CGC, CRON, and ACB are moving lower today
The U.S. Drug Enforcement Administration (DEA) today announced a proposal hearing on the reclassification of marijuana as a less restricted Schedule III drug will happen on Dec. 2, after the presidential election. The news is bringing cannabis stocks back into focus, with Wall Street debating how a Trump or Harris presidency may influence the decision.
Canopy Growth Corp (NASDAQ:CGC) stock is among the industry players responding negatively to today's headlines. CGC was last seen down 10.3% at $5.54, and earlier hit its lowest level in six months. The stock has been trending lower since the $8.50 level rejected its late March rally, but still carries a 41.4% year-over-year lead.
Cronos Group Inc (NASDAQ:CRON) is down 3.5% at $2.22 at last glance, but has been trading in penny stock territory since November 2021. The 80-day moving average has kept a tight lid on the shares since June, turning down rallies in July and earlier this month. Over the last three months, CRON shed 17.2%.
Aurora Cannabis Inc (NASDAQ:ACB) is also not taking today's news lightly, down 5.1% to trade at $6.15 at last check. ACB is testing support at the 40-day moving average, which emerged in mid-July, after a rally roughly two weeks ago fell short of the $7.20 region. The equity is still up 28.4% in 2024, however.