Hemp stocks, as measured by the Global Hemp Stock Index, were quite volatile in 2024 and then again in 2025 as well. Although the index rose in December, it fell on the year. In January, the indicator decreased by 10.6%, reaching 5.89.

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 27 members, gained 53.0% in the third quarter but fell 14.2% in the fourth quarter, down 4.2% for the full year.

Since its peak in February 2021, the global hemp stock index is down 93.6% from a closing high of 92.48.

The 3 strongest names in January, each an MSO, were all up more than 4%;

January’s 3 weakest names are all down more than 26%;

• Akanda (NASDAQ: WILL). -44.0%
• iPower: (NASDAQ: IPW). -42.0%
• RHYTHM (Name: RYM). -26.0%

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 sank in January, falling 12.5% ​​to 11.53. In 2025, it increased by 57.7%, reaching 13.18. The large AdvisorShares Pure US Cannabis ETF ( MSOS ) fell 14.6% in January.

The strongest stock in January was Glass House Brands, which rose 4.0%. The weakest, Trulieve (OTC: TCNNF ), fell 20.5%.

The index will have nine members in February with the removals of Ascend Wellness (OTC: AAWH ) and Grown Rogue ( GRUSF ).

Auxiliary cannabis index

Ancillary commodities lost 5.9% in January as the index fell to 10.44. In 2025, the indicator decreased by 19.5%, reaching 11.09.

January’s strongest stock was Turning Point Brands, which rose 21.8%. The weakest iPower fell by 42.0%.

In February, the index will have the same ten members.

Canadian Hemp LP Index

Canadian LPs fell 4.9% in January as the index fell to 56.13. In 2025, the indicator increased by 17.8%, reaching 59.01.

Canada’s strongest LP in January was Simply Solventless Concentrates (TSXV: HASH ), up 28.6%. Tilray Brands (TSX: TLRY ) was the weakest, down 18.0%.

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

Trulieve Announces Closing of $60 Million Private Placement of 10.5% Senior Secured Notes

TALLAHASSEE, Fla., Jan. 29, 2026 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and leading cannabis company in the United States, announced today that it has closed the second tranche of its previously announced private placement of 10.5% Notes 3 Senior Secured $60.0 million principal amount (the “Offering”) following its news release on December 17, 2025. In conjunction with the first offering of notes, which closed on December 17, 2025, Trulieve issued $200.0 million in aggregate principal amount of notes. The notes were issued at a price of $1,000 plus accrued but unpaid interest of $12.37 per $1,000 principal amount from December 17, 2025 to January 29, 2026, and have the same terms as when issued on December 17, 2025.

The offering was made on a “best efforts” basis under the terms of an agency agreement between the Company and Canaccord Genuity Corp. as sole agent and sole bookrunner. The documents required for the Company to list the securities on the Canadian Stock Exchange (“CSE”) after the expiration of the four-month Canadian statutory holding period.

The Company intends to use the net proceeds from the Offering for capital expenditures and other general corporate purposes.

The offer and sale of the Notes has not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”) or the laws of any other jurisdiction. This news release shall not constitute an offer to sell or an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction where such offer, solicitation or sale would be unlawful.

About Trulieve

Trulieve is an industry-leading, vertically integrated cannabis company and multi-state operator in the US with leading locations in Arizona, Florida and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building retail scale and distribution in new and existing markets through its central strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers live limitless lives. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, visit Trulieve.com.

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not automated in any way. Got a secret news tip? Get in touch.

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,

Two weeks ago this newsletter talked about how the MSOS ETF fell in 2026 and MSOS fell further. At $4.52 yesterday, down 0.4% from its NAV, 2026 is down 4.2% so far. This is slightly less than the 4.9% decline in the Global Hemp Stock Index, but the MSOS is lower today than it was two weeks ago. The decline from two weeks ago is less than the global hemp stock index, which was then flat from the year-end close of 1/7.

Not much news for the cannabis industry this week. On Tuesday morning, after a long weekend, Curaleaf revealed its “strong Q4In a press release issued two hours before the market opened. On 1/16, CURLF closed at $2.66, and yesterday, two full days of trading after this press release, the stock closed at $2.43, down 8.6%.

Curaleaf reported revenue of more than $330 million in Q4, a 1% year-over-year increase, excluding discontinued cannabis operations, according to a press release. While forecast earnings were slightly above consensus, growth was not strong.

The company said its forecast Q4 adjusted gross margin of 48.5% was unchanged from last year, but it did not provide any update on its adjusted EBITDA. Investors should wait until the company reports its financials in early March. Analysts had expected 4Q adjusted EBITDA of $66.9 million, a 12% decline.

One very big thing that was not addressed was that debt to be repaid which is detailed in the newsletter published on New Year’s Day. Curaleaf has now issued five press releases this year, but has made no mention of debt refinancing;

As I warned three weeks ago, if Curaleaf can’t refinance debt, it could sell shares. CURLF is 257% above its April all-time low of $0.68. So far in 2026, the stock has fallen less than MSOS, which has a 21.9% exposure to CURLF, but has risen significantly over the past year. MSOS increased by 28.1% and CURLF by 63.1%. Certainly, both have declined significantly over the past five years.

For investors looking to gain exposure to MSOs, there are better choices than CURLF in my opinion. 280E taxation could go away if the realignment goes through, but it’s been more than a month since the Executive Order was issued with no sign of how that will happen. I continue to think there are better ways to invest in cannabis than MSOs. For market watchers, this could be a very good case study of how potentially bad news plays out very slowly.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Last week we did not publish any news.

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