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.

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,

With the first month of the year almost half over, the Global Hemp Stock Index rose 0.3% to 6.61. While that’s better than cash, it lags the S&P 500, which gained 1.2%, and notably the Russell 2000, which gained 6.9%.

The global hemp stock index has been in decline over the past five years, falling 4.2% in 2025, its best annual performance since a recent surge in 2020. The hemp industry is so down and should be rallying, but most bets on that outcome have lost money.

The index was recalculated at year-end, with three stocks exiting and two entering, leaving the index with 27 stocks. So far in 2026, 17 are up, with double-digit percentage gains, and 10 are down, including three that are down more than 20%. Here is a table that includes all the companies and some additional information:

The average market cap is $1.1 billion. MSOS is up 4.7% year-to-date, and the index contains 7 MSOs, all of which have gained. The last column shows that five of these seven have negative tangible book value, suggesting potential downside risk for those with significant debt.

I keep a close eye on 16 of the 27 names. Canopy Growth, Cresco Labs, Cronos Group, Curaleaf, GrowGeneration, Green Thumb Industries, Innovative Industrial Properties, WM Technology, Organigram, Chicago Atlantic Real Estate Finance, Scotts Miracle-TilrayrA BTrumsndce, Villa Verano. I’ve covered most of the others and written about RYTHM and SNDL on Seeking Alpha.

The drops include two recent additions that got me thinking more about inclusion rules. These two as well as others have very low market caps. They all met the minimum price rule and minimum average daily trading value criteria, and they are in the cannabis sector. The next rebalance, which will take place in March, may include some new rules.

The overall stock market is on the rise, but hemp stocks are still not catching the attention of investors. Shares in the index, up just 0.3% year to date, are trading near their 50-day and 150-day moving averages. MSOs are helping the market so far, while several stocks are hurting it. My model portfolio in the 420 Investor, which did very well in 2025, is outperforming the index so far in 2026. I’m very underweight MSOs relative to the index, own two, slightly overweight Canadian LPs (three names) and have a large overweight in ancillaries (four names). The model portfolio had 19% cash on 1/14.

The cannabis industry suffers from slow growth, increased competition, a slowdown in adult-use states, an uncertain regulatory environment at the federal level, and many unfair taxes (280E) Hopefully things will improve in 2026.

Sincerely,

Alan:

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

Exclusives

Michigan hemp sales were soft in December

Financial statements

Tilray Brands reports cannabis revenue up 5% in Q2

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