Advertisement
Singapore markets close in 1 hour 36 minutes

  • Straits Times Index

    3,288.64
    -4.49 (-0.14%)
     

  • Nikkei

    37,628.48
    -831.60 (-2.16%)
     

  • Hang Seng

    17,304.28
    +103.01 (+0.60%)
     

  • FTSE 100

    8,089.67
    +49.29 (+0.61%)
     

  • Bitcoin USD

    64,314.63
    -2,511.91 (-3.76%)
     

  • CMC Crypto 200

    1,389.99
    +7.41 (+0.54%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • Dow

    38,460.92
    -42.77 (-0.11%)
     

  • Nasdaq

    15,712.75
    +16.11 (+0.10%)
     

  • Gold

    2,333.00
    -5.40 (-0.23%)
     

  • Crude Oil

    83.03
    +0.22 (+0.27%)
     

  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     

  • FTSE Bursa Malaysia

    1,570.27
    -1.21 (-0.08%)
     

  • Jakarta Composite Index

    7,150.55
    -23.98 (-0.33%)
     

  • PSE Index

    6,574.88
    +2.13 (+0.03%)
     

Pot Stock Cronos Higher After Upgrade

Investing.com

Investing.com - Cannabis stock Cronos Group rose in midday trade on Wednesday after Bank of America/Merrill Lynch upgraded it to buy from underperform.

Analysts Christopher Carey cited the prospect of the Canadian-based company expanding into the U.S. market as the reason for the upgrade.

Cronos CEO Mike Gorenstein told Wall Street analysts on Tuesday that the company plans to be aggressive on its CBD launch in the U.S., prompting Carey to increase his rating, Bloomberg reported.

Carey noted in a research note that Cronos' partnership with Altria Group (NYSE:MO) is the key to the U.S. and he sees the potential of Cronos leveraging Altria’s distribution as what will distinguish it from other cannabis brands.

ADVERTISEMENT

Cronos (NASDAQ:CRON) jumped 7.5%, while Tilray (NASDAQ:TLRY) fell 1.6% and Canopy Growth (NYSE:CGC) was down 1.8%. Aurora Cannabis (NYSE:ACB) slumped 3.5%.

Related Articles

Wall Street rises as weak ADP jobs data bolsters rate-cut bets

SEC poised to adopt rules aimed at preventing broker conflicts, boosting disclosure

Carnival to stop sailing to Cuba after new travel restrictions