E All 4 Pot Stock Categories Are Down, So Far, In June

munKNEE.com tracks the performance of four (4) cannabis and cannabis-related pot stock categories which provides the clearest overview of the cannabis stock sector that is available anywhere. Below is a comparison of how each sub-category performed since the end of May and YTD, and in total.

  1. The Cannabis-Centric BioPharma Stock Index of 9 constituents tracks the stock performance of those clinical-stage biopharmaceutical companies involved in the exclusive development of drugs using CBD and THC that also have a Market Capitalization of US$50M or more.
    • The index is -2.2% since the end of May (+12.9% YTD).
    • Its constituents are: Corbus (CRBP), Zynerba (ZYNE), MGC (MGCLF), Revive (RVVTF), Zelira (ZLDAF), Tetra Bio (TBPMF), KetamineOne (MEDI), HighBrid Lab (TRIP) and Enveric (ENVB).
      • Corbus shares have declined -12.9% since the end of May (+51.2% YTD) and are currently on hold after the announcement that its Phase 3 study of lenabasum in adults with dermatomyositis failed to meet the primary endpoint of Total Improvement Score.
  2. The Canadian Pure-Play Licensed Producers Pot Stock Index of 6 constituents tracks the performance of those Canadian producers that derive 100% of their revenue from the marijuana sector, trade for at least US$1/share and have a Market Capitalization of at least US$100M.
    • The index is -3.1% since the end of May (+30.9% YTD).
    • Its constituents are: Canopy (CGC), Tilray (TLRY), Cronos (CRON),  Aurora (ACB), Organigram (OGI) and Hexo (HEXO).
      • Hexo shares have declined -18.9% since the end of May (+58.2% YTD) based on extremely disappointing Q3 financials (see here) which reported a -31% in net revenue, a -52% in gross profit and a negative EBITDA.
  3. The Ancillary Pot Stock Index of 8 constituents tracks the performance of companies that provide goods and services to cannabis operators and have a Market Capitalization of at least US$100M.
    • The index is -3.2% since the end of May (+30.8% YTD).
    • Its constituents are: Scotts Miracle-Gro (SMG), Innovative REIT (IIPR), Grow Generation (GRWG),  Hydrofarm (HYFM),  Turning Point (TPB), Village Farms (VFF), Forian (FORA) and AFC Gamma (AFCG).
      • AFC Gamma shares have declined -11.4% since the end of May with the announcement of its underwritten public offering of 2,750,000 shares of its common stock at a price of $20.50 per share.
      • Forian shares have advanced +17.4% since the end of May with the announcement that it would be included in the broad-market Russell 3000® Index effective June 28th.
  4. The American Pure-Play Multi-State Operators Pot Stock Index of 17 constituents tracks the performance of those multi-state marijuana companies that derive 100% of their revenue from the sector, trade for at least US$1/share and have a Market Capitalization in excess of US$100M.
    • The index is -3.5% since the end of May (+19.7% YTD).
    • Its constituents are: Curaleaf (CURLF), Green Thumb (GTBIF),  Trulieve (TRSSF), Verano (VRNOF), Cresco (CRLBF), TerrAscend TRSSF), Columbia (CCHWF), Harvest Health (HRVSF), Ascend (AAHW), Planet 13 (PLNHF), Ayr (AYRWF), Jushi (JUSHF), 4 Front  (FFNTF), Charlotte's Web (CWBHF), Gage (GAGE), Goodness Growth (GDNSF) and Acreage (ACRDF & ACRHF).
    • 12 of the 17 constituents have declined since the end of May with 7 declining in excess of 10%, while just one advanced in excess of 10%. They are as follows: 
      1. Ascend Wellness: +10.5% with the announced that the company was committing $500,000 to Last Prisoner Project, a cannabis criminal justice-focused nonprofit organization, by July 2022 through a customer donation program at all AWH retail locations.
      2. Columbia Care: -21.7% (-21.7% YTD) with the announcement of a private placement of up to $74.5M principal amount of 6.00% secured convertible notes due 2025.
      3. Goodness Growth: -19.6% (+33.1% YTD) with the announcement that it is changing its name from Vireo Health International, Inc. to Goodness Growth Holdings, Inc. and changing its ticker symbol to “GDNS” on the CSE and GDNSF on the OTCQX Market in the United States.
      4. Charlotte's Web: -17.6% (+19.1% YTD) on the announcement that it would be selling common stock worth up to C$60M (US$49.7M) on the market.
      5. Acreage: -16.3% (+18.1%) with the announcement that it had sold the $28 million in promissory notes it had received from Red White and Bloom Brands as consideration for the previously announced sale of its Acreage Florida subsidiary to RWBYF to Viridescent Realty Trust Inc. for $26 million in total cash proceeds.
      6. Verano: -14.9% on general category weakness
      7. Gage Growth: -12.6% on general category weakness
      8. TerrAscend: -10.1% on general category weakness.
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