Cannabis Stocks Almost Extended the 2025 Rally in September

Cannabis stocks, as measured by the Global Cannabis Stock Index, were quite volatile in 2024 and have been in 2025 as well. The index dropped 7.5% in December to push the yearly close down 15.2% for the year and also was off to a bad start in 2025. It posted a new all-time of 4.97 during the last day of March and moved lower in early April. The index expanded 11.5% in April, but ended Q2 down from there, closing at 5.02. Q3 was strong with gains in July and August, and September, which started with a pullback, ended up with another gain until the last-day pullback. The index ended up declining 0.8% to 7.68.

After the Q4 collapse of 21.8% to 6.88, the index was down a lot in Q1 and then marginally in Q2. The Global Cannabis Stock Index, which currently has 23 members, was down 27% year-to-date in June. After the rally in Q3 of 53.0%, the index is now up 11.6% year-to-date.

Since the peak in February 2021, the Global Cannabis Stock Index has dropped 91.8% from the 92.48 closing high.

The strongest 3 names in September all rose by more than than 10%:

Each of these stocks is upn year-to-date. During Q3, TLRY rallied 317.5%, OGI gained 50.4%, and GRWG rose 100.0%

The 3 weakest names in September all fell by more than 17%:

Each of these stocks is down year-to-date. During Q3, CGC rallied 40.6%, and the other two fell.

The index has been rebalanced as of the close on 9/30, and this was based upon data from 9/23. For Q4, the index will have 28 names, up from 23 names, with two removals and seven additions. Leaving the index are EEX and IMCC. Rejoining the index are Cresco Labs (OTC: CRLBF), Curaleaf (OTC: CURLF) NewLake Capital (OTC: NLCP), TerrAscend (OTC: TSNDF) and Verano (OTC: VRNOF), and joining for the first time are Chicago Atlantic BDC (NASDAQ: LIEN) and SHF Holdings (NASDAQ: SHFS). The index had sub-sector exposure that has the lowest MSO weighting perhaps ever at 13.0% in Q3, but it will be 25% in Q4 after the four additions. The largest sub-sector is ancillary at 39.3%, and Canadian LPs are at 25%. Biotech, Canadian Retail and THC Beverages are each at 3.6%.

We will summarize the index performance again in a month. In April, we combined what had been two articles historically, and we are updating here on the other indices that New Cannabis Ventures continues to maintain, the American Cannabis Operator Index, the Ancillary Cannabis Index and the Canadian Cannabis LP Index.

In September, the ACOI plunged 13.9% to 12.99. It soared 123.6% in Q3 from 5.81 is up 55.4% year-to-date, rallying from 8.36.

The strongest stock in September was Jushi Holdings (OTC: JUSHF), which fell 5.3%. The weakest one, TerrAscend (OTC: TSNDF) (TSX: TSND),  fell 28.7%.

In October, the index will have eight members with the removal of Planet 13 (OTC: PLNH).

In September, ancillaries lost 5.3% as the index rose dropped 13.43 to 12.72. The index, which was up 14.5% in Q3,  has declined 7.6% from 13.77 in 2025 so far.

The strongest stock in September was GrowGeneration, which rose 10.0%. The weakest one, Advanced Flower Capital (NASDAQ: AFCG), fell 17.8%.

In October, the index will have ten members with the additions of LIEN and SHFS.

In September, Canadian LPs fell by 0.8% as the index fell from 74.16 to 73.56. The index rallied 78.4% in Q3 and is now up 46.8% in 2025 so far from 50.11.

The strongest Canadian LP in June was Tilray Brands (TSX: TLRYE), which rose 27.0%. Simply Solventless (TSXV: HASH) was the weakest, falling 26.7%.

In October, the index would will have the same twelve members again.