TM Editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

The munKNEE Pure-Play "Seed-to-Sale" Pot Stocks Index went DOWN -33.7% in 2021 with the Canadian LPs segment going DOWN -48.2% and the American MSOs segment going DOWN -28.3%. Below are the specifics by constituent per sector.

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 change in 2121 is hyperlinked to a chart of the company's stock performance over the past 12 months.

The "financial distress" percentage is sourced from macroaxis.com (visit the site and type in the stock symbol to obtain detailed financial data on the health of the company) and the articles hyperlinked are sourced from Stone Fox Capital and/or Technical420 and provide analyses/commentaries on most of the constituents below to help a potential investor with insights into the burgeoning, yet volatile, cannabis sector.

Below is how the Canadian Licensed Producer constituents performed in 2021, in descending order:

1. Organigram (OGI): +31.6%
   • Has less than a 1% chance of experiencing financial distress in the next few years
   • Read:
     • Organigram Holdings Had A Pretty Strong 2021 And Are Full Steam Ahead Going Into 2022,
     • OrganiGram: Positive Signs, But Struggles Persist
     • Organigram Q4 Financials Report Increase In Net Revenue But Major Increase In Net Loss
2. Tilray (TLRY): -14.9% 
   • Has more than a 63% chance of experiencing financial distress in the next few years of operation
   • Read:
     • Tilray: Out Of Touch
     • Tilray Insiders Are Selling Stock………Again.
3. Aurora (ACB): -34.9% 
   • Has a 49% chance of going through some form of financial distress in the next two years
   • Read:
     • Aurora Cannabis: Investors Should Have No Confidence In This Company
     • 5 Key Takeaways From Aurora Cannabis Q1 Earnings Release
4. Cronos (CRON): -43.5%
   • Has a 50% chance of going through some form of financial distress in the next two years
   • Read:
     • Cronos Group: Still Hasn't Launched
     • The Cronos Group Could Be A Valuable Asset If They Ever Decide To Get Their Act Together
5. Canopy Growth (CGC): -64.6%; yes, -64.6%!
   • Has more than a 61% chance of experiencing financial distress in the next few years of operation
   • Read:
     • Canopy Growth Corp. Continues To Lose The Confidence Of The Retail and Institutional Investing Communities
     • Canopy Growth: Cracking The Piggy Bank Again
6. Hexo (HEXO): -81.0%; that is not a misprint!
   • Has a 51% chance of going through some form of financial distress in the next two years
   • Read: HEXO Q1 Earnings: Not A Great Path Forward

The munKNEE Pure-Play American MSO Pot Stock Index 

Below is how the American Multi-State Operator constituents performed in 2021, in descending order:

1. Goodness Growth (GDNSF): +15.5%
   • Has more than 63% chance of experiencing financial distress in the next few years of operation
   • Read: Goodness Growth: Waiting On New York
2. 4Front Ventures (FFNTF): +11.0%
   • Has about a 40% probability of financial distress in the next few years of operation
   • Read: 4Front Ventures Reports Third Quarter 2021 Financial Results and Provides Business Update
3. Gage (GAGE): -6.2% (being acquired by TerrAscend)
4. Green Thumb (GTBIF): -9.6%
   • Has less than a 1% chance of experiencing financial distress in the next few years
   • Read: Green Thumb: Not Priced For Future Growth
5. Trulieve (TCNNF): -18.2%
   • Has about a 36% probability of financial distress in the next few years of operation
   • Read: Trulieve Cannabis: Florida Market About To Over Heat
6. Curaleaf (CURLF): -24.8%
   • Has about a 39% probability of financial distress in the next few years of operation
   • Read: Curaleaf: Primed For Big 2022 After Indigestion In 2021
7. Ascend Wellness (AAWH): -30.8%
   • Has a 50% chance of going through some form of financial distress in the next two years
   • Read: Ascend Wellness: New York Wildcard
8. Cresco (CRLBF): -32.4%
   • Has more than 62% chance of experiencing financial distress in the next few years of operation
   • Read: Cresco Labs: Right On Track In Difficult Market
9. Ayr Wellness (AYRWF): -36.2%
   • Has more than 62% chance of experiencing financial distress in the next few years of operation
   • Read: Ayr Wellness: Focus On The Big Picture
10. Valens (VLNS): -37.2%
    • Has a 50% chance of going through some form of financial distress in the next two years
11. TerrAscend (TRSSF): -39.1%
    • Has more than a 60% chance of experiencing financial distress in the next few years of operation
    • Read: TerrAscend: Continue Avoiding This MSO
12. Jushi (JUSHF): -44.5%
    •  Has more than a 62% chance of experiencing financial distress in the next few years of operation
    • Read: Jushi: Focus On Progress, Not Perfection
13. Acreage (ACRDF/ACRHF): -45.1%
    • Has over a 70% chance of experiencing financial distress in the next few years of operation
    • Read: Acreage Holdings: Forgotten MSO
14. Planet 13 (PLNHF): -47.0%
    • Has about a 25% chance of experiencing some form of financial distress in the next two years of operation
15. Verano (VRNOF): -47.6%
    • Has about a 39% probability of financial distress in the next few years of operation
    • Read: Verano: Not A Great Quarter
16. Columbia Care (CCHWF): -52.7%
    • Has over a 74% chance of experiencing financial distress in the next few years of operation
    • Read: Columbia Care: Not Helping
17. Charlotte's Web (CWBHF): -69.1%
    • Has about a 43% probability of financial distress in the next few years of operation
    • Read: Charlotte's Web: Slow Progress

There you have it: the Canadian LPs segment won the race to the bottom, going DOWN -48.2% in 2021 compared to the American MSOs segment which went DOWN "only" -28.3% in 2021.