22.46 -0.01 (-0.04%)
After hours: 6:11PM EST
|Bid||22.50 x 1400|
|Ask||22.51 x 1200|
|Day's Range||22.23 - 22.96|
|52 Week Range||5.12 - 25.10|
|Beta (3Y Monthly)||4.38|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Cronos Group Inc. (CRON) (CRON.TO) (“Cronos Group” or the “Company”) announced that at a Special Meeting held today, the Company’s shareholders overwhelmingly approved the previously announced strategic investment agreement with Altria Group, Inc. (MO) (“Altria”). Pursuant to the agreement, at closing, Altria will make an approximately C$2.4 billion equity investment in Cronos Group (the “Transaction”) on a private placement basis in exchange for common shares (the “Shares”) in the capital of the Company.
CORAL GABLES, FL / ACCESSWIRE / February 21, 2019 / The marijuana stock market has reacted positively to the recent shift in how people perceive companies manufacturing products with medical and recreational-grade cannabis. Leafbuyer Technologies Inc (OTC:LBUY), Green Thumb Industries Inc (GTBIF), Innovative Industrial Properties Inc (IIPR), and Cronos Group Inc (CRON) are four companies that could this week's highs. Leafbuyer Technologies Inc (OTC:LBUY) has been lauded as the most comprehensive online resources for information related to cannabis, as well as how to procure products currently available on the market.
KushCo Holdings, Curaleaf Holdings and Acreage Holdings are beloved by the momentum crowd, but not by professional investors.
First it was bitcoin that made investors go on a mad rush, and today, it's marijuana. Now that legalization is steadily gaining traction across the U.S., more investors than ever before are looking for ways to cash in.
Share of Altria Group Inc. jumped 3.3% toward a 2-month high in afternoon trade Wednesday, and have recovered nearly everything they lost since announcing a $12.8 billion stake in e-vapor company Juul Labs Inc. Analyst Bonnie Herzog at Wells Fargo said she is "incrementally more confident" in Altria's strategy of maximizing returns on its core brands, including Marlboro, while pursuing new avenues of growth in e-vapor and cannabis, through its $1.8 billion investment in Cronos Group Inc. , following the company's presentation at the Consumer Analyst Group of New York (CAGNY) conference. She reiterated her outperform rating and $65 stock price target. The stock closed at $51.40 on Dec. 19, just before Altria announced is Juul investment, then fell to a more than 5-year low of $43.33 on Jan. 24. Since then, the stock has soared 17%. in comparison, the SPDR Consumer Staple Select Sector ETF has advanced 5.2% since Jan. 24 and the Dow Jones Industrial Average has gained 5.7%.
HOUSTON, TX / ACCESSWIRE / February 20, 2019 / Colombia is on its way to becoming one of the largest global exporters of medical marijuana. "With a potential count more than double Canada's, Colombia's medical marijuana market is quickly gaining recognition as a legitimate force in the global cannabis industry," notes Marijuana Business Daily. In addition, at current pace, Colombia could supply 44% of the global demand for medical cannabis, according to Andres Lopez, director of Colombia's National Drug Fund, as quoted by Medical Marijuana Inc.
The cannabis space remains enticing thanks to both the short-term and long-term trends we have in place. As a result of those trends, it has become a natural interest among investors. Attention has been gravitating toward Canopy Growth (NYSE:CGC) and not because it's the wildest one to trade. Instead, it's because CGC stock is one of the more high-quality names in the industry.Should it be one you consider on the long side?As with everything in the stock market, it comes down to several considerations. Things like, what kind of timeline are investors using, what is their risk tolerance and do they consider themselves traders or investors?InvestorPlace - Stock Market News, Stock Advice & Trading TipsNot only do the answers to these questions indicate whether investors should be in the cannabis space at all, but it also impacts whether Canopy stock is their best choice. For instance, if they are investors instead of traders, they may be best suited in a name like Cronos Group (NASDAQ:CRON) or CGC stock. If they're traders, perhaps Tilray (NASDAQ:TLRY) or Aurora Cannabis (NYSE:ACB) may be better suited for their tastes.That's not to say ACB can't be an investment or CGC a trade, but it's all about putting the most odds in our favor. So how exactly does Canopy Growth benefit long-term investors looking for alpha in the cannabis trade?Let's explore. Valuing Canopy Growth StockAt first, investors were cheering the company's earnings results. Canopy Growth stock initially jumped about 4% despite missing earnings expectations and buyers were holding up the stock. However, selling pressure has since set in and it tells me that the share price needs time to digest. * 10 Smart Money Stocks to Buy Now Last quarter, revenue of $83 million (Canadian dollars, by the way) surged more than 282% vs. the same quarter a year ago. Canopy Growth stock recorded a GAAP loss of 38 cents per share, missing estimates for a loss of 25 cents per share by 13 cents. Losses aside, the company is absolutely crushing it. Triple-digit revenue growth is Canopy's "short-term" driver, while