Those who are holding back from investing directly in either Canadian (-43.7% YTD) or American (-18.9% YTD) cannabis stocks might want to consider investing 'secondhand.' Six of the big "vice" companies have major financial investments in some cannabis pure-plays; we've collected them in the munKNEE Conservative "Cannabis" Stocks Index (+0.6% YTD). Here's how they compare for the month of May, in descending order, and YTD:

1. British American Tobacco (BTI): up 14.4% in May; down 20.6% YTD
   • has a C$221M investment and product development partnership with Organigram Holdings (OGI) which was down 26.0% in May and is now down 52.6% YTD,
   • has a dividend yield of 8.4% and
   • has a projected price/earnings ratio (FWD) of 7.4
2. Constellation Brands (STZ): up 5.9% in May; up 5.2% YTD
   • has a 39% stake in Canopy Growth (CGC): down 35.4% in May; down 63.0% YTD,
   • has a dividend yield of 1.5% and
   • has a projected price/earnings ratio (FWD) of 20.7
3. Molson Coors (TAP): up 4.0% in May; up 20.4% YTD
   • has a 57.5%/42.5% joint venture, called TRUSS, with Hexo Corp. (HEXO) which was down 20.7% in May and is now down 5.9% YTD,
   • has a dividend yield of 2.6% and
   • has a projected price/earnings ratio (FWD) of 14.4
4. Altria Group (MO): down 6.5% in May; down 2.6% YTD 
   • has a 45% stake in Cronos Group (CRON), down 6.4% in May; down 30.6% YTD,
   • has a dividend yield of 8.4% and
   • has a projected price/earnings ratio (FWD) of 8.9
5. Imperial Brands (IMBBY): down 14.8% in May; down 15.0% YTD
   • has a 19.9% stake in Auxly Cannabis Group (CBWTF), unchanged this year at $0.1/share,
   • has a dividend yield of 7.9% and
   • has a projected PE Ratio (FWD) of 9.7
6. Anheuser-Busch (BUD): down 17.8% in May; down 10.9% YTD
   • has a $100 million joint venture with Tilray (TLRY) which was down 28.9% in May and is now down 37.5% YTD,
   • has a dividend yield of 1.5% and
   • has a projected price/earnings ratio (FWD) of 16.9

In summary, the munKNEE Conservative "Cannabis" Stocks Index:

• was down 1.7% in May and is now up 0.6% YTD,
• constituents currently have an average dividend yield of 3.07%.

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