Hemp stocks, as measured by the Global Hemp Stock Index, were quite volatile in 2024 and have been in 2025 as well. The index fell 7.5% in December last year to close 15.2% lower for the year, and it was also a poor start to 2025. It hit a new all-time high of 4.97 on the last day of March, before falling back in early April. The index gained 11.5% in April, but ended the second quarter from there, closing at 5.02. Q3 was strong with increases in July and August, and September, which started with a pullback, ended with another increase before pulling back on the last day. The index ended September with only a small decline before falling in October. It retreated sharply again in November, falling 11.0% to 6.08.

After collapsing 21.8% in late 2024 to 6.88 in Q4, the index fell heavily in Q1 and then marginally in Q2. The global hemp stock index, which now has 28 members, fell 27% year-to-date in June. After a 53.0 percent rally in the third quarter, the index increased by 11.6 percent compared to last year. It is now down 20.8% in Q4 and down 11.6% year-over-year.

Since its peak in February 2021, the global hemp stock index is down 93.4% from a closing high of 92.48.

The top 3 names were all up more than 11% in November;

Each of these stocks has been significantly upgraded year-over-year, and Q4 earnings were positive for each of them, especially Jazz Pharma and Village Farms.

November’s 3 weakest names are all down more than 39%;

All of these stocks are down significantly year-over-year, and Q4 has been brutal for each.

We will summarize the performance of the index again in a month. In April, we historically combined the two articles, and we update here the other indexes that New Cannabis Ventures continues to maintain: the American Cannabis Operator Index, the Ancillary Cannabis Index, and the Canadian Cannabis LP Index.

American Hemp Operator Index

The ACOI fell again in November, falling 24.9% to 9.17. It rose 123.6% to 12.99 in Q3 and is now up 9.7% year-to-date from 8.36. The large AdvisorShares Pure US Cannabis ETF ( MSOS ) fell 8.7%.

The strongest performer in November was Glass House Brands (OTC: GLASF ) (NEO: GLAS.AU ), which fell 13.5%. The weakest, Cresco Labs (OTC: CRLBF ) (CSE: CL ), fell 36.8%.

The index will have eight members in December with the removals of Ascend Wellness (OTC: AAWH ) and Vireo Health (OTC: VREOF ).

Auxiliary cannabis index

Ancillary commodities lost 1.7% in November as the index fell to 10.83. The index, which rose 14.5% to 12.72 in Q3, now fell 14.9% in Q4. It is down 21.4% year-to-date from 13.77 in 2025.

The strongest stock in November was Turning Point Brands, which rose 11.4%. The weakest, WM Technology, fell by 19.3%.

In December, the index will have the same eight members.

Canadian Hemp LP Index

Canadian LPs fell 15.0% in November as the index fell to 56.00. The index, which increased by 78.4% in the third quarter, reaching 73.56. now down 23.9% in Q4 but up 11.8% in 2025 from 50.11 year to date.

The strongest Canadian LP in November was Organigram Holdings (TSX: OGI ), which rose 0.4%, leaving it as the sole gainer on the index. Simply Solventless (TSXV: HASH ) was the weakest, down 39.1%.

In December, the index will have the same thirteen members.

You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.

friends,

Canadian LP stocks have been quite strong this year. I’ll provide an update on the November action on Friday, but the NCV Canadian Cannabis LP Index ended today at 59.32, leaving the 13-stock index up 18.4% in 2025. Some readers may attribute the demonstration to Village Farms, but Village Farms is not on the NDAASQ index for that reason alone. Village Farms is on the NCV Global Cannabis Stock Index, which is down 11.1% year-to-date. It is also in MSOS, which is down 10.0% so far in 2025.

