The American Multi-State Operators (MSOs) component of the vertically integrated munKNEE Pure-Play Pot Stock Index has gone up 47% since the beginning of 2021 and up 24% since the beginning of February but was down 4% this past week. This article identifies the winners and losers and the reasons behind their movements.

(For more information on the reason(s) behind the changes outlined below you are urged to click on the stock symbols provided by TalkMarkets, where additional information is provided. All currency amounts are in U.S. dollars. Go here to convert to another currency.)

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 4 of the 21 constituents in the sub-index advanced last week, namely:

1. IM Cannabis (IMCC): +13.5% to $8.74/share
   • Commenced trading on the NASDAQ Capital Market under the ticker symbol "IMCC" which is expected to increase access to investment in IMC for retail and institutional investors around the world and improve liquidity for its Common Shares and, in turn, optimize its cost of capital.
2. Ayr Wellness (AYRWF): +4.9% to $33.47/share
   • Opened its sixth Nevada location. 
   • Acquired all of the common shares of Liberty Health Sciences Inc.
3. Acreage (ACRDF;ACRHF): +2.6% to $10.24 on average
   • Sold its Acreage Florida, Inc. operations to Red White and Bloom Brands, Inc. for $60M.
4. Columbia (CCHWF): +1.3% to $6.88/share
   • Provided preliminary financial results for Q4 and FY20 and also issued 2021 guidance exceeding consensus estimates.
   • Closed its previously announced bought deal private placement offering for aggregate gross proceeds of C$28,980,000.

11 other constituents declined by more than 5% last week as follows, in descending order:

1. Lowell Farms (LOWLF): -24.5% to $1.45/share
   • Acquired by Lowell Herb Co. and Lowell Smokes in a deal valued at $39 million, effective immediately. 
   • Changed its name from Indus Holdings to Lowell Farms.
   • Converted its trading symbol from INDXF to LOWLF.
   • Announced revenue and operating results for Q4 and FY2020 ended December 31, 2020.
2. Jushi (JUSHI): -17.3% to $6.13/share
   • Virginia has legalized adult-use cannabis for sale in 2024 and Jushi is better positioned than its competitors to take advantage as it has started operations at its 93,000 sq. ft. cultivation, manufacturing, processing and retail facility in Manassas, and has opened the first of six dispensaries operating under the company’s retail brand, BEYOND/HELLO. 
3. HempFusion (CBDHF): -15.4% to $2.86/share
   • Submitted its novel foods application dossier to the United Kingdom’s Regulatory Food Safety Agency which is the first step in the U.K.'s regulatory approval process required to allow products that contain CBD to be sold on the shelves of retailers in the U.K.
4. Planet 13 (PLNHF): -13.7% to $5.86/share
5. Verano (VRNOF): -13.4% to $19.00/share
6. Curaleaf (CURLF): -9.0% to $14.75/share
7. TerrAscend (TRSSF): -8.6% to $12.26/share 
8. Harborside (HBORF): -8.2% to $1.79/share
9. C21 Investments (CXXIF): -7.8% to $1.41/share
10. Cresco (CRLBF): -7.6% to $13.07/share 
    • Announced that it intended to issue up to $1 billion in new securities.
    • Announced that it will report financial results for Q4 and FY2020 on Thursday, March 25, 2021, before the market opens.
11. Medicine Man (SHWZ): -5.2% to $2.20/share
    • Closed on the asset purchase of the five Star Buds dispensaries located in Colorado that it had not already previously acquired for $72.3M.
    • Closed its most recent tranche of preferred equity, increasing the total capital raised to date through its private placement offering to $56M, in addition to the $15M raised previously, to enable it to close on the remaining Star Buds stores in Colorado and provide additional capital for growth.

For the most part, the stocks had no specific news (unless otherwise noted) and their declines can be attributed to cooling down in sentiment among investors regarding cannabis stocks in general.

The remaining 6 constituents (Trulieve, Green Thumb, Harvest Health, Vireo Health, Charlotte's Web, and cbdMD) declined less than 5% during the week.