Why Cronos Group Declined 17.7% in August
Shares of Cronos Group (NASDAQ: CRON) declined 17.7% in August, according to data from S&P Global Market Intelligence. The Canadian cannabis stock declined after a downbeat earnings report early in the month that highlighted a number of problems going on in the legal weed industry in Canada.
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During the second quarter, Cronos reported revenue growth of 29%, but basically all of that growth came from the 2019 acquisition of Redwood Holding Group, a U.S.-based cannabidiol (CBD) company. Outside of that, Cronos' revenue barely grew on an organic basis.
Source Fool.com
