A Canadian Marijuana Company Is Now Trading On The NASDAQ – Forbes

Marijuana plants grow at a facility in Canada. Photographer: Trevor Hagan/Bloomberg

Cronos Group, a medical marijuana company based in Toronto, just became the first Canadian cannabis stock to trade on a U.S. exchange. The stock is trading under ticker symbol CRON on the NASDAQ, and started trading yesterday at $8.24 before closing the day at $7.62. The stock closed up 20% today at $9.17.

Cronos was previously trading as an American Depository Receipt (ADR) on the OTC markets with the ticker symbol PRMCF. It is part of the first marijuana ETF to trade on a U.S. exchange, the ETFMG Alternative Harvest ETF (ticker: MJX), where it is the top holding, comprising 9.18% of the fund.

Cronos owns 100% of two medicinal marijuana and cannabis oil brands: Peace Naturals, which has 95 acres of land in Ontario; and Original BC, which has 31 acres of land in British Columbia. The company also holds a 21.5% stake in Whistler Medical Marijuana Company.

The company announced a joint venture agreement with Kibbutz Gan Shmuel in Israel, a partnership that will aid cultivation and distribution by leveraging the operations of the long-established kibbutz. According to a press release from last September, “The Israeli climate, combined with Gan Shmuel’s existing manufacturing infrastructure and skilled labor force, will enable Cronos Israel to produce high quality medical cannabis at an expected cost of between $0.40 and $0.50 per gram.”

While the NASDAQ listing is a new and exciting development for many investors, does that mean that Cronos Group is a good investment?

Marijuana, along with cryptocurrency, is currently one of the hottest industries for investors. Just like crypto, marijuana stocks offer high rewards with high risks alongside the accompanying volatility.

There are some key potential regulatory tailwinds that could rapidly enhance the growth prospects for Cronos

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