The general market weakness dragged the largest Canadian Licensed Cannabis Producers (as tracked in the Canadian Pure-play LP Pot Stock Index) and the largest American Multi-State Cannabis Operators (as tracked by the American Pure-play MSO Pot Stock Index) down 15.8% and 8.5%, respectively, during May. Here are the details.
The Canadian Pure-play LP Pot Stock Index
The Canadian Pot Stock Index consists of the 5 largest pure-play, vertically integrated Licensed Producers whose stocks trade for at least US$1/share, have a market cap of at least US$300M, and trade on one or more of the Canadian and/or American stock exchanges.
Below is how the 5 constituents performed in May, YTD, and from their market highs in 2021, in descending order:
- Cronos (CRON): DOWN 0.3% in May; (-23.2% YTD); -80.6% from its 2021 peak
- Tilray (TLRY): DOWN 9.8%; (-36.1% YTD); -93.0% from its 2021 peak
- Canopy Growth (CGC): DOWN 13.0%; (-43.1% YTD); -90.5% from its 2021 peak
- Organigram (OGI): DOWN 18.4%; (-34.3% YTD); -80.8% from its peak in 2021
- Aurora (ACB): DOWN 45.2%; (-69.3% YTD); -91.2% from its 2021 peak
The Canadian Pure-play LP Pot Stock Index was -15.8% in May and is now -43.1% YTD and -90.2% from its high in 2021.
The American Pure-play MSO Pot Stocks Index
The American MSO Pot Stock Index consists of the 13 largest pure-play, vertically integrated multi-state operators whose stocks trade for at least US$1/share, have a market cap of at least US$200M (Goodness Growth is less but will soon be owned by, and incorporated into, Verano), and trade on one or more of the Canadian and/or American stock exchanges.
Below is how the 13 constituents performed in May, YTD, and from their market highs in 2021, in descending order:
- Curaleaf (CURLF): +4.7% in May; (-31.3% YTD); -65.7% from its 2021 peak
- Trulieve (TCNNF): +2.5%; (-43.1% YTD); -72.0% from its 2021 peak
- Columbia Care (CCHWF): -1.0%; (-29.4% YTD); -73.6% from its 2021 peak
- Chance of Financial Distress in the next 2 years: +67%
- Analyst Consensus: None following CCHWF
- Verano (VRNOF): -2.5%; (-39.0% YTD); -69.7% from its 2021 peak
- Goodness Growth (GDNSF): -5.4%; (-7.0% YTD); -57.8% from its 2021 peak
- Chance of Financial Distress in the next 2 years: +70%
- Analyst Consensus: None following GDNSF
- Ascend Wellness (AAWH): -9.2%; (-55.1% YTD); -73.8% from its 2021 peak
- Planet 13 (PLNHF): -9.5%; (-45.3% YTD); -80.2% from its 2021 peak
- Ayr Wellness (AYRWF): -12.2%; (-58.0% YTD); -82.5% from its 2021 peak
- Cresco (CRLBF): -12.3%; (-42.1% YTD); -77.2% from its 2021 peak
- TerrAscend (TRSSF): -15.3%; (-34.8% YTD); -74.7% from its 2021 peak
- Acreage (ACRDF/ACRHF): -16.3%; (-22.8% YTD); -82.4% from its 2021 peak
- Green Thumb (GTBIF): -20.1%; (-49.2% YTD); -70.7% from its 2021 peak
- Jushi (JUSHF): -24.4%; (-45.5% YTD); -79.4% from its 2021 peak
The American Pure-play MSO Pot Stock Index was -8.5% in May and is now 43.8% YTD and -74.1% from its high in 2021.
Collectively, the Canadian LP and American MSO indices were -9.9% in May and are now -43.7% YTD and -80.2% from their highs in 2021.
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