Cannabis stock prices are fluctuating today. That isn't terribly surprising, except when you consider that most of the stocks that closed in the red zone today are prominent, well-known companies. For instance, take a look at the Cronos Group (TSX:CRON).
Cannabis Stock Prices: The Cronos Group
On Friday, October 19th, two days after the Canadian cannabis legalization, cannabis stock prices are dropping. Not all, but a few. Canopy Growth (TSX:WEED) ended the day in the red, as did Aphria (TSX:APH) and Aurora Cannabis (TSX:ACB). And then there's the Cronos Group, which ended the day down nearly 10%.
Why? Well, contrary to popular belief, there's no direct explanation for the CRON stock dropping in nearly double-digits today. If anything, the opposite should be happening.
This week, the Canadian cannabis company said that it signed a sponsored research agreement with the Technion Research and Development Foundation.
This agreement will allow the company to examine cannabinoids for different health conditions, like skin disorders. "The potential applications of cannabinoids to regulate skin health and treat skin disorders are vast," said CEO Mike Gorenstein. "We are excited to begin exploring these applications."
>> Colorado Cannabis: Cannabis Brings in at least $200 Million in Revenue to the State
The Cronos Group Stock Price
At market close, according to Yahoo Finance, CRON was trading at $12.79, which means the stock ended the trading day down 9.03%.
Meanwhile, Aurora Cannabis closed down 5.45%, while Canopy Growth ended the trading day down 4.13%; this makes CRON the worst of the cannabis stocks included in this article.
The Cannabis Stock Prices Takeaway
Today, if you were looking at the stock market live, you'd conclude that it was not the best trading day for cannabis stocks. Perhaps when looking at volume for some, but that's about it. Which is fine, that happens, particularly with cannabis stocks.
With that in mind, do you think next week will be better? Let us know in the comments below and don't forget to check back in next week for more cannabis stock prices and legalization news!
Featured Image: Depositphotos/© welcomia
