The cannabis/marijuana/pot/weed sector, call it what you will, consists of 5 distinct categories - LPs, MSOs, psychedelics, goods and service suppliers (i.e. auxillary), and major stock investors and they each perform quite differently from each other.

Below are the 5 categories that are tracked by my proprietary indices, the constituents in each index with their low/average/high market capitalizations and low/average/high stock price performances, and each category's average stock performance over the past week, month-to-date, YTD and from their peaks in 2021:

1. The Pure-Play Canadian LP Pot Stock Index

   • The Index consists of the 5 largest Canadian Licensed Producers, namely, Aurora (ACB); Canopy Growth (CGC); Cronos (CRON);  Organigram  (OGI) and Tilray (TLRY) which trade for at least US$1/share on the Canadian and/or American stock exchanges and have a market cap in excess of US$400M.
     • The market capitalization of the above stocks range from a low of US$465M (Organigram) to a high of US$2,860.0M (Tilray) with an average of US$1,603M.
     • The stock prices range from a low of US$1.48 (Organigram) to US$6.70 (Canopy) with an average of US$4.31/share as of today.
   •  The Index was unchanged this week so it remains DOWN -13.4% so far in April, DOWN -19.7% YTD and DOWN -86.2% from its peak in February 2021. 

2. The Pure-Play American MSO Pot Stock Index

   • The Index consists of the 13 largest American Multi-State Operators, namely, Acreage (ACRDF/ACRHF); Ascend Wellness (AAWH); Ayr Wellness (AYRWF); Columbia Care (CCHWF); Cresco (CRLBF); Curaleaf (CURLF); Goodness Growth (GDNSF); Green Thumb (GTBIF); Jushi (JUSHF); Planet 13 (PLNHF); TerrAscend (TRSSF); Trulieve  (TCNNF) and Verano (VRNOF) which trade for at least US$1/share on the Canadian and/or American stock exchanges and have a market cap of at least US$200M.
     • The market capitalization of the above stocks range from a low of US$251M (Goodness Growth) to a high of US$4,820M (Curaleaf) with an average of US$1,630M.
     • The stock prices range from a low of US$1.85 (Goodness Growth) to US$18.31 (Trulieve) with an average of US$6.81/share as of the end of trading yesterday.
   • The Index went DOWN -7.5% this week, is DOWN -11.3% so far in April and is now DOWN -24.9% YTD and DOWN -65.4% from its peak in February 2021.

3. The Ancillary Pot Stock Index

   • The Index consists of the 7 largest companies providing goods and services to the cannabis sector, namely, AFC Gamma (AFCG); Forian (FORA); GrowGeneration (GRWG) ; Hydrofarm (HYFM); Innovative Industrial Properties (IIPR); Scotts Miracle-Gro Company  (SMG) and Turning Point Brands (TPB) which trade for at least US$1/share on the Canadian and/or American stock exchanges and have a market cap of at least US$145M.
     • The market capitalization of the above stocks range from a low of US$148.7M (Forian) to a high of US$6,320M (Scotts Miracle-Gro) with an average of US$1,878.7M.
     • The stock prices range from a low of US$4.56 (Forian) to US$169.68 (Innovative) with an average of US$51.02/share as of the end of trading yesterday.
   •  The Index went DOWN -6.4% this week, is DOWN -10.5% so far in April and is now DOWN -33.2% YTD and DOWN -55.4% from its peak in 2021. 

4. The Conservative Pot Stocks Index

   • The Index consists of 6 tobacco, beer and liquor companies that have invested heavily in the cannabis industry, namely, Altria Group (MO); Anheuser-Busch  (BUD); British American Tobacco (BTI); Constellation Brands (STZ); Imperial Brands  (IMBBY) and Molson Coors Brewing Company (TAP).
     • The market capitalization of the above stocks range from a low of US$12.1B (Molson Coors) to a high of US$102.1B (Anheuser-Busch) with an average of US$63.3B.
     • The stock prices range from a low of US$22.05 (Imperial Brands) to US$251.42 (Constellation) with an average of US$80.95/share as of today.
     • All 7 constituents pay dividends with yields ranging from just 0.9% for Anheuser Busch to 11.4% for Imperial Brands.
   • The Index went UP+2.4 this week, is UP +5.7% so far in April and is now UP +4.5% YTD but is still DOWN -3.3% from its peak in 2021.

5. The Pure-Play Psychedelic Compounds-Based Stocks Index 

   • The Index consists of 6 psychedelic and marijuana (THC) drug companies in the clinical stages of research and development of treatments for a wide variety of mental illnesses, namely, Allied (ALID); Cybin (CYBN); Field Trip (FTRP); Numinus  (NUMIF); Seelos (SEEL) and Zynerba (ZYNE) which trade on the Canadian and/or American stock exchanges and have market caps of at least US$70M.
     • The market capitalization of the above stocks range from a low of US$72.6M (Zynerba) to a high of US$132.2M (Cybin) with an average of US$89.2M.
     • The stock prices range from a low of US$0.4 (Numinus) to US$1.71 (Zynerba) with an average of US$1.00/share as of the market close yesterday.
   • The Index went DOWN -4.1% this week, is DOWN -7.4% so far in April and is now DOWN -41.9% YTD and DOWN -78.8% from its peak in 2021. 

4 other companies with market caps in excess of US$400M are followed but are not included in the Index due to their size, namely, Atai (ATAI); Compass Pathways (CMPS); GH Resources (GHRS) and Mind Medicine (MNMD).

• The market capitalization of the above stocks range from a low of US$410M (Mind Medicine) to a high of US$1,010M (GH Resources) with an average of US$701.1M.
  • The stock prices range from a low of US$0.97 (Mind Medicine) to US$19.42 (GH Resources) with an average of US$9.58/share as of the market close yesterday.
  •  These 4 stocks went UP +2.4% this week, is UP +2.1% so far in April but is now DOWN -31.6% YTD and DOWN -65.8% from its peak in 2021. 

In Summary

1. The Conservative Pot Stocks Index
   • went UP +2.4% this week,
   • is UP +5.7% so far in April and now
   • is UP +4.5% YTD but 
   • is still DOWN -3.3% from its peak in 2021.
2. The Pure-Play Canadian LP Pot Stock Index
   • was Unchanged this week so it
   • remains DOWN -13.4% so far in April,
   • is DOWN -19.7% YTD and
   • is DOWN -86.2% from its peak in February 2021.
3. The Pure-Play Psychedelic Compounds-Based Stocks Index 
   • went DOWN -4.1% this week,
   • is DOWN -7.4% so far in April and
   • is now DOWN -41.9% YTD and
   • DOWN -78.8% from its peak in 2021.
4. The Ancillary Pot Stock Index
   • went DOWN -6.4% this week,
   • is DOWN -10.5% so far in April and
   • is now DOWN -33.2% YTD and
   • DOWN -55.4% from its peak in 2021.
5. The Pure-Play American MSO Pot Stock Index
   • went DOWN -7.5% this week,
   • is DOWN -11.3% so far in April and
   • is now DOWN -24.9% YTD and
   • DOWN -65.4% from its peak in February 2021.

Having the cannabis sector analyzed in such a fashion highlights the disparity between the 5 categories and, I hope, provides you with the information necessary to decide which, if any, category to invest in.