Cronos Stock Declines by 30% After Citron Blast
NATHAN REIFF, 31 August 2018
Canadian cannabis company Cronos Group, Inc. (CRON) fell by nearly 30% on Thursday following a damning prediction by Citron Research’s famous short-seller Andrew Left. According to MarketWatch, Left published a so-called “reality check” about the company and the future of the legal cannabis industry in general. Along with other factors, most importantly growing concerns about a federal pushback against marijuana legalization, Left’s report seems to have deflated several stocks in the burgeoning space. Along with CRON’s decline, fellow Canadian rivals Canopy Growth Corp. (CGC) and Tilray Inc. (TLRY) both fell, though by much smaller margins. (See also: Marijuana ETF Attracts $22 Million in August)
