Tilray and Cronos Group stock fall in holiday-tinged market dealings

Cannabis stocks Tilray Inc (NASDAQ:TLRY) and Cronos Group Inc (NASDAQ:CRON) fell in on Monday in slow business as holidays in both the US and Canada meant many players are on the sidelines.

The US equity market is open but the bond markets are closed for Columbus Day. Canada is shut for Thanksgiving.

READ: Tilray’s price target ditched by Roth Capital due to ‘unprecedented volatility’

Shares of Tilray were down 5.7% in early trade to $138.50. In the premarket, the stock fell $9.90 or 6.74% to $137.01, having closed on Friday up 0.92% at $146.91.

Cronos stock was off 2.75% to $9.50. The shares were down 4.09% to $9.37 in the premarket, having settled on Friday 4.4% lower at $9.77.

READ: Cronos Group to launch second cannabis product in Canada called ‘Spinach’

Tilray has been hit by volatile trading overe the past few weeks, with shares hitting an all-time top of $300 before retreating on profit-taking.

Cronos has been signing partnership deals with several companies such as Ginkgo Bioworks and Aleafia Health last month. 

The sharp swings in cannabis stocks are taking place ahead of next week’s legalization of cannabis in Canada.

Story by ProactiveInvestors