Canadian cannabis companies plan to enter the U.S. market whenever legislation legalizes the sale of cannabis nationally there and they are able to work seamlessly within the U.S. financial system.

The news last week that American cannabis companies were going to be left out of the National Defense Authorization Act (whose inclusion was seen as a promising vehicle to get the SAFE Banking Act passed thereby allowing banks and other financial institutions to provide banking services to cannabis companies which are currently subject to criminal prosecution under federal law) adversely affected the performance of the constituents in the munKNEE Canadian Cannabis LPs Index ,which tracks the performance of the 5 largest vertically integrated (i.e. seed-to-sale) Canadian licensed producers by market capitalization. It declined 24.5% a week ago and the general market weakness and continuing disappointment in the exclusion has seen its constituents decline a further 5.2% this week as compared to a 15.5% decline in the American Cannabis MSOs Index.

Below is how the  munKNEE Canadian Cannabis LPs Index constituents performed this week, in descending order, since the beginning of December, and YTD. Also presented are links to my summary articles on their latest quarter financial results and a link to a recent article which highlights the financial health of each constituent.

1. Cronos (CRON): UP 0.4% this week; DOWN 17.3% in last 2 weeks; DOWN 27.0% YTD
   • Read: Cronos Group Q3 Financial Report Disappointing: Stock Declines 10%
2. OrganiGram (OGI): DOWN 3.2% this week; DOWN 24.4% in last 2 weeks; DOWN 48.6% YTD
   • Read: Organigram Q4 Financial Results: Record Net Revenue; Positive Adjusted EBITDA
3. Aurora (ACB): DOWN 7.1% this week; DOWN 25.0% in last 2 weeks; DOWN 80.6% YTD
   • Read: Aurora Cannabis Q1 Financials Show Improvement: Stock Jumps 18%
4. Tilray (TLRY): DOWN 6.0% this week; DOWN 28.6% in last 2 weeks; DOWN 53.5% YTD
   • Read: Tilray Brands' Q1 Financials Show Major Improvement Over Previous Quarter
5. Canopy Growth (CGC): DOWN 9.4% this week; DOWN 39.4% in last 2 weeks; DOWN 70.2% YTD
   • Read: Canopy Growth Q2 Financial Report: Loss In Net Income Reduced Dramatically

In total, the munKNEE Canadian Cannabis LPs Index went DOWN 5.2% this week, and is DOWN 28.4% so far this month compared to the munKNEE American Cannabis MSO Stocks Index which went DOWN 15.5% this week and is DOWN 35.5% so far in December.

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