Which Ancillary Cannabis Stocks Were Strongest And Weakest In September?

New Cannabis Ventures recently published September results of its Ancillary Cannabis Index, which includes publicly traded companies that provide goods and services to cannabis operators.

The index continued to outpace the overall market in September, falling 10.4% to 83.77.

The Strongest Stocks 

  • Power REIT PW, closed at an all-time high last month and has gained 87% this year;
  • WM Technology MAPS a SPAC that began trading on its own earlier this year, remains well above the SPAC price, and;
  • AFC Gamma AFCG, which continues to trade above its March $19 IPO price.
  • Power REIT, a real estate investment trust (REIT) that owns real estate related to Controlled Environment Agriculture (greenhouses) reported in May its plans to buy a greenhouse cannabis cultivation and processing facility in Michigan for around $18.5 million.
  • “This acquisition is a great opportunity for Power REIT to gain scale,” said David Lesser, Power REIT’s chairman and CEO. “Like our other Controlled Environment Agriculture properties, this has significant potential for expansion. Once operational, this will be one of the largest cannabis greenhouse cultivation facilities in the United States even before any expansion.”

WM Technology, Inc., a leading technology and software infrastructure provider to the cannabis industry, announced in September that it had acquired Sprout, a cloud-based CRM & marketing platform. The firm seeks to reinforce its end-to-end operating system.

"Our strategy focuses on establishing WM Business as the software solution of choice for cannabis businesses (...) providing an all-in-one seamless and integrated solution to run, manage, and grow one's cannabis business," said Chris Beals, CEO and chairman of WM Technology, Inc.

AFC Gamma became the second cannabis-focused REIT to go public on the Nasdaq earlier this year after announcing a $56.4 million raise through its underwritten public offering of 2.75 million shares of its common stock at $20.50 per share. The company originates and funds loans to established cannabis operators in states with attractive licensing and favorable supply/demand environments.

The Weakest Names 

  • Agrify AGFY, one of the strongest stocks in previous months, remaining well above its $10 IPO price from January.
  • Hydrofarm HYFM which posted an all-time low during September, is down 28% in 2021 but remains above its $20 IPO price in December; and,
  • iPower IPW, which ended the month 21% below its May $5 IPO price.


Posted In: CannabisNewsPenny StocksSmall CapMarketsCannabis Ancillary StockIndex


The Benzinga Cannabis Awards are coming back to the September 27-28, 2023 Cannabis Capital Conference to celebrate the NEWCREATIVE, INNOVATIVE, and OUTSTANDING companies of the cannabis industry.

  • Earn global recognition for your achievements.
  • Shine a spotlight on the people around you that deserve their moment.
  • Celebrate with the newest, hottest and most successful in the cannabis industry.

Nominate or apply NOW and help us celebrate the peoplesolutions, and companies leading the way in cannabis!

Join us on September 27-28, 2023 at Chicago Marriott Downtown Magnificent Mile in Chicago, IL.