By Dan Nicholls
The North American Marijuana Index, a stock index that tracks the top performing cannabis stocks in the U.S. and Canada, increased 11% in July. This marks the first positive month for the North American Index since January.
The North American Marijuana Index is a combination of the U.S. Marijuana Index and the Canadian Marijuana Index.
U.S. Marijuana Index
After decreasing 6% in Q1 and 25% in Q2, the U.S. Marijuana Index regained momentum in July, increasing 6%. The increase was driven largely by three constituents on the U.S. Marijuana Index that gained more than 30% during the month: MCIG Inc (OTCQB:MCIG), Cannabics Pharmaceuticals Inc. (OTCQB:CNBX), and Terra Tech Corp. (OTCQX:TRTC).
The broader U.S. market also saw positive gains in July with the Dow Jones Industrial Average ending the month up 2.5% and the Russell 2000 increasing 0.7%.
The average volume of constituents on the U.S. Marijuana Index (excluding GWPH) saw an upward tick after four consecutive declining months, increasing 76% over June.
Canadian Marijuana Index
The positive results were strongly correlated among the Canadian Licensed Producers (LPs) as 13 of the 15 LPs on the Canadian Marijuana Index increased during July, with 12 LPs gaining more than 10% and 7 LPs gaining more than 20%.
Average volumes of all constituents on the Canadian Marijuana Index (excluding TSX:WEED) held mostly flat, increasing only 3% for the month.
Marijuana Stock Universe
The Marijuana Stock Universe, which includes all U.S. and Canadian stocks with an involvement in the cannabis or hemp industry, saw an average decrease of 7% in July. Only the Cultivation & Retail sector, Investing & Finance sector and Tech & Media sector increased for the month.
For more information on July’s results, please click the link below for a downloadable PDF: Marijuana Index – July 2017 Summary Report.