Cronos Group Inc CRON is trading higher Monday following reports of a Republican-led marijuana legalization bill.
According to reports from Marijuana Moment, the bill is a compromise between simple descheduling as proposed by other Republican lawmakers and wide-ranging legislation proposed by Democratic lawmakers.
The marijuana bill, titled the States Reform Act, is currently considered preliminary, but a final version is expected to be filed as soon as this month.
Marijuana Moment reportedly obtained a 116-page draft legislation and released some details of the bill.
Under the current draft of the bill, cannabis would be federally descheduled and treated similar to alcohol, a 3.75% tax would be imposed on cannabis sales, cannabis would be considered an agricultural commodity and there would be a mandatory age limit of 21 for recreational cannabis.
Cronos Group cultivates and sells medicinal and recreational cannabis through its medicinal brand, Peace Naturals, and its two recreational brands, Cove and Spinach.
From Last Month: Stock Wars: Cronos Group Vs. cbdMD
CRON Price Action: Cronos Group has traded as high as $15.83 and as low as $5.11 over a 52-week period.
The stock was up 24% at $6.62 at time of publication.
Photo: Brent Barnett from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!