On Monday morning before the market opened, shares of Cronos Group (CRON) popped over 5% on news that they will be entering a cross-border joint venture with MedMen Enterprises.
This will help MedMen gain access into the huge market across Canada which is expected to fully legalize marijuana in the coming months.
CRON Technicals
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Looking at the daily chart above you can see that shares of CRON have been a little downtrend that past couple weeks but are looking to bounce back on this positive news. We do have some resistance above at $9.50 and $10 followed up by 12.00.Above $12 and we are in clear skies so we’ll just have to watch levels at big whole numbers like $15.
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You can see in the 5-minute chart that shares had a nice pop in the premarket but the volume has been kind of light. We will want to see shares hold Friday’s lows at $7.81 and ideally work there way back above the 20-day moving average on the daily chart, currently at $8.48.
Keep this one on your radar in case it starts to gain momentum.
CEO Comments
“MedMen Canada will give us entry into an important emerging market for adult use and broaden our exposure worldwide,â€Â said MedMen CEO and Co-founder Adam Bierman. “We always take a very disciplined and focused approach to our growth, and it was important that we find the right partner for our expansion into Canada. Cronos has been a leader in the Canadian medical cannabis space, