The Ancillary Pot Stocks Index consists of  7 major companies providing goods and/or services to American cannabis multi-state operators (MSOs) and Canadian licensed producers (LPs). They had been declining monthly since the beginning of 2022 but that all changed in October with the Index outpacing the performance of the S&P 500 by 12.2% to 6.9% and then again in November by 12.9% to 9.0%.

The performances of the Index constituents are presented below as of the end of November, in descending order, as compared to October, and for the last 2 months (i.e. end of September) in total:

1. GrowGeneration Corp. (GRWG): +107.0% in November vs. -2.6% in October; +94.0% since the end of September
   • A retailer of organic nutrients and soils, advanced lighting technology, and state-of-the-art hydroponic equipment to commercial and home growers in 53 retail stores in the U.S.
2. Scotts Miracle-Gro Company (SMG): +16.5% in November vs. +10.6% in October; +30.8% since the end of September
   • A marketer of consumer lawn and gardening products and, through its subsidiary Hawthorne Gardening, in hydroponic and indoor growing products for the cannabis industry.
3. Innovative Industrial Properties (IIPR): +16.0% in November vs. +13.8% in October; +37.0% since the end of September
   • A real estate investment trust (REIT) engaged in the acquisition and management of industrial properties leased to MSOs.
4. AFC Gamma (AFCG): +2.4% in November vs. +9.1% in October; +14.2% since the end of September
   • A real estate finance company operating as a mortgage real estate investment trust (mREIT) to provide loans to marijuana operators.
5. Hydrofarm Holdings Group (HYFM): No Change in November vs. +30.4% in October; +29.4% since the end of September
   • A manufacturer and wholesaler of hydroponics equipment and commercial horticultural products in the lighting, climate control, nutrients, and growing media categories.
6. Turning Point Brands Inc. (TPB): -6.0% in November vs. +11.2% in October; +3.7% since the end of September
   • A manufacturer, marketer, and distributor of alternative smoking accessories and consumables with active ingredients through more than 210,000 retail outlets in North America.
7. Forian (FORA): -32.0% in November vs. +16.4% in October; -26.3% since the end of September
   • A provider of a suite of SaaS solutions, data management capabilities, and proprietary data and analytics to optimize and measure operational, clinical, and financial performance.

In summary, the Index outpaced the performance of the S&P 500 by 12.9% to 9.0% in November on top of 12.2% and 6.9% increases, respectively, in October.

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