Why Cronos Group Stock Is Sinking Today
Shares of Cronos Group (NASDAQ: CRON) were sinking 4.1% lower as of 10:57 a.m. ET on Tuesday and fell as much as 5.7% earlier in the day. The decline came after the U.S. Drug Enforcement Administration (DEA) announced it wouldn't hold a public meeting about rescheduling cannabis until Dec. 2, 2024 -- after the U.S. presidential election.
Cronos wasn't the only cannabis stock to slide on the news. Several others, including those based in the U.S. and in Canada, tumbled on the DEA's announcement.
At first glance, when the DEA holds its public meeting about rescheduling cannabis might not seem to matter to Cronos Group. The company doesn't sell cannabis products in the U.S. It even exited the U.S. hemp-derived CBD market last year.
Source Fool.com
