CRON - Why Investors Were so High on Cronos Stock This Week
2023-09-01 16:42:00 ET
Like a puff of marijuana smoke dreamily floating skyward, Cronos Group (NASDAQ: CRON) stock was rising over the past few trading sessions. According to data compiled by S&P Global Market Intelligence , as of late Thursday morning, the Canadian cannabis company's share price was up by more than 21%. Good news from the country's massive neighbor to the south was the catalyst for the jump.
In contrast to Canada, which underwent full and complete marijuana legalization at the Federal level in 2018, U.S. legalization has been patchy and hesitant. That's largely because the Federal agency tasked with policing illegal substances, the Drug Enforcement Agency (DEA), has classified marijuana as a Schedule I drug. That means it's classified as a substance with no medicinal value and carrying signficant risk of abuse.
While places like California and New York have been able to get around this by changing state law unilaterally, weed is still technically illegal at the Federal level due to this classification.
For further details see:
Why Investors Were so High on Cronos Stock This Week