long-term investors remain optimistic about further legalization.In the U.S., only about 20% of the country has approved cannabis for recreational consumption. While it will take time to achieve a full 100%, the country continues to gravitate in that direction, as well as making progress on the federal level. Let's not also forget whole countries -- like Canada -- can approve cannabis use for its population, too.This long-term legalization catalyst is one reason the highly regarded Constellation Brands (NYSE:STZ) dumped $4 billion into CGC to own roughly 40% of the company. Still, its valuation looms large. Shares command a market cap of roughly $16 billion. Even if the company racked up $400 million in sales this year, we're still talking about a price-to-sales ratio of 40.Whew, that's high. But if CGC can maintain a lofty level of revenue growth, the company will eventually grow into that valuation. It will take patience and nerves of steel for investors to participate in that migration, but the long-term payoff could be huge. CGC Stock ChartsIn the last section, I talked about the need for CGC stock to digest. It's not so much the earnings result that stretched out Canopy, but the entire move over the last two months. The stock essentially doubled from its December lows to its January highs. * 7 Financial Stocks With Accelerating Growth Any time a stock does that, a pullback or consolidation is justified. One major observation I have on CGC stock is its inability to take out its January high when it released earnings last week. In other words, despite investors seemingly liking the quarter, they didn't like it enough to bid it up to new 2019 highs. It also shows some downtrend pressure from the stock's earlier run in the fourth quarter of 2018.Overall though, the trend is up. Despite this, I think CGC stock is now a buy-on-any-dip candidate. I would like to see a drop into the mid-$30s and for the 50-day and/or 200-day moving average to support the name. That would allow Canopy Growth stock to digest the big move without negating its uptrend.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Hot Stocks Leading the Market's Blitz Higher * 7 Strong Buy Stocks With Over 20% Upside * 5 Growthy Stocks Trading Below 15X Earnings Compare Brokers The post Is Canopy Growth Stock the Best Cannabis Play? appeared first on InvestorPlace.
Oppenheimer took a bullish stance Tuesday on Canadian cannabis producer Hexo Corp (NYSE: HEXO ), but said it's a speculative play given the uncertainty of the sector in which the company operates. The ...
Key Takeaways from Canopy Growth's Q3 Earnings Call(Continued from Prior Part)Lower pricingDuring the earnings call, Canopy Growth (WEED) stated that it experienced lower medical sales in terms of kilogram equivalents due to shifting resources
HENDERSON, NV / ACCESSWIRE / February 19, 2019 / Biotechnology is coming back strong in 2019 as the iShares Nasdaq Biotechnology Index's 16% surge higher during the first month and a half of this new year ...
HENDERSON, NV / ACCESSWIRE / February 19, 2019 / Cannabis stocks closed last week mostly higher, Canopy Growth and Aphria, two of the more well-known stocks in the industry each released positive press ...
After a fourfold increase in shares of Cronos Group, Inc. (NASDAQ:CRON), the stock is in danger of profit-taking. At some point, shareholders and speculators alike may want to lock in the gains, because the fundamentals have yet to justify the stock's valuation. Short-selling the stock may not make much sense because cannabis firms are attracting more than enough liquidity. As long as there are buyers, the stock could still jump higher despite years of unprofitability. Unprofitable Market, For NowSource: Shutterstock It could take years before hemp is a profitable business. This alone is not a reason to avoid CRON stock since losses just mean the operating costs to expand the business exceeds the revenue. While operating profitability looks good, it still fell. Gross margin in the third quarter was 55%, down from 65% year over year. This is due to a drop in average selling price and higher unit cost of sale for the third quarter. * 7 Financial Stocks With Accelerating Growth Cronos is building new production facilities, though increased production will not be realized in the near-term. This added to the operating expenses, which increased to $7 million, up from $4.9 million last year. Staff hiring also added to costs as the firm filled procurement, IT, sales and marketing and professional and consulting roles.InvestorPlace - Stock Market News, Stock Advice & Trading TipsFor the third quarter, Cronos lost $7 million, compared to its $1.1 million in income last year. Modestly Good Balance SheetWith a $3.72 billion market capitalization, Cronos' $73 million cash balance total appears small. $44 million of the total is cash, while $29 million is borrowed funds received through a construction loan. Cash flow is also modest at $12.6 million, although it is an increase over the $2.2 million from last year's operating activities. Altria Is the Single Biggest Catalyst to Cron Stock PriceWith all of the absolute value of the company's quarterly results, why is the market willing to bid CRON stock higher since December? Altria Group (NYSE:MO) and Cronos announced