I’ve written very optimistically about some of the Canadian LPs over the past few years, and very negatively about others. Newsletter articles on Canadian LPs over the past eighteen months include:

It’s been a little over three months since Canadian LPs have been the focus of this newsletter, and I want to provide an update today as we head into the end of the year, with these stocks outperforming the hemp sector. At 420 Investor, I include 5 Canadian LPs in my 19-stock Focus List, including Canopy Growth, Cronos Group, Organigram, Tilray Brands, and Village Farms. These are all in the Global Cannabis Stock Index, along with Aurora Cannabis and SNDL. Here’s how they’ve performed since 8/8, the day before news of a possible US move broke:

Here are my current thoughts on each.

• Canopy growth. it was unpleasant, but all that dilution fixed their balance sheet. I don’t see the stock, which is down 56.0% in 2025, as attractive, and I remain concerned about their US operations being held as an investment rather than as part of their operations (to maintain a NASDAQ listing).
• Cronos Group. I’m not much of a fan of it, other than the huge cash and such a large majority ownership by Altria. That said, it makes up 6.7% of my model portfolio at 420 Investor, despite being the strongest LP of the five, up 23.0% year-to-date.
• Organigram. I like the balance and the valuation seems about right. What matters is that their actions were strong. This week, the company announced a new CEO, who will take over in mid-January. I don’t know much about him, but he spent two decades at British American Tobacco, which owns a lot of OGI. The stock has pulled back a lot and is down 0.6% in 2025. I include it in my model portfolio at 11.9%.
• Tilray Brands. I am not a fan of this company at all and they have zero involvement in the US state regulated cannabis market. I thought they were bullshitting the MedMen and I’m glad their investment was completely written off. The latest ban on hemp products, which will take effect next year, undermines the efforts they’ve been making with THC drinks. I really liked it when it was under $1 earlier this year, as I expressed here, but now I don’t care. The stock will reverse split after the close on Monday. I don’t have a problem with this at all, but many investors don’t like reverse splits. TLRY closed at $1.03 but announced a reverse split after the close. Compared to last year, it decreased by 21.8%.
• Village farmers. I loved it earlier this year, and I loved it when they made their big move in May to divest themselves of their produce business. The stock is very much up (418.2% year-to-date in my opinion) and not widely followed by Wall Street. The company didn’t provide any guidance, but analysts’ estimates look really high. I think many are excited about their potential win in the Texas medical cannabis market, which is in the process of expanding from 3 licensed producers to 15, with news from VFF on 12/1. This Texas is excited about program changes and producer expansion, but I’m still not excited about the potential financial impact that could eat into cash and not be recognized on the income statement. Note that MSOS has acquired a position (in the summer ahead of news of a possible realignment). The ETF currently has 3.5 million shares, a position of 2.2 percent of the ETF, although it sold 2 percent of its holdings when it hit redemption last week.

I write a lot about Canadian LPs on Seeking Alpha, and you always can look at my articles more details there. This past weekend I upgraded my rating on Organigram from Hold to Buy and downgraded my rating on Village Farms from Sell to Strong Sell. Last week I upgraded Canopy Growth from Strong Sell to Hold after being very negative for quite some time. In late September, I downgraded Tilray Brands to Strong Sell. That one rallied sharply a few days later on their Q1 report, but failed. In mid-September, I initiated coverage of SNDL via selling. At 420 Investor, I include 5 Canadian LPs in my Focus List, including Canopy Growth, Cronos Group, Organigram, Tilray Brands, and Village Farms.

Canadian LPs are doing better than most other sectors. I’ve written positively about hemp REITs, and they seem like a better bet to me. I think investors should be careful with Canadian LPs as they are no longer as cheap as they used to be and have been buoyed by enthusiasm for MSOs since the potential realignment was announced in August, although the realignment will not affect them. I hope there are improvements in Canadian taxation, distribution and regulation, as these changes can help LPs. Until then, I suggest caution.

I wish everyone a Happy Thanksgiving.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published last week.

Exclusives

Canadian hemp sales fell from record lows in September

Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.

View: Public Hemp Company Revenue and Earnings Trackingwhich ranks the highest-earning hemp stocks.

Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.

Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El