Cannabis producer Cronos Group soars after a collection of huge block trades fueled a 43% overnight spike (CRON)
- Cannabis producer Cronos Group traded as much as 26% higher Thursday after a series of massive block purchases boosted the stock price overnight.
- The shares soared as much as 43% in after-hours trading following purchases of 810,000 and 350,000 shares at $8.40, according to Bloomberg data.
- The spike pushed cannabis peers up as well, with Aurora Cannabis jumping as much as 6.1% and Tilray rising as much as 3% in early Thursday trading.
- Watch Cronos Group trade live here.
Canadian cannabis producer Cronos Group jumped as much as 26% in early Thursday trading after a series of massive block trades boosted the stock overnight.
The company's stock soared as much as 43% in after-hours trading Wednesday following 810,000 share and 350,000 share trades at $8.40 per share, according to Bloomberg data. Two trades of 238,000 shares each followed soon after at $11.50 per share.
Cronos has since pared its gains, now trading roughly 4% higher as of 11:35 a.m. ET.
The spike pushed other cannabis firms higher in Thursday trading. Aurora Cannabis jumped as much as 6.1% Thursday. Tilray jumped as much as 3%.
CannTrust surged as much as 4.2% before reversing its gains. The stock now trades roughly 2% lower.
Canada's "Cannabis 2.0" level of legalization began Thursday, exactly one year after the nation first legalized recreational marijuana. The new law permits cannabis products including vape pens, edibles, and beverages.
Cronos traded at $8.67 per share at 3:12 p.m. ET, down about 16% year-to-date.
The company has four "buy" ratings, 11 "hold" ratings, and two "sell" ratings from analysts, with a consensus price target of $12.77, according to Bloomberg data.
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