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Why Canopy Growth, Tilray, and Cronos Group Stocks Just Cratered

TheMotleyFool

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Why Canopy Growth, Tilray, and Cronos Group Stocks Just Cratered: https://g.foolcdn.com/editorial/images/775276/american-flag-with-marijuana-plants-in-the-background.jpg

Easy come, easy go. Yesterday, shares of cannabis companies like Canopy Growth (NASDAQ: CGC), Tilray Brands (NASDAQ: TLRY), and Cronos Group (NASDAQ: CRON) all soared on news that the U.S. Drug Enforcement Administration (DEA) has agreed to recommend downgrading marijuana from a Schedule I drug to a Schedule III drug. Already today, the high is starting to wear off.

As of 11:15 a.m. ET Wednesday, Canopy Growth stock is down a shocking 25.7%, followed by losses of 17.6% at Tilray and 7% at Cronos (which I suppose qualifies as the "good" news today).

Why are marijuana investors panicking today? Let's start with the obvious.

Source Fool.com

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