What is the American Cannabis Operator Index?
The American Cannabis Operator Index, created by New Cannabis Ventures on October 31, 2018, serves as a performance benchmark for leading U.S.-based cannabis companies. This index specifically tracks the stocks of companies involved in cannabis cultivation, processing, retailing, and licensing of cannabis-related brands and intellectual property. It is dollar-denominated, and the prices are based on U.S. listings of each company.
Structure and Rebalancing Criteria
This index is rebalanced monthly, with each constituent company given equal weight. To be included, companies must meet strict criteria, including filing with the U.S. Securities and Exchange Commission (SEC) or an equivalent regulatory authority. They must also generate at least $1 million in quarterly revenue from U.S. cannabis operations, with cannabis revenue making up at least 50% of total income. Each stock is required to have an average daily trading value above $100,000 as of the latest rebalancing and a minimum trading price of $0.25. This level was reduced from $200,000 in 2022, allowing broader participation in line with current market conditions.
Current Members of the American Cannabis Operator Index
As of October 31, 2024, the American Cannabis Operator Index includes nine companies that stand out as leaders in the U.S. cannabis industry. These companies are:
| No. | Symbol | Company |
|---|---|---|
| 1 | GTBIF | Green Thumb Industries Inc (Sub Voting) |
| 2 | CURLF | Curaleaf Holdings Inc |
| 3 | TCNNF | Trulieve Cannabis Corp (Sub Voting) |
| 4 | VRNOF | Verano Holdings |
| 5 | GLASF | Glass House Brands Inc – Class A |
| 6 | CRLBF | Cresco Labs Inc. (Sub Voting) |
| 7 | TCNNF | TerrAscend Corp |
| 8 | PLNH | Planet 13 Holdings Inc. |
| 9 | AYRWF | Ayr Wellness Inc Sub Ltd Vtg Shs |
Together, these companies offer investors a diverse portfolio that mirrors the evolution of the U.S. cannabis sector.
1. Green Thumb Industries Inc.
Based in Chicago, Illinois and founded in 2014, Green Thumb Industries (GTI) is a prominent player in the U.S. cannabis market. The company manufactures, distributes, and sells a variety of cannabis products for both medical and recreational use. GTI operates through two main divisions: Retail and Consumer Packaged Goods. Its offerings include cannabis flower, pre-rolls, concentrates, vapes, capsules, tinctures, edibles, topicals, and more. Products are marketed under brands like &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles, and RHYTHM. GTI distributes through third-party retailers and sells directly to consumers at its own retail stores, along with providing direct-to-consumer delivery options.
2. Curaleaf Holdings, Inc.
Headquartered in New York City, Curaleaf Holdings is a major U.S.-based cannabis operator involved in domestic and international markets. The company offers a range of products, including cannabis flower, pre-rolls, vaporizers, dabbing concentrates, mints, lotions, tinctures, and edibles. Curaleaf also produces hemp-based items with cannabinoids like CBD and CBG. Curaleaf’s operations encompass cultivation, production, and distribution, reaching consumers through both wholesale and retail channels.
3. Trulieve Cannabis Corp.
Trulieve, headquartered in Quincy, Florida, is a leading cannabis retailer with a focus on cultivating, processing, and selling cannabis products. Trulieve’s offerings include flowers, edibles, vapes, creams, capsules, tinctures, and accessories, available under brands such as Avenue, Cultivar Collection, Muse, and Sweet Talk. It operates dispensaries across states including Florida, Arizona, Ohio, and Maryland, and runs cultivation and processing sites in several locations. Initially incorporated as Schyan Exploration Inc., the company rebranded to Trulieve Cannabis Corp. in 2018.
4. Verano Holdings Corp.
Chicago-based Verano Holdings is a multi-state, vertically integrated cannabis operator with operations across multiple U.S. states, including Arizona, Florida, Illinois, and Nevada. The company manages cultivation, processing, and both wholesale and retail distribution. Verano’s product line, offered for both medical and recreational use, includes brands such as Encore, Avexia, MÜV, and Savvy. Through its extensive network, Verano aims to provide a variety of high-quality cannabis products across key markets.
5. Glass House Brands Inc.
Founded in 2015 and headquartered in Long Beach, California, Glass House Brands is a vertically integrated cannabis company that operates through three segments: Retail, Wholesale Biomass, and Consumer Packaged Goods. The company produces cannabis flower and trim for wholesale buyers and sells consumer products under brands like Glass House Farms, PLUS Products, Allswell, and Mama Sue Wellness. Glass House also owns retail stores and provides both in-store pickup and home delivery for adult-use and medicinal cannabis customers.
6. Cresco Labs Inc.
Cresco Labs, based in Chicago and founded in 1990, is known for its wide array of cannabis products sold under various brand names. Its Cresco brand focuses on flowers, vape pens, and resins, while High Supply offers pre-rolls, concentrates, and more. Other brands include Good News, Wonder Wellness, Remedi, FloraCal, Mindy’s Edibles, and Sunnyside. Cresco’s diverse offerings cater to both recreational and medical consumers, reaching the market through a combination of licensed brands and proprietary products.
7. TerrAscend Corp.
Headquartered in Mississauga, Canada, TerrAscend operates in both Canada and the U.S., providing a range of cannabis products for medical and recreational use. The company’s product portfolio includes vapes, concentrates, topicals, tinctures, and edibles, which are sold through both wholesale and retail channels. TerrAscend owns dispensaries under the Apothecarium and State Flower brands, and the company’s operations span cultivation, processing, and distribution.
8. Planet 13 Holdings Inc.
Planet 13, based in Las Vegas, Nevada, is recognized for its large cannabis retail operations that attract both local and visiting customers. The company cultivates and sells various cannabis-infused products like chocolates, gummies, beverages, vapes, and flowers, with brands such as TRENDI, Leaf and Vine, Dreamland, and HaHa. In addition to cannabis, Planet 13 offers unique retail experiences, including a non-cannabis merchandise store, event space, and Trece Eatery + Spirits, a coffee shop and pizzeria.
9. Ayr Wellness Inc.
Operating out of Miami, Florida, Ayr Wellness is a multi-state, vertically integrated cannabis operator that manages cultivation, production, and retailing across its locations. Known for its branded retail stores under names such as AYR, Liberty Health Sciences, and The Dispensary, Ayr Wellness provides a range of cannabis products, including flower, concentrates, and pre-rolls. The company was initially Ayr Strategies Inc. and adopted its current name in 2021.
