Cannabis Stocks Held Steady
- The Global Cannabis Stock Index showed significant volatility with notable declines in early 2024 and 2026, a strong rally in Q3 2025, and an overall 93.7% drop since its February 2021 peak.
- The American Cannabis Operator Index (ACOI) experienced sharp declines in early 2024, a 57.7% rise in 2025, but fell 17.5% in 2026 so far, with notable stock movements including TerrAscend rising 7.7% and Vireo Growth dropping 17.9% in February.
- Ancillary cannabis stocks declined 5.7% in February 2024, dropped 19.5% in 2025, and continued to fall by 11.3% in 2026, led by strong performance from Turning Point Brands and significant losses from iPower.
- Canadian Licensed Producers (LPs) saw a small decline of 0.9% in February 2024, with gains of 17.8% in 2025 and a 5.7% decline in 2026, with Rubicon Organics as the top performer and Simply Solventless Concentrates showing the largest drop.
Cannabis stocks, as measured by the Global Cannabis Stock Index, were quite volatile in 2024 and then in 2025 as well. While the index did rally in December, it fell for the year. The index dropped 10.6% in January to 5.89. February saw lower prices, but the market recovered with the index ending the month at 5.86, down 0.5%.
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 27 members, enjoyed a rally in Q3 of 53.0% but dropped 14.2% in Q4, declining for the full year by 4.2%. In 2026, it has dropped 11.1%.
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 93.7% from the 92.48 closing high.
The strongest 3 names in February, each an MSO, all rose by more than than 13%:
Jazz Pharma has rallied in 2026, but the other two have declined.
The 3 weakest names in February all fell by more than 13%:
All three are down substantially in 2026 so far.
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 January, the ACOI sank, plunging 12.5% to 11.53, and it fell further in February, dropping 5.8% to 10.87. It soared 57.7% in 2025 to 13.18, and it is down 17.5% in 2026. The large AdvisorShares Pure US Cannabis ETF (MSOS) fell 3.7% in February.
The strongest stock in February was TerrAscend (OTC: TSNDF), which r0se 7.7%. The weakest one, Vireo Growth (OTC: VREOF), fell by 17.9%.
In March, the index will have seven members with the removals of Jushi Holdings (OTC: JUSHF) and Vireo Growth.
In February, ancillaries lost 5.7% as the index dropped to 9.84. The index declined 19.5% to 11.09 in 2025, and it has dropped 11.3% this year so far.
The strongest stock in February was Turning Point Brands (NASDAQ: TPB), which rose 13.1%. The weakest one iPower, fell 55.8%.
In March, the index will have seven members after the removals of GrowGeneration (NASDAQ: GRWG), iPower (NASDAQ: IPW) and Chicago Atlantic BDC (NASDAQ: LIEN) for having low trading volumes during February.
In February, Canadian LPs fell 0.9% as the index dropped to 55.65. The index was up 17.8% in 2025 to 59.01, and it has declined 5.7% in 2026.
The strongest Canadian LP in February was Rubicon Organics (TSXV: ROMJ), which rose 8.9%. Simply Solventless Concentrates (TSXV: HASH) was the weakest, falling 27.8%.
In March, the index would will have the same thirteen members.