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.

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,

A year ago, people were extremely excited about the American hemp industry. President Biden had made his 2022 proposal and was pushing realignment, and it was underway. Also, Florida was on the verge of legalization for adults. The Global Hemp Stock Index closed at 8.22 on 10/31 and is now down 14.7% to close at 7.01 on 10/29, up just 1.9% year-to-date. Big ETF MSOS, which recently closed at 4.52, a premium to net asset value of 4.48, is up 18.6% year-to-date but down 31.5% since the end of October a year ago. Looking at the 5 largest MSOs since then, they have all declined;

In 2025, they all increased except for Green Thumb Industries, which decreased by 14.1%. GTI has the best balance sheet of these five companies. The worst balance belongs to Curaleaf, which is down just 1% since last Halloween and is up a staggering 83.3% in 2025.

In my opinion, things can get very scary. It is not clear to me who is doing this, but someone is playing a big game with MSOS. The ETF has seen its share count grow 44.2% so far in 2025, which is a huge increase. MSOs have very low valuations and have fallen badly in the last almost five years after peaking in early 2021, but if the 280E taxation remains, they could be crushed by their balance sheets and cash flows.

Games are moving out of the MSO space, with many traders rolling the dice on Tilray Brands. Over the past month, the stock has averaged more than 108 million shares in a day’s trading. The stock is up 2.3% in 2025, in contrast to the Global Hemp Stock Index, but it has been volatile. Shares fell 41.4% after hitting a 52-week high after the company reported its fiscal quarter results on 10/9. Even with this big drop, it’s 288% above its all-time low in June. Sales and profits aren’t growing much, but the number of shares is certainly up. Oh, but it’s a collection of memes…

Last week’s newsletter included a table of annual returns for the 28 stocks in the Global Hemp Stock Index. Nine rose more than 20% and six fell more than 20%. A week later, there are still nine that have gained more than 20% (the same nine) and six that are down more than 20% (five previous members and one new member). Looking at the nine big winners, several had a tough week, falling after a more than 0.3% drop in the Global Hemp Stock Index;

Seven of these nine big winners in 2025 were down in October, and five were down more than the Global Hemp Stock Index this month. Trick, friends! Watch out for goblins.

Sincerely,

Alan:

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

Exclusives

Canadian hemp sales hit record highs in August

Financial:

Verano Q3 revenue down 6%

Follow Alan for real-time updates X.com:. You can also 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

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,

Hemp stocks have retreated significantly since the beginning of this month and are now down in October. The New Cannabis Ventures Global Cannabis Stock Index, which closed at 7.03, was down 8.5% in October. Annual growth is only 2.2%. After four consecutive declines in four years, the market is close to extending its losing streak.

MSOS closed at 4.44, a 1.5% discount to its NAV, and is down 7.3% in October, but up 16.5% year to date. Last week it was at 5.40, up 41.7% from the previous day and up 12.7% in October when I warned about upcoming financial statements. I looked at the monthly returns of the 9 MSOs in the American Hemp Operator Index and they ranged from +4.4% to +35.8% over that time. Now they are lower, with six of them recording losses.

Looking at the 7 largest MSOS positions, all are above 5%, with two, Curaleaf and Trulieve, above 21%, the best performer being Verano at 7.7% in October. The three largest positions were all down: Curaleaf, down 3.9%, Trulieve, down 8.8%, and Green Thumb Industries, down 9.9%.

The three largest positions to date are very different, with one double-digit decrease and two significant increases;

Looking at the other four majors, which range in size from 5.6% to 7.7%, they are all double-digit gainers;

• Glass house brands: +31.0%
• TerrAscend: +23.6%
• Cresco Labs: +21.5%
• Verano Holdings: +19.7%

These 7 largest MSOS positions are all in the Global Cannabis Stock Index, albeit with lower percentages for some and lower for all. While they mostly rallied in 2025, all have declined since last November’s election. As I discussed in last week’s newsletter, the current financial situation is not exciting at all. What drives them? A possible realignment which, if it happens, could eliminate 280E taxation.

There’s more to the cannabis sector than just MSOs, some of which have surged since late June. The index currently has members from five other subsectors, but only one from Biotech, only one from THC Beverage and only one from Canadian Retailers. MSOs make up 26.1% of the index, which is lower than Ancillaries at 39.1% and higher than Canadian LPs at 23.8%. I actually like the affiliate programs and still recommend them to investors look at hemp REITswhich I last discussed here on 8/14.

I was a big fan of Canadian LPs earlier this year, but my exposure in my 420 Investor model portfolio is only two names and slightly lower than index exposure. Canopy Growth, which I’ve disliked for a while, is one of the Canadian LPs in the index that I avoid. It is down 51.8% in 2025, but is up 28.2% since late July and 59.0% since April 8, its all-time closing low. I expect this one to make a new all-time low. The other Canadian LP I’m concerned about is Tilray Brands, which is up 9.0% year-to-date but is very expensive in my opinion. It has quadrupled from its all-time low four months ago. I think it could be pulled back dramatically.

Looking at all 28 members of the Global Hemp Stock Index, returns averaged 11.7% year-to-date, well ahead of the benchmark. The average return was 7.0%, also before the index return.

As I said above, the Global Hemp Stock Index is up just 2.2% year-to-date, which is worse than the return of cash. Stocks outside the sector have rallied, with the S&P 500 returning nearly 15% this year. Hemp stocks could come under pressure if stocks pull back again. I have also shared some other reasons like 280E taxation does not end. The hemp sector lacks institutional buy-in and strong growth. It has recently been promoted by traders, but it may not end 2025 well. Be careful.

Sincerely,

Alan:

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

Exclusives

Follow Alan for real-time updates X.com:. You can also 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