The munKNEE Pure-Play "Seed-to-Sale" Pot Stocks Index has declined -12.9% so far in December and is now down, -32.5% YTD. The Canadian LPs segment has declined -17.3% MTD (-42.3% YTD) while the American MSOs segment has declined -11.7% MTD (-28.8% YTD). Below are the specifics by constituent per sector.

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The "Seed-to-Sale" Pot Stocks Index consists of the 23 non-ancillary (i.e. pure-play) vertically integrated cannabis companies whose stocks trade for at least US$1/share, have a market cap of at least US$300M and trade on one or more of the Canadian and/or American stock exchanges. Six of the 23 index constituents that meet that criteria are Canadian Licensed Producers (LPs) and 17 are American Multi-State Operators (MSOs), and those 23 companies represent 10% of the total universe of 218 cannabis and ancillary companies currently trading.

The munKNEE Pure-Play Canadian LP Pot Stock Index

Note that each constituent has hyperlinks to 3 areas of additional information which are imperative for any individual considering investing in this sector:

• The company name is hyperlinked to its web site to provide you with a description of the company and an analysis of its stock.
• The trading symbol is hyperlinked to additional financial data and commentary on the company (where available).
• The percentage increase YTD is hyperlinked to a chart of the company's stock performance YTD.
• The "financial distress" percentage is sourced from macroaxis.com.

The Canadian Licensed Producer constituent winners (there were none!) and losers so far in December (MTD), with YTD percentages in brackets, are as follows in descending order:

1. Organigram (OGI): -7.4% MTD (+50.4% YTD)
   •  has less than a 1% chance of experiencing financial distress in the next few years
2. Cronos (CRON): -8.8% MTD (-38.6% YTD)
   • has a 50% chance of going through some form of financial distress in the next two years
3. Aurora (ACB): -9.9% MTD (-26.4% YTD)
   • has a 48% chance of going through some form of financial distress in the next two years
4. Canopy Growth (CGC): -17.7% MTD (-61.0% YTD; yes, -61.1%!)
   • has more than a 61% chance of experiencing financial distress in the next few years of operation
5. Tilray (TLRY): -25.8% MTD (-5.1% YTD)
   •  has more than a 63% chance of experiencing financial distress in the next few years of operation
6. Hexo (HEXO): -31.9% MTD (-78.0% YTD; that is not a misprint!)
   • has a 51% chance of going through some form of financial distress in the next two years

The munKNEE Pure-Play American MSO Pot Stock Index 

There are NO American Multi-State Operator constituent winners so far in December. The losers are as follows in descending order with YTD percentages in brackets:

1. Verano (VRNOF): +2.8% MTD; (-50.2% YTD)
   • has about a 39% probability of financial distress in the next few years of operation
2. Goodness Growth (GDNSF): -2.1% MTD; (-4.1% YTD)
   • has more than 63% chance of experiencing financial distress in the next few years of operation
3. Columbia Care (CCHWF): -3.2% MTD; (-50.2% YTD)
   • has over a 74% chance of experiencing financial distress in the next few years of operation
4. Ascend Wellness (AAWH): -3.5% MTD; (-35.4% YTD)
   • has a 50% chance of going through some form of financial distress in the next two years
5. Gage (GAGE): -3.8% MTD; (-5.4% YTD)
6. 4Front Ventures (FFNTF): -6.5% MTD; (+9.9% YTD)
   •  has about a 40% probability of financial distress in the next few years of operation
7. Trulieve (TCNNF): -8.1% MTD; (-15.3% YTD)
   • has about a 36% probability of financial distress in the next few years of operation
8. TerrAscend (TRSSF): -9.1% MTD; (-40.5% YTD)
   • has more than a 60% chance of experiencing financial distress in the next few years of operation
9. Curaleaf (CURLF): -11.6% MTD; (-26.0% YTD)
   • has about a 39% probability of financial distress in the next few years of operation
10. Green Thumb (GTBIF): -11.8% MTD; (-16.4% YTD)
    • has less than a 1% chance of experiencing financial distress in the next few years
11. Acreage (ACRDF/ACRHF): -13.5% MTD; (-39.5% YTD)
    • has over a 70% chance of experiencing financial distress in the next few years of operation
12. Jushi (JUSHF): -13.9% MTD; (-39.8% YTD)
    •  has more than a 62% chance of experiencing financial distress in the next few years of operation
13. Planet 13 (PLNHF): -16.2% MTD; (-43.6% YTD)
    • has about a 25% chance of experiencing some form of financial distress in the next two years of operation
14. Charlotte's Web (CWBHF): -19.6% MTD; (-65.2% YTD)
    • has about a 43% probability of financial distress in the next few years of operation
15. Ayr Wellness (AYRWF): -19.8% MTD; (-38.6% YTD)
    • has more than 62% chance of experiencing financial distress in the next few years of operation
16. Cresco (CRLBF): -25.6% MTD; (-32.7% YTD)
    • has more than 62% chance of experiencing financial distress in the next few years of operation
17. Valens (VLNS): -34.0% MTD; (-28.5% YTD)
    • has a 50% of going through some form of financial distress in the next two years

There you have it: the Canadian LPs segment is winning the race to the bottom, declining further and faster (-17.3% so far in December and -42.3% YTD) than the American MSOs segment which has only declined -11.7% MTD and -28.8% YTD.