CGC - Why Canopy Growth Tilray and Cronos Group Stocks Just Cratered
2024-05-01 15:13:54 ET
Easy come, easy go. Yesterday, shares of cannabis companies like Canopy Growth (NASDAQ: CGC) , Tilray Brands (NASDAQ: TLRY) , and Cronos Group (NASDAQ: CRON) all soared on news that the U.S. Drug Enforcement Administration (DEA) has agreed to recommend downgrading marijuana from a Schedule I drug to a Schedule III drug. Already today, the high is starting to wear off.
As of 11:15 a.m. ET Wednesday, Canopy Growth stock is down a shocking 25.7%, followed by losses of 17.6% at Tilray and 7% at Cronos (which I suppose qualifies as the "good" news today).
Why are marijuana investors panicking today? Let's start with the obvious.
For further details see:
Why Canopy Growth, Tilray, and Cronos Group Stocks Just Cratered