The Global Cannabis Stock Index has seen a significant jump following news that the Department of Health is requesting the DEA reschedule marijuana from Schedule 1 to Schedule III.
Last week, on August 24, the Global Cannabis Stock Index was at 7.29, the lowest ever recorded since the index’s creation in 2013. As of yesterday, August 31, the index had jumped to 8.91, a 22% increase. This jump came one day after the Department of Health news. As of the time of publication the index rose slightly more to 8.93 (its high for the day is 9.19).
The last time the index was above 8.50 was in the middle of March. The 8.93 represented currently still marks a roughly 20% decrease from the high point of the year (11.28 in February).
The Global Cannabis Stock Index has represented the overall publicly-traded market for the medical and legal marijuana sector since 2013.
To be included in the Index each stock must have an average daily trading value in excess of $500k with a minimum price of at least $0.50 (10-day average). Non-U.S. companies must have a U.S. listing in order to be included. The dollar-volume threshold for non-U.S. companies includes both U.S. and non-U.S. volume, but there is an additional requirement that the daily average U.S. dollar-volume be in excess of $300K.
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