Weed might be green, but their candles aren’t always. Cannabis stocks haven’t had the best new year kick-off, according to new data from the New Cannabis Ventures Global Cannabis Stock Index, a platform founded by Alan Brochstein. These particular stocks saw a staggering decline of 18.4 percent during the first four weeks of 2022, followed by the index rallying to rallied 15.6% leaving it down year-to-date at 5.7 percent.
For most people, cannabis sales are still limited, and the illicit market remains their only option so far.
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But with the easing of restrictions and the wider availability of legal cannabis, legal sales are expected to reach $50 billion by 2026, while illicit sales will fall to less than $1 billion that same year.
Nearly 70% of Americans now support the full legalization of cannabis – the highest percentage ever. President Biden also seems to be in favour of the idea of legalizing cannabis further and further.
States, where cannabis is legal, are now paving the way for the sale of cannabis, and sales of the drug in the US are expected to bring in more than $30 billion by 2022. If federal legalization bears fruit in the coming years, it may help the market grow.
10 stocks that saw the biggest downward change
| Symbol | Company | Last | Chg | %Chg | Open | High | Low | Share Volume | Total Value | 52Wk High | 52Wk Low |
| AGFY | Agrify Corporation | 6.92 | -1.59 | -18.68% | 8.27 | 8.40 | 6.87 | 967,444 | 22 | 35.94 | 5.02 |
| IPW | iPower Inc. | 1.63 | -0.29 | -15.10% | 1.90 | 1.91 | 1.53 | 1,285,277 | 1,558,289 | 10.73 | 1.36 |
| MAPS | WM Technology Inc. | 5.20 | -0.51 | -8.93% | 5.68 | 5.74 | 5.16 | 879,276 | – | 22.24 | 4.22 |
| CGC | Canopy Growth Corporation | 8.42 | -0.80 | -8.68% | 9.00 | 9.24 | 8.40 | 8,855,237 | 100,790 | 43.41 | 6.64 |
| OGI | Organigram Holdings Inc. | 1.60 | -0.12 | -6.98% | 1.67 | 1.73 | 1.59 | 5,719,619 | 830 | 4.68 | 1.30 |
| CRON | Cronos Group Inc. | 3.81 | -0.23 | -5.69% | 3.94 | 4.06 | 3.79 | 2,457,031 | 11,625 | 13.47 | 3.12 |
| TLRY | Tilray Brands Inc. | 6.72 | -0.40 | -5.62% | 7.11 | 7.33 | 6.69 | 20,354,877 | 296,656 | 36.35 | 5.15 |
| GNLN | Greenlane Holdings Inc. | 0.63 | -0.04 | -5.60% | 0.67 | 0.69 | 0.61 | 1,107,488 | – | 7.11 | 0.61 |
| HITI | High Tide Inc. | 5.30 | -0.31 | -5.53% | 5.52 | 5.63 | 5.25 | 162,496 | – | 9.95 | 3.65 |
| KERN | Akerna Corp. | 1.35 | -0.07 | -4.93% | 1.42 | 1.42 | 1.31 | 406,947 | 1 | 8.06 | 1.22 |
Agrify Corporation [AGFY] saw the biggest change in their share value, which saw a decrease of 18.68 percent, taking their stock price from its highest point of 35.94 to 5.02. iPower Inc. [IPW] too experienced a large decrease in the share price of 15.10 percent, seeing its 52-week high of 10.73 drop to as low as 1.36. WM Technlogy Inc. [MAPS] is at the third-biggest loss with a decline of 8.93 percent; its 52-week high of 22.24 dropped to the lowest point of 4.22.
10 stocks that saw the biggest upward change
| Symbol | Company | Last | Chg | %Chg | Open | High | Low | Share Volume | Total Value | 52Wk High | 52Wk Low |
| CCHWF | Columbia Care Inc | 3.22 | 0.09 | 2.88% | 3.32 | 3.32 | 2.96 | 260,414 | – | 7.65 | 2.51 |
| CURLF | Curaleaf Holdings Inc | 8.63 | 0.16 | 1.88% | 8.50 | 8.72 | 8.10 | 398,014 | – | 17.87 | 6.90 |
| GTBIF | Green Thumb Industries Inc (Sub Voting) | 20.99 | 0.38 | 1.84% | 21.08 | 21.42 | 19.39 | 218,722 | – | 38.05 | 16.66 |
| XXII | 22nd Century Group Inc | 2.32 | 0.03 | 1.31% | 2.30 | 2.47 | 2.26 | 1,914,592 | 945 | 6.07 | 1.86 |
| VRNOF | Verano Holdings | 12.69 | 0.15 | 1.20% | 12.51 | 12.90 | 12.12 | 415,908 | – | 28.00 | 9.86 |
| LEXX | Lexaria Bioscience Corp. | 3.62 | 0.04 | 0.98% | 3.54 | 3.71 | 3.54 | 38,519 | – | 12.50 | 3.54 |
| FLGC | Flora Growth Corp. | 1.75 | 0.01 | 0.57% | 1.80 | 1.86 | 1.74 | 506,799 | 191 | 21.45 | 1.31 |
| AYRWF | Ayr Wellness Inc Sub Ltd Vtg Shs | 15.77 | 0.08 | 0.51% | 17.03 | 17.03 | 15.49 | 132,368 | – | 36.52 | 12.16 |
| SMG | Scotts Miracle-Gro Company (The) | 140.89 | 0.52 | 0.37% | 140.37 | 143.41 | 139.15 | 615,194 | – | 254.34 | 129.74 |
| UGRO | urban-gro Inc. | 10.89 | 0.04 | 0.37% | 10.87 | 11.08 | 10.59 | 38,236 | – | 17.30 | 6.75 |
There were, however, some positive shifts and green numbers, too.
Columbia Care Inc. [CCH WF] saw the biggest upward change at 2.88 percent, with a 52-week low of 2.51 and a high of 7.65. Following suit with a single percent less increase at 1.88 percent is Curleaf Holdings Inc. [CURL F], trading at a 52-week high of 17.87/low of 6.90. The third best performing in terms of 52-week increase is Green Thumb Industries Inc. [GTBIF] which saw a rise of 1.84 percent, seeing a hike from 16.66 low to 38.05 high.
Alan Brochstein is the founder of New Cannabis Ventures and likely the most known cannabis analyst in the United States. Based in Houston, Texas, he covers the marijuana industry as well as running subscription-based service 420 Investor and New Cannabis Ventures. Brochstein shifted his focus to this particular industry in 2013 after leaving his two-decade-old career as an independent equity research analyst behind.
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Source: https://invezz.com/news/2022/02/15/low-start-for-high-stocks-cannabis-stocks-plummeting-at-start-of-2022/