Why Cronos Group Stock Tanked Today
It's safe to say that Canadian marijuana stock Cronos Group (NASDAQ: CRON) didn't provide much of a buzz to its investors on Thursday. Following an all-too-brief spike in its price following a media report that it might be putting itself up for sale, the stock ended the day more than 4% lower.
On Thursday afternoon, Reuters published an exclusive article -- citing "people familiar with the matter" -- that Cronos is exploring strategic options that include a sale.
Several hours later, Cronos effectively confirmed this in a tersely worded press release. It expanded on Reuters' reporting, saying that it had received "a number of unsolicited indications of interest from third parties, each regarding a potential transaction involving Cronos and the third party."
Source Fool.com
