Cannabis Stocks Rally in December But End 2025 Down Yet Again

Cannabis stocks, as measured by the Global Cannabis Stock Index, were quite volatile in 2024 and then 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 and moving further lower in November. In December, it rallied sharply, rising 8.4% to 6.59. While the stocks rallied, 13 of the 28 names in the index did decline during the month.

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. It is down 14.2% in Q4 and dropped for the full year by 4.2%.

Since the peak in February 2021, the Global Cannabis Stock Index has dropped 92.9% from the 92.48 closing high.

The strongest 3 names in December, each an MSO, all rose by more than than 58%:

Each of these stocks was up year-to-date substantially, and the Q4 returns were positive for Trulieve.

The 3 weakest names in December all fell by more than 8%:

All of these stocks were down year-to-date, and Q4 was brutal for each one.

The index has been rebalanced as of the close on 12/31, and this was based upon data from 12/23. For Q1, the index will have 27 names, down from 28 names, with three removals and two additions. Leaving the index are AFCG, LIEN and SHFS. Rejoining the index are Akanda (AKAN) and cbdMD (YCBD).

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 December, the ACOI soared, rising 43.7% to 13.18. It soared 123.6% in Q3 to 12.99 and ended the year up 57.7% year-to-date, rallying from 8.36. The large AdvisorShares Pure US Cannabis ETF (MSOS) trailed substantially, rising 23.9%.

The strongest stock in December was Trulieve, which r0se 61.2%. The weakest one, Curaleaf (OTC: CURLF) (TSX: CURA), rose by 10.4%.

In January, the index will have eleven members with the additions  of Ascend Wellness (OTC: AAWH), Grown Rogue (GRUSF) and Vireo Health (OTC: VREOF).

In December, ancillaries gained 2.4% as the index rallied to 11.09. The index, which was up 14.5% in Q3 to 12.72, was down 12.8% in Q4. It declined 19.5% from 13.77 in 2025.

The strongest stock in December was NewLake Capital (OTC: NLCP), which rose 24.1%. The weakest one, Chicago Atlantic Real Estate Finance (NASDAQ: REFI), fell 3.9%.

In January, the index will have the same eight members and two that are returning, iPower (NASDAQ: IPW) and Chicago Atlantic BDC (NASDAQ: LIEN).

In December, Canadian LPs rose 5.4% as the index fell to 59.01. The index, which soared 78.4% in Q3 to 73.56. fell 19.8% in Q4 but was up 17.8% in 2025 from 50.11.

The strongest Canadian LP in December was MTL Cannabis (CSE: MTL), which rose 62.5% after receiving an acquisition bid. Aurora Cannabis was the weakest, falling 10.3%.

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