- Cannabis sales are experiencing a global decline as of the end of last month.
- Nineteen companies posted declines in excess of 15%, sixteen of them having primary listings in Canada
- Eighteen companies posted gains in excess of only 5%
Cannabis stocks, as measured by the Global Cannabis Stock Index, fell again in June, declining 4.5% to 100.12, after going into the final week of the month with a small gain:
The index, which had 68 qualifying members that were equally weighted at the time of the prior rebalancing in March, declined 24.5% in the first three months of the year and, after another 7.2% decline in Q2, has now decreased 29.5% in the first half of 2018. Despite the losses, the index is still up more than 76% since bottoming in late October.
Unlike in May, stocks listed primarily on the OTC lagged Canadian stocks, especially the licensed producers. The index ended with 67.4% of the composition in Canada, including 26.3% licensed producers. The three stocks listed on the Australian Stock Exchange accounted for 3.4%.
Eighteen companies posted gains in excess of 5%:
Among the winners, 22nd Century Group (NYSEMKTS: XXII) was the only company not domiciled in the U.S., and it benefited from its addition to the Russell 2000…