Cannabis stocks, as measured by the Global Cannabis Stock Index, exploded higher in late August on news that the Department of Health and Human Services had recommended to the DEA that it move cannabis from Schedule 1 to Schedule 3, and the move continued into September. October wiped out the entire rally, and November and December saw the market recover some of the losses. In January, the rally continued, but it stalled in February before advancing in March. In April, it soared on the last day to finish the month up 14.7% sequentially at 11.72. Despite the good news from the DEA, the index plunged in May. In June, it moved lower before bouncing, ending down 8.9% to 8.61:
In 2023, the index ended down 16.5% to 8.11. In Q1, it rose 26.0%, and it was down 15.8% in Q2. The index is up 6.2% so far in 2024:
Since the peak in February 2021, the Global Cannabis Stock Index has dropped 90.7% from the 92.48 closing high:
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