Why Cronos Group Shares Are Moving Higher Today

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.