Following up on our recent discussion of how cannabis investors have embraced publicly traded ancillary companies, New Cannabis Ventures launched its seventh proprietary index, the Ancillary Cannabis Index at the end of March.
After declining 4.6% in April and 2.5% in May, the index rose 3.3% in June to 96.08:
It fell 3.9% in Q2, outperforming the Global Cannabis Stock Index, which declined 8.7%:
The index includes companies that provide goods and services to cannabis operators. Each qualifying company must trade at a minimum of $0.50 per share with a minimum average daily trading value of $500K at the time the index is rebalanced each month. Additionally, members of the index must generate at least $1 million per quarter from its ancillary operations.
During June, the index included 15 members, with 4 posting double-digit gains and 4 declining by more than 10%, with a median return of 6.0%:
The three strongest stocks included Agrify (NASDAQ: AGFY), Forian (NASDAQ: FORA and KushCo Holdings (OTC: KSHB). Agrify and Forian were the two weakest names in May.
The three weakest names during June included Power REIT (NYSE American: PW), Scotts Miracle-Gro (NYSE: SMG) and Tilt Holdings (CSE: TILT) (OTC: TLLTF).
For July, Tilt Holdings (CSE: TILT) (OTC: TLLTF) will not be included due to its price falling below the minimum of $0.50 and WM Technology (NASDAQ: MAPS) joins, leaving the index at 15 members. In the next monthly review, we will summarize the performance for July and discuss any additions or deletions. Be sure to bookmark the page to stay current on ancillary cannabis company stock price movements within the day or from day-to-day.
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