Cannabis Stocks Extend Decline in November

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% last year 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 just a bit in September before plunging in October. In November, it pulled back sharply again, falling 11.0% to 6.08.

After the Q4 collapse of 21.8% to 6.88 at the end of 2024, the index was down a lot in Q1 and then marginally in Q2. The Global Cannabis Stock Index, which currently has 28 members, was down 27% year-to-date in June. After the rally in Q3 of 53.0%, the index was up 11.6% year-to-date. Now, it is down 20.8% in Q4 and has dropped year-to-date by 11.6%.

Since the peak in February 2021, the Global Cannabis Stock Index has dropped 93.4% from the 92.48 closing high.

The strongest 3 names in November all rose by more than than 11%:

Each of these stocks is up year-to-date substantially, and the Q4 returns have been positive for each of them, especially Jazz Pharma and Village Farms.

The 3 weakest names in November all fell by more than 39%:

All of these stocks are down substantially year-to-date, and Q4 has been brutal for each one.

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 November, the ACOI fell again, plunging 24.9% to 9.17. It soared 123.6% in Q3 to 12.99 and is now up 9.7% year-to-date, rallying from 8.36. The large AdvisorShares Pure US Cannabis ETF (MSOS) has declined by 8.7%,

The strongest stock in November was Glass House Brands (OTC: GLASF) (NEO: GLAS.A.U), which fell 13.5%. The weakest one, Cresco Labs (OTC: CRLBF) (CSE: CL), fell 36.8%.

In December, the index will have eight members with the removals  of Ascend Wellness (OTC: AAWH) and Vireo Health (OTC: VREOF).

In November, ancillaries lost 1.7% as the index dropped to 10.83. The index, which was up 14.5% in Q3 to 12.72, is now down 14.9% in Q4 so far. It has declined 21.4% from 13.77 in 2025 so far.

The strongest stock in November was Turning Point Brands, which rose 11.4%. The weakest one, WM Technology, fell 19.3%.

In December, the index will have the same eight members.

In November, Canadian LPs plunged by 15.0% as the index fell to 56.00. The index, which soared 78.4% in Q3 to 73.56. is now down 23.9% in Q4 but up 11.8% in 2025 so far from 50.11.

The strongest Canadian LP in November was Organigram Holdings (TSX: OGI), which rose 0.4%, leaving it as the only gainer in the index. Simply Solventless (TSXV: HASH) was the weakest, falling 39.1%.

In December, the index would will have the same thirteen members.