Cannabis Sector Sees Market Resurgence in November After a Volatile Year

In a financial landscape marked by ups and downs, the Global Cannabis Stock Index demonstrated a spirited comeback in November, as chronicled by industry expert Alan Brochstein, CFA. The index, a barometer for the cannabis stock market’s overall health, saw a noteworthy upswing of 8.1% to 7.76 – a positive note for investors and industry watchers alike.

This uptick comes as a breath of fresh air to the cannabis sector, which has experienced its fair share of turbulence over the past year. Sentiment around cannabis stocks received a significant boost in late August following news from the Department of Health and Human Services, which recommended the DEA reclassify cannabis from Schedule 1 to Schedule 3. The resulting rally carried momentum into September, injecting optimism into the market.

However, the gains experienced were temporary, as October saw the elimination of the rally’s progress. But with November’s performance, the market showed signs of resilience and recovery, albeit with the index down 20.1% year-to-date.

The journey since the index’s peak in February 2021 has been a harsh one, with a 91.6% fall from its high of 92.48 closing. Analysing the individual performers, Cresco Labs, GrowGeneration, Verano Holdings, and Green Thumb Industries emerged as November’s shining stars, with each posting growth of over 25%.

Conversely, 22nd Century Group, WM Technology, Cannabist, and Hydrofarm represented the month’s weakest links, all confronting declines greater than 14%. These companies, representing various cannabis sub-sectors, have each had their challenges in 2023.

As the year draws to a close and investors look ahead, the performance analysis will continue. The upcoming monthly summary and the quarterly revisions to the index are much-anticipated, providing insights into the sector’s shifts and trends.

Detailed information about the index’s constituents and the criteria for their inclusion is available on the Global Cannabis Stock Index page. Visit and bookmark the page to stay informed on up-to-the-minute cannabis stock price fluctuations.

At New Cannabis Ventures, four proprietary indices, including the Global Cannabis Stock Index, are meticulously curated to aid investors in tracking publicly-traded cannabis stocks. These also feature the Canadian Cannabis LP Index, the American Cannabis Operator Index, and the Ancillary Cannabis Index, each offering a lens to view distinct segments of the burgeoning cannabis industry.

Article by Alan Brochstein, CFA Keep an eye on the evolving landscape of cannabis finance with expert insights from Alan Brochstein. The turns of the market tide and the future of cannabis investments continue to unfold, promising a compelling narrative for the year ahead.

The Global Cannabis Stock Index experienced a resurgence in November, marking a positive turn for the cannabis sector after a volatile year. The index rose by 8.1% to 7.76, reflecting a renewed optimism among investors and industry observers¹.

This recovery follows a significant recommendation in late August by the Department of Health and Human Services to the DEA, suggesting the reclassification of cannabis from Schedule 1 to Schedule 3. This news sparked a rally that continued into September, providing a boost to the market sentiment¹.

Despite this, the gains were short-lived as October saw the reversal of this rally’s progress. However, November’s performance indicated a degree of resilience and a potential recovery, even though the index remains down 20.1% year-to-date¹.

Since its peak in February 2021, the index has declined by 91.6% from a high of 92.48. Notable performers in November included Cresco Labs, GrowGeneration, Verano Holdings, and Green Thumb Industries, each recording growth of over 25%¹.

On the other end of the spectrum, 22nd Century Group, WM Technology, Cannabist, and Hydrofarm faced declines greater than 14%, reflecting the challenges faced by various sub-sectors within the cannabis industry¹.

As 2023 comes to a close, the cannabis sector continues to evolve, with investors keenly awaiting the monthly summary and quarterly revisions to the index for insights into market shifts and trends¹.

For those interested in tracking the performance of publicly-traded cannabis stocks, New Cannabis Ventures offers four proprietary indices, including the Global Cannabis Stock Index, the Canadian Cannabis LP Index, the American Cannabis Operator Index, and the Ancillary Cannabis Index. These indices provide valuable perspectives on different segments of the growing cannabis industry¹.

To stay updated on the latest movements in cannabis stock prices, it’s recommended to bookmark the Global Cannabis Stock Index page and follow expert analysis from industry professionals like Alan Brochstein, CFA¹. The narrative of cannabis finance continues to unfold, promising an engaging story for investors in the year ahead.

Learn more:

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