Global Cannabis Stocks Decline 8.7% in Q2, Agrify, KushCo Among Strongest Cannabis Names In June

The Global Cannabis Stock Index fell for the fourth straight month, dropping 4.1% to 57.10.

During the second quarter, the index was down 8.7%.

After gaining 5.2% in 2020 when it ended at 44.39, the index is up 28.6% in 2021 and has gained 94.2% over the past year.

The index dropped 38.3% from its 2021 closing high of 92.48 on February 10.

In addition, it had 46 qualifying members during the month, following the quarterly rebalancing at the end of March as well as Aphria’s merger with Tilray TLRY and Jazz Pharmaceuticals PLC’s JAZZ acquisition of GW Pharma GWPH in May.

The four strongest names in June are:

  • Agrify AGFY gained 27% over the past month and is up 19% since its initial public offering of some 5.4 million shares of its common stock at $10 per share in January.
  • KushCo Holdings KSHB gained 17.7% over the same period and is up 41% year-to-date ahead of its merger with Greenlane GNLN, which is expected to finalize either late in the second quarter or early in the third quarter of 2021.
  • RIV Capital RIV CNPOF gained 15.7% in June and 86% in 2021.
  • India Globalization Capital IGC gained 15.5% over the past month and is up 5% year-to-date.

The four weakest names in June are:

  • Goodness Growth GDNS GDNSF, which decreased by 25.3% in June even though it gained 24% in 2021.
  • Charlotte’s Web CWEB CWBHF dropped by 25.2% over the past month but gained 8% year-to-date
  • Columbia Care CCHW CCHW CCHWF declined 23.2% over the past month and was 23% in 2021.
  • HEXO Corp HEXO HEXO was down by 20.9% in June and up 58% year-to-date.

Photo by Benjamin Brunner on Unsplash

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