on Dec. 7, 2018, that the former would invest a massive $1.8 billion. This commitment is impressive. Prior to this deal, Constellation Brands, Inc. (NYSE:STZ) committed to $4 billion in its investment in Canopy Growth (NASDAQ:CGC) on Nov. 1, 2018. Prior to the Altria deal, CRON stock had peaked at just over $14 and bottomed at close to $6 a share. The investment effectively wiped out the short-sellers.The CRON bears are still holding their bet against the company with the short float at 13.73%. Fundamental Catalysts AheadAltria's 45% ownership in Cronos gives Cronos $1.8 billion in liquidity. Management may now enter various joint ventures that will enhance long-term value for Cronos shareholders. Its COVE brand in Ontario could benefit from higher sales and marketing spend. The company aimed to capture the top 15% of the market, but now has the cash on hand to take an even bigger market share. At the product level, Cronos may develop its product quality and branding before it launches. Still, Cronos' important R&D partnership with Ginkgo for producing culture cannabinoids at commercial scale should do well. Ginkgo is a well-established brand and has a good reputation with its customers. By using a fermentation method, Cronos and Ginkgo may potentially cut the cost of cannabinoid production. Potential HeadwindsInvestors should not weigh the positive catalysts without first considering the risks. A new excise tax applied to medicinal and recreational sales hurt Cronos' ASP (average selling price). In the third quarter, ASP fell by $1, to $7 a gram, when the company absorbed the tax instead of passing it on the consumer. My Takeaway on CRON StockThe spectacular rise in shares of Cronos will have shareholders wondering if gains should get booked now. So long as markets continue to rebound, Cronos stock may not fall. If the company puts the cash to good use and the manufacturing facilities come online, revenue will grow. * 10 Hot Stocks Leading the Market's Blitz Higher Until then, shareholders will have to wait patiently for those strong revenue numbers to come in.Disclosure: As of this writing, Chris Lau did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * Should You Buy, Sell, Or Hold These 7 Medical Cannabis Stocks? * 7 Strong Buy Stocks With Over 20% Upside * 7 Reasons Stock Buybacks Should Be Illegal Compare Brokers The post As Cronos Stock Skyrockets, Should Investors Be Afraid? appeared first on InvestorPlace.
HENDERSON, NV / ACCESSWIRE / February 15, 2019 / With Cannabis companies already having an amazing 2019, we decided to hunt for the next potential breakout candidate. We searched amongst lesser known companies ...
Marijuana stocks and related ETFs caught investors' attention last year, courtesy of its mysterious rally in mid-2018 on Canada's legalization of recreational marijuana in October. Let's take a look at whether the space will be able to maintain its rally in 2019.
Canopy Growth Rises after Earnings BeatCanopy Growth risesCanopy Growth (WEED) (CGC) was trending higher by 5% when markets opened. The company reported its earnings late last evening at around 8:45 PM EST.The company reported strong top-line
HENDERSON, NV / ACCESSWIRE / February 15, 2019 / Cannabis stocks are having an incredible 2019 thus far. The sector appeared to have peaked in the fall of 2018. When Canada's legalization went into effect, ...
Premier Health Group (OTC:PHGRF) (CSE:PHGI), Aphria Inc (APHA), Canopy Growth Corp (CGC), and Cronos Group Inc (CRON) represent four pot stocks looking to close out a strong week. Premier Health Group (OTC:PHGRF) (CSE:PHGI) is unlike many companies in the cannabis sector because its core framework is built around healthcare. The Company is largely focused on meeting the growing challenges of the healthcare industry through investments in advanced telemedical technologies and other innovations.
The medical marijuana firm jumped 3% midday, despite its revenue of $62.35 million missing Investing.com estimates of $66 million.
After being beaten down in the final quarter of 2018, pot stocks staged a nice comeback at the start of this year on the renewed appeal for riskier assets. Here's why ETFs are riding high this year.
Premier Health Group (OTC:PHGRF) (CSE:PHGI), Aurora Cannabis Inc (NYSE: ACB, TSX: ACB), Cronos Group Inc (CRON), and New Age Beverages Corporation (NBEV) represent four cannabis worth keeping on your radar. Premier Health Group (OTC:PHGRF) (CSE:PHGI) is a company determined to meet the challenges of our ever-evolving healthcare system. The Company's subsidiary, HealthVue, currently boasts an ecosystem of over 100,000 active patients and plans to rapidly increase that number both domestically and internationally.
HENDERSON, NV / ACCESSWIRE / February 14, 2019 / Below are several cannabis companies you do not want to miss the boat on. One in particular is already starting to make its investors serious gains: CleanSpark, ...
Whether its eating a gooey, chocolatey brownie or taking a few hits off a freshly rolled joint, it???s common knowledge that a lot of people like to get high. Many investors, however, have yet to "light up." What are the best marijuana stocks out there right now?
With Aurora Cannabis and most other marijuana stocks, sentiment and short squeezes are directing price action.