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 to close 15.2% lower for the year, and has also had a poor start to 2025. It hit a new all-time high of 4.97 on the last day of March, and then dropped 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. In September, the index fell slightly. It retreated further in October, falling 11.1% to 6.83.
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. Now it has decreased by 0.7%.
Since its peak in February 2021, the global hemp stock index is down 92.6% from a closing high of 92.48.
The top 3 names all rose more than 1% in October;
Each of these shares is updated annually.
The weakest names on October 3 are all down more than 22%.
Two of these stocks are down significantly year-to-date, while Tilray is up slightly.
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 October, falling 6.0% to 12.21. It jumped 123.6% in Q3 to 12.99 and is now up 46.1% year-to-date, up from 8.36.
The strongest performing stock in October was Ascend Wellness (OTC: AAWH ) (CSE: AAWH.U ), which rose 8.0%. The weakest, TerrAscend (OTC: TSNDF ) (TSX: TSND ), was down 14.6% again.
In November, the index will have ten members with the addition of Vireo Health (OTC: VREOF ).
Auxiliary cannabis index
Ancillary commodities lost 13.4% in October as the index fell to 11.02. The index, which rose 14.5% to 12.72 in 3Q, is down 20.0% year-to-date from 13.77 in 2025.
The strongest performing stock in October was Chicago Atlantic Real Estate Finance ( REFI ), which rose 0.6%. The weakest, SHF Holdings, fell by 64.5%.
In November, the index will have eight members, with the removal of LIEN and SHFS, both of which joined in October.
Canadian Hemp LP Index
Canadian LPs fell 10.4% in October as the index fell to 65.91. The index, which increased by 78.4% in the third quarter, reaching 73.56. now up 31.5% in 2025 from 50.11 so far.
The strongest Canadian LP in October was Adastra Holdings (CSE: XTRX ), which rose 12.8%. Rubicon Organics (TSXV: ROMJ ) was the weakest, down 22.5%.
In November, the index will have thirteen members, and Cannabis Decibel (TSXV: DB) will rejoin.
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
Michigan hemp sales for the month of December increased from a year ago as they rose 3.8% sequentially, which was +0.5% on a daily basis. At $269.7 million, sales increased by 1.6 percent compared to last year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 50.2% year-over-year to $0.4 million, up 10.8% sequentially, and adult-use sales up 1.7% year-over-year to $269.3 million, up 3.8% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For adultsMedical
As supply continues to expand, prices for adult flowers have plummeted. The average price of $932 a pound in December fell 2.6 percent sequentially to a new record low and fell 15.9 percent from a year earlier.
Michigan hemp sales are expected to grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. forward as supply becomes more accessible and distribution expands.
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
Hemp stocks, as measured by the Global Hemp Stock Index, were quite volatile in 2024 and then again 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 down just a little, before falling in October and even lower in November. It rose sharply in December, rising 8.4% to 6.59. While stocks rose, 13 of the index’s 28 names declined for the month.
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 fell 14.2% in the 4th quarter and was down 4.2% for the full year.
Since its peak in February 2021, the global hemp stock index is down 92.9% from a closing high of 92.48.
The 3 strongest names in December, each an MSO, are all up more than 58%;
Each of these stocks were significantly up year-over-year, and Q4 earnings were positive for Trulieve.
December’s 3 weakest names are all down more than 8%;
All of these stocks were down year-over-year, and Q4 was brutal for each.
The index has been recalculated as of the close of 12/31/31 and is based on data as of 12/23/23. For Q1, the index will have 27 names, down from 28 names, with three removals and two additions. AFCG, LIEN and SHFS are excluded from the index. Akanda (AKAN) and cbdMD (YCBD) are rejoining the index.
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
ACOI rallied in December, rising 43.7% to 13.18. It rose 123.6% to 12.99 in the third quarter and ended the year up 57.7% year to date from 8.36. The large AdvisorShares Pure US Cannabis ETF ( MSOS ) was a big laggard, up 23.9%.
December’s strongest stock was Trulieve, which gained 61.2%. The weakest, Curaleaf (OTC: CURLF ) (TSX: CURA ), rose 10.4%.
In January, the index will have eleven members, with the additions of Ascend Wellness (OTC: AAWH ), Grown Rogue (GRUSF ), and Vireo Health (OTC: VREOF ).
Auxiliary cannabis index
Ancillary commodities rose 2.4% in December as the index reached 11.09. The index, which rose 14.5% to 12.72 in the third quarter, fell 12.8% in the fourth quarter. It decreased by 19.5% from 13.77 in 2025.
The strongest performing stock in December was NewLake Capital (OTC: NLCP ), which rose 24.1%. The weakest, Chicago Atlantic Real Estate Finance (NASDAQ: REFI ), fell 3.9%.
In January, the index will have the same eight members and two that are returning: iPower (NASDAQ: IPW ) and Chicago Atlantic BDC (NASDAQ: LIEN ).
Canadian Hemp LP Index
Canadian LPs rose 5.4% in December as the index fell to 59.01. The index, which increased by 78.4% in the third quarter, reaching 73.56. Declined 19.8% in Q4, but rose 17.8% in 2025 from 50.11.
The strongest Canadian LP in December was MTL Cannabis (CSE: MTL ), which jumped 62.5% after receiving a buy order. The weakest performer was Aurora Cannabis, down 10.3%.
In January, the index will have the same thirteen members.
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
Michigan hemp sales for the month of november down from a year ago as they were down 3.0% sequentially, which was +0.2% on a daily basis. Sales at $259.7 million decreased by 6.0 percent compared to last year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, where medical sales fell 58.1% year over year to $0.4 million, down 9.7% sequentially, and adult use sales fell 5.9% year-over-year to $250.9 million, down 3.0% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – Use
Medical
As supply continues to expand, prices for adult flowers have plummeted. The average price of $957 a pound in October fell 3.4% sequentially to a new record low and fell 16.8% from a year ago.
Michigan hemp sales will grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. In 2024, they increased by 7.6% to $3.29 billion. expand further as supply becomes more available and as distribution expands.
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
Michigan hemp sales will grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. In 2024, they increased by 7.6% to $3.29 billion. expand further as supply becomes more available and as distribution expands.
