An Introduction

A week ago yesterday (Friday, August 16th) a rumor began circulating stemming from an anonymous source at the DEA that the rescheduling of cannabis from that of a Schedule I drug to a less stringently regulated Schedule III drug, would be done prior to October. The American MSO market and the Canadian LP market jumped 3.7% and 2.9%, respectively, on the day based on this news. Unfortunately, however, the hype of the rumor waned during the week just ended, going down 6.6%, on average. So much for investing based on a rumor!

This article separately highlights the price changes in the 7 largest American Multi-State Operators (MSOs) and 5 largest Canadian Licensed Producers (LPs) this week, in descending order, and MTD.

The munKNEE Canadian Cannabis LP Portfolio

1. Tilray Brands (TLRY):
   • down 0.5% this week;
   • down 4.9% MTD
2. Organigram (OGI):
   • down 2.4% this week;
   • up 20.2% MTD (largely in response to its revenue and earnings report on 8/13)
3. Cronos Group (CRON): 
   • down 4.5% this week;
   • down 4.5% MTD
4. Aurora Cannabis (ACB):
   • down 6.7% this week;
   • up 5.9% MTD
5. Canopy Growth (CGC):
   • down 11.8% this week;
   • down 18.3% MTD
   • Canopy Growth First Quarter 2025 Earnings: Misses Expectations

The Canadian Cannabis LP Portfolio was down 7.2% this week, is now down 4.5% MTD (but is still up 20.9% YTD).

Below are how the 7 constituents in the American Cannabis MSO Portfolio performed this week, in descending order, and MTD.

The munKNEE American Cannabis MSO Portfolio

1. Curaleaf (CURLF): 
   • No change this week;
   • down 19.8% MTD
2. Green Thumb (GTBIF): 
   • down 5.0% this week;
   • down 5.4% MTD
3. Trulieve Cannabis (TCNNF):
   • down 5.9% this week;
   • down 5.0% MTD
4. Verano (VRNOF): 
   • down 8.5% this week;
   • down 1.5% MTD
5. Cresco Labs (CRLBF): 
   • down 10.0% this week;
   • up 12.5% MTD
6. Ayr Wellness (AYRWF): 
   • down 10.5% this week;
   • down 12.6% MTD
7. TerrAscend (TSNDF): 
   • down 14.5% this week;
   • up 5.0% MTD
   • TerrAscend Announces $10 Million Share Repurchase Program

The American Cannabis MSO Portfolio was down 6.3% this week, is now down 5.7% MTD (but is still up 8.8% YTD.

Summary

On average, the 12 largest cannabis company stocks were down 6.6% this week, are now down 5.3% MTD (but are still up 13.0% YTD.

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