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As cannabis continues to go mainstream, and an ever-increasing number of companies make it to major stock exchanges, market participants feel a growing need for sophisticated financial instruments to track the industry’s overall performance. Among these instruments are indices and ETFs.
U.S. traded ETFs include the Horizons Marijuana Life Sciences Index ETF (OTC:HMLSF), which replicates the North American Medical Marijuana Index, and the ETFMG Alternative Harvest ETF (NYSE:MJX), which replicates the Prime Alternative Harvest Index.
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Beyond these two, a few other indices have been tracking the performance of marijuana stocks. Among them, the New Cannabis Ventures’ Cannabis Stock Index, which comprises 75 companies; there's also the not-closely-followed MJ Index, and the discontinued Viridian Cannabis Stock Index.
See Also: How to Invest In Marijuana Stocks
The Green Market Report Index
On Wednesday, Benzinga learned about a new cannabis stock index set to debut -- the Green Market Report Index. The index includes 30 public companies selected due to their market cap, revenues, and operational standards. “These companies must be predominantly focused on the cannabis industry and the list is reviewed on a quarterly basis,” the site explains.
“At Green Market Report, we have selected what we believe are the strongest names in the cannabis industry, focusing on pure cannabis companies,” Green Market Report CEO Debra Borchardt told Benzinga. This is why the firm excluded companies like Scotts Miracle-Gro Co (NYSE:SMG), which derives only 11 percent of its sales from its hydroponics business.
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The index includes companies operating in the pharmaceutical, grow, ancillary and real estate sub-sectors.
"Public companies are becoming the norm in the cannabis market," Green Market Report co-founder Cynthia Salarizadeh said. "The companies that the Green Market Report have curated for the index are the ones that we feel are the most dominant in the cannabis industry. Not only did we review the market capitalization, but we also took a hard look at revenues and liabilities to assemble an index of the strongest possible names to follow as an indicator for the overall market."
Benzinga also spoke with Matt Karnes, founder and managing partner at GreenWave Advisors.
“As the interest level for cannabis investing intensifies, an index that more narrowly defines the playing field is welcomed,” Karnes said. “With numerous public cannabis companies coming and going, the selection criteria for inclusion in this index should provide a more meaningful assessment of the cannabis industry's relative performance.”
Related Link: Why GW Pharma's Epidiolex Results Could Shape The Future Of Cannabis-Based Therapeutics
The Components
The 30 companies in the index are:
- CANOPY GROWTH CORP (OTC:TWMJF)
- AURORA CANNABIS IN (OTC:ACBFF)
- MEDRELEAF CORP (OTC:MEDFF)
- GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH)
- APHRIA INC (OTC:APHQF)
- CRONOS GROUP INC (OTC:PRMCF)
- EMERALD HEALTH THE (OTC:EMHTF)
- CANNTRUST HOLDINGS (OTC:CNTTF)
- NAMASTE TECHNOLOGI (OTC:NXTTF)
- Supreme Cannabis Company Inc (CVE:FIRE)
- HYDROPOTHECARY COR (OTC:HYYDF)
- Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP)
- ORGANIGRAM HLDGS I (OTC:OGRMF)
- 22nd Century Group Inc (NYSE:XXII)
- Axim Biotechnologies Inc (OTC:AXIM)
- Kush Bottles Inc (OTC:KSHB)
- MARICANN GROUP INC (OTC:MRRCF)
- Terra Tech Corp (OTC:TRTC)
- ISODIOL INTERNATIO (OTC:ISOLF)
- WEEDMD INC (OTC:WDDMF)
- CANNAROYALTY CORP (OTC:CNNRF)
- MPX BIOCEUTICAL CO (OTC:MPXEF)
- CANNABIS WHEATON I (OTC:CBWTF)
- INVICTUS MD STRATE (OTC:IVITF)
- Worlds Online Inc. (OTC:MRMD)
- GrowGeneration Corp (OTC:GRWG)
- Innovative Industrial Properties Inc (NYSE:IIPR)
- AeroGrow International, Inc. (OTC:AERO)
- EMBLEM CORP (OTC:EMMBF)
- CV Sciences Inc (OTC:CVSI)
Image Credit: Javier Hasse
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.