E Pot Stock Index Advanced 1.6% On Thursday

The Non-Penny Pot Stock Index (NPSI) advanced 1.6% on Thursday with 15 of the 39 constituents going UP, 17 going DOWN and 7 having no change in price and 5 of the 9 sector categories advanced.

298 cannabis companies have securities that actively trade on the various stock exchanges in Canada and the United States of which 39 (just 13% of the total) trade for at least US$1/share and, as such, are included in my proprietary Non-penny Pot Stock Index (NPSI).

Below are the price changes on the day for the few constituents that either advanced or declined by 5% or more from Wednesday:

The Biggest Winners 

  1. Greenlane (GNLN) +21.2%
  2. Abacus (ABAHF) +9.4%
  3. Alcanna (LQSIF) +9.2%
  4. Charlotte's Web (CWBHF) +8.5%

The Biggest Losers

  1. FSD Pharma (HUGE) -29.0%
    • Wednesday the FDA announced that it had granted permission to FSD Pharma to submit an Investigational New Drug (IND) Application for the use of FSD-201 to treat COVID-19 and the stock went up 134.4%
    • Thursday, for no specific reason, the stock dropped 29% but it is still 69.4% above last Tuesday's price. 
  2. AYR Strategies (AYRSF) -6.7%

Notable Mentions 

  • HEXO (HEXO) +5.7% (a former constituent but now trading below US$1/share.)
  • With the 19% increase in the average cannabis stock in May (see detail here) 3 additional companies are now trading marginally above US$1/share and, therefore, are technically eligible to be included in the NPSI, namely,
    1. Jushi Holdings Inc.
    2. KushCo Holdings Inc. (KSHB) and
    3. Canafarma Hemp Products Corp..
  • If any of these stocks are still trading above US$1/share at the end of the month they will be added to the NPSI. 

Further details regarding the current constituents of the NPSI are as follows:

  • The official definition of a "penny" stock is one that trades below US$5/share but, when it comes to pot stocks, that is where 87% of the total universe trades, so the more literal definition of stocks that trade for less than US$1/share is used.
  • In addition, the constituents operate within 9 categories based on their primary area of focus in the cannabis industry and the constituents within each category are identified in the TalkMarkets' article "Cannabis Central: Finally - The Pot Stock Marketplace Demystified".
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Lorimer Wilson 10 months ago Author's comment

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