A month ago I wrote that, with the non-penny cannabis stock sector advancing significantly for 2 months in a row (+11% in April and +25.3% in May), it might well be suggesting that the sector had finally hit bottom at the end of March but the -8.0% performance in June shows it to be a "2 steps forward and 1 step back" situation.

Below is the June performance of the constituents of the equally-weighted Non-penny Pot Stock Index (NPSI) of 25 pure-play cannabis stocks within each of the 3 categories that represent their primary area of focus in the cannabis industry.

1. The Vertically Integrated "Seed-to-Sale" Category consists of companies that grow, process, and sell cannabis and hemp flower and related products.

• 8 companies are Canadian Licensed Producers (LPs) and they declined 11.0%, on average, in June on the heels of a 24.4% increase in May and a 4.7% increase in April.
  • The constituents' performances, in declining order, were as follows:
    1. Rubicon (ROMJF) +9.3%;
    2. Aphria (APHA) +1.4%;
    3. Canopy Growth (CGC) -7.0%;
    4. Cronos (CRON) -8.0%;
    5. Organigram (OGI) -10.3%;
    6. Aurora (ACB) -11.8%;
    7. Village Farms (VFF) -11.9% and
    8. Tilray (TLRY) -27.8%
• 11 companies are American Multi-State Operators (MSOs) growing and marketing THC and/or CBD from cannabis and they declined 5.1%, on average, in June on the heels of a 27.7% increase in May and a 13.7% increase in April.
  • The constituents' performances in declining order were as follows:
    1. Jushi (JUSHF) +24.8%;
    2. Planet 13 (PLNHF) +24.4%;
    3. Medicine Man (SHWZ) +12.0%;
    4. Curaleaf (CURLF) +3.0%; 
    5. Trulieve (TCNNF) -1.6%;
    6. Green Thumb (GTBIF) -2.3%;
    7. Columbia (CCHWF) -8.6%;
    8. TerrAscend (TRSSF) -8.6%;
    9. AYR (AYRSF) -15.3%;
    10. Cresco (CRLBF) -16.3%;
    11. Acreage (ACRGF) -22.4%
• 3 companies are MSOs that exclusively grow and sell CBD from hemp and they declined 15.4%, on average, in June on the heels of a 20.5% increase in May and a 13.9% increase in April
  • The constituents' performances, in declining order, were as follows:
    1. cbdMD (YCBD) +29.9%
    2. Avicanna (AVCNF) -10.5%
    3. Charlotte's Web (CWBHF) -29.0%

The Vertically Integrated Category, in total, declined 8.7%, on average, in June on the heels of a 25.6% increase in May and a 9.1% increase in April.

2. The Extraction Category consists of companies focused on the extraction of cannabis compounds and their infusion into consumer products. 

• The 2 companies in this category declined 6.9%, on average, in June on the heels of a 31.9% increase in May and a 28.2% increase in April.
  • The constituents' performances, in declining order, were as follows:
    1. Neptune (NEPT) -6.0%
    2. Valens (VLNCF) -8.2%

3. The Consumption Devices Category consists of companies focused on developing and selling personal consumption devices for cannabis consumers such as vape pens and inhalers.

• Only 1 company is in this category, namely Greenlane (GNLN), and it advanced 15.7% in June, on the heels of a 7.5% increase in May and an 86.0% increase in April.

On Tuesday:

The NPSI advanced marginally (+0.2%)  with only 2 constituents increasing more than 5%, namely Avicanna (AVCNF) by 10.2% and cbdMD (YCBD) by 7.3% and only 1 constituent declining by 5% or more, namely Tilray (TLRY) by 7.8%.

Interestingly, the 8 Canadian Licensed Producers (LPs) in the index declined by 1.8% while the 11 American Multi-State Operators (MSOs) advanced by 2.3%. The 3 hemp MSOs advanced by 3.0%.

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