Looking at the Cannabis Meltdown by Sub-Sector

As we described in an article released earlier, the Global Cannabis Stock Index moved lower again in March as it fell 15.3%. It was down 15.2% in 2024, and it is down 26.9% so far this year.

In this article, we summarize the performance of the other managed indices that New Cannabis Ventures has offered to its readers. We discuss the performance of the American Cannabis Operator Index, Ancillary Cannabis Index and Canadian Cannabis LP Index. The index that had been the strongest since the DEA was asked by the Department of Health & Human Services in late August to reschedule cannabis has been very volatile since then and was down sharply again. Ancillary, which was the strongest sub-sector in 2024, fell substantially, while Canadian LPs fell due to continued weakness in the two largest names. Note that we are no longer going to share these sub-indexes with readers.

The American Cannabis Operator Index peaked last April on potential rescheduling news and sank for the rest of 2024. In March, it experienced more of the decline, with the index falling 16.6% to 5.99:

In 2024, this index was down 45.5% to 8.36 after it rallied 7.6%  in 2023 despite the overall weakness in cannabis stocks, and it posted a new all-time low during March. It is down 28.4% so far in 2025:

The index, which launched in October 2018, made an all-time low a year ago in August 2023 before soaring. It  is down a lot from when it launched:

The best performing MSO in March in the index was  TerrAscend (OTC: TSNDF) (TSX: TSND),falling 4.2%. Curaleaf (OTC: CURLF) (TSX:CURA) was the weakest stock, falling 30.5%.

In April, the index would have had 8 members, as Grown Rogue (OTC: GRUSF) (CSE: GRIN) would not have qualified due to its low trading volume.

The Ancillary Cannabis Index was weak in December but had a good year last year. In January, it fell just 0.4%, but it fell more in February, hitting a new all-time low and declining 3.5%. In March, it plunged 14.7% to 11.30:

After a massive loss of 76.6% in 2022, it declined 10.9% in 2023, which was better than the Global Cannabis Stock Index, and it was up 2.9% in 2024 to 13.77:

The index, which has declined 17.9% so far in 2025, is down over 88% since launching at the end of March in 2021:

The best performing stock in the index in January was GrowGeneration (NASDAQ: GRWG), falling 5.3%. The worst stock was AFC Gamma (NASDAQ: AFCG), declining 34.7%.

In April, the index would have had the same eight members again.

The Canadian Cannabis LP Index had a rough year in 2024, but it ended 2024 with a bounce and began 2025 by dropping just 2.5% during January and then rising 5.2% in February. In March, it declined 3.0% to 49.86:

The index, which fell 62.8% in 2022 and 16.2% in 2023,  declined 17.7% in 2024 to 50.11. It is now down just 0.5% in 2025:

The LP index is down a lot from its peak, which hit more than 5 years ago in early 2018:

Several of the Canadian LPs trade below C$1, with five of the stocks having a higher price at the end of March. None of the 10 stocks in the index closed below C$0.25. During March, Aurora Cannabis (TSX: ACB) (NASDAQ: ACB) pulled back 14.5%. Canopy Growth (TSX: WEED) (NASDAQ: CGC) fell 34.5% to a new all-time low. Cronos Group (TSX: CRON) (NASDAQ: CRON) retreated 12.2%. Organigram (TSX: OGI) (NASDAQ: OGI) slumped 12.0%. Tilray Brands (TSX: TLRY) (NASDAQ: TLRY) fell to a new all-time low during the month as it ended with a 12.2% loss.

In April, the index would have had again the same ten members.