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The munKNEE Conservative Cannabis Stocks Index, which consists of 5 tobacco companies and 1 liquor company that are significantly invested in the cannabis industry, declined 6.8% in December to end 2022 down 2.6% excluding dividends  (only down 0.39% with dividends included).

Below is the performance of the constituents of the index in December, in descending order, and for the entire year of 2022.

1. Anheuser-Busch (BUD): UP 1.8% in December; DOWN 1.0% in all of 2022
   • has a $100 million joint venture with Tilray Inc. (TLRY)
   • has a dividend yield of 0.88%
2. Altria Group (MO): DOWN 2.1% in December; DOWN 3.7% in 2022 
   • has a 45% stake in Cronos Group Inc. (CRON)
   • has a dividend yield of 8.23%
3. British American Tobacco (BTI): DOWN 3.2% in December; UP 6.7% in 2022
   • has a C$221M investment and product development partnership with Organigram Holdings Inc. (OGI)
   • has a US$56.8 million investment in Charlotte’s Web Holdings, Inc. (CWBHF) in the form of a convertible debenture, which if converted (at BTI's discretion) would equate to a 19.9% ownership position in the company
   • has a dividend yield of 6.78%
4. Imperial Brands (IMBBY): DOWN 6.5% in December; UP 13.2% in 2022
   • has a 19.9% stake in Auxly Cannabis Group Inc. (CBWTF)
   • has a dividend yield of 6.84%
5. Molson Coors (TAP): DOWN 6.8% in December; UP 10.9% in 2022
   • has a 57.5%/42.5% joint venture, called TRUSS, with Hexo Corp. (HEXO)
   • has a dividend yield of 2.95%
6. Constellation Brands (STZ) DOWN 10.3% in December; DOWN 8.0% in 2022
   • has a 39% stake in Canopy Growth Corporation  (CGC)
   • has a dividend yield of 1.38%

In summary, the Conservative Cannabis Stocks Index:

• was DOWN 6.8% in December and 
• went DOWN 2.6% in 2022 (but only DOWN 0.39% with dividends included).

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