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Cannabis Summary for Feb. 24, 2020

2020-02-24 19:14 ET - Market Summary

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by Stockwatch Business Reporter

Amidst a broad market decline, The S&P/TSX Cannabis Index fell 10.94 points to 175.92 Monday, while the Canadian Securities Exchange Composite Index dropped 16.49 points to 374.59. Cronos Group Inc. (CRON) sunk 95 cents to $8.49 on 2.48 million shares after the company delayed the release of its fiscal 2019 results, which had been scheduled for Thursday, Feb. 27. The delay seemed to provoke some anxiety from shareholders, particularly because Cronos (1) did not say why there had been a delay; and (2) did not say when it would release the results instead.

Cronos Group made headlines in December, 2018, when it received a $2.4-billion investment from tobacco giant Altria Group Inc. The cannabis producer rose from $13.51 to a high of $32.95 in the next two months (albeit during good times for the cannabis industry). Since then, it has been all downhill for Cronos, falling to today's closing price of $8.49, which is not far off the company's 52-week low of $7.97.

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