03 during the month:

After the Q4 collapse of 21.8% to 6.88, the index dropped 7.3% in January, 6.9% in February and then again in March by 15.3%. The Global Cannabis Stock Index is now down 26.9% in 2025 and has dropped 40.8% over the past year:

Since the peak in February 2021, the Global Cannabis Stock Index has dropped 94.6% from the 92.48 closing high:

The strongest 3 names in March all rose or fell  by less than 10%:

Lexaria (NASDAQ: LEXX): +16.3%
Emerald Holdings (NASDAQ: AGFY): -4.4%
GrowGeneration (NASDAQ: GRWG): -5.3%

Lexaria had a strong month, but it was down by X% for Q1. Agrify fell 18.6% during the quarter. Emerald Holdings, which owns MJ Biz Daily,  fell 18.5%. GrowGeneration was relatively strong during March, but it lost 36.1% during Q1.

The 3 weakest names in March all fell by more than 30%:

Canopy Growth (NASDAQ: CGC) (TSX: WEED): -34.8%
AFC Gamma (NASDAQ: AFCG): -34.7%
Curaleaf (OTC: CURLF) (TSX: CURA) : -30.5%

Canopy Growth posted a new all-time low during the month and dropped 66.8% during the quarter. REIT AFC Gamma fell 33.1% during Q1. Curaleaf plunged 41.7% during the quarter.

For Q2, the number of companies in the index will decline by 5 to 23. We have lowered the minimum average daily trading value from $500K to $400K. The stocks failing to qualify again were Agrify (NASDAQ: AGFY), AgriForce (NASDAQ: AGRI), Flora Growth (NASDAQ: FLGC), (NASDAQ: IMCC) and Lexaria.

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.

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