I have a few quick updates for you this morning.
First, Cronos Group is expected to be elevated today from the Nasdaq International Designation program (where it has traded as PRMCF) to the Nasdaq Global Market, where it will trade under the ticker symbol CRON. In Canada, it will continue to trade under the symbol MJM.
The stock’s strength yesterday was in reaction to this announcement.
Second, just over a week ago it became apparent that legalization of the adult marijuana market in Canada would be delayed at least a month, from July to August. This is not a big change, but it does reinforce—and possibly prolong— the base-building pattern that these stocks are now in.
This base-building pattern has taken most stocks back down close to their early February lows, and as long as they remain above those lows, the pattern will be healthy. If they fall below those lows, I might recommend some selling.
As to buying, for those of you who feel underinvested in the sector, there’s no urgency. Be patient, and watch how this base develops. Your goal should be not to buy the bottom but to buy after the bottom has been established.