E Cannabis Central: American MSO Pot Stock Index Declined Slightly Last Week

The American Multi-State Operators (MSOs) component of the munKNEE Pure-Play Pot Stock Index has 21 constituents and it dropped 1.4% this past week compared to a decline of 8.2% for the Canadian Licensed Producers (LP) component (see exclusive TM article here). This article identifies the primary MSO winners and losers last week and and each of their betas.

When so many stocks in the same industry sink, there's usually are common denominators and, in this case, the culprits are:

  • Vice President Kamala Harris' comments this week in an interview with the San Francisco Chronicle in which she stated that the Biden administration has been too busy with other priorities to address marijuana decriminalization or other major cannabis reforms. This relegation of cannabis-related efforts to the back burner could be increasing investors' doubts that any action will be forthcoming in the near future.
  • Natalie Fertig's (with Politico) tweet that the Treasury Department's Alcohol and Tobacco Tax and Trade Bureau has been meeting with various cannabis advocacy groups to discuss cannabis regulations. Investors could be more worried about the possibility that cannabis reform measures won't meet expectations than they are that no reform will happen at all.

MSO Pure-Play Pot Stock Index Performance

The criteria for being included in the munKNEE MSO Pure-Play Pot Stock Sub-Index is that the constituents are multi-state operators that consistently trade for a minimum of US$1/share and generate 100% of their revenue directly from the sale of cannabis products.

Only 5 constituent stocks advanced this past week with one having no change in price and 15 declining in price. Of the 21 stocks, however, only 7 stocks changed prices by 5% or more, as follows, with their YTD performances in brackets:

  1. Planet 13 (PLNHF): +16.0% (+28.4% YTD) to $7.18/share
    • reported favorable Q4, 2020 financial results
  2. C21 Investments (CXXIF): -5.1% to (-8.5% YTD) $1.29/share
  3. Ayr Wellness (AYRWF): -6.5% (+17.5% YTD) to $27.93/share.
  4. Vireo Health (VREOF): -8.2% (+52.0% YTD) to $2.25/share
  5. Trulieve (TCNNF): -9.4% (+29.5% YTD) to $41.00/share
  6. IM Cannabis (IMCNF): -13.5% (-15.0% YTD) to $6.61/share
  7. HempFusion (CBDHF): -16.6% (N/A) to $1.66/share
    • reported less than favorable Q4, 2020 financial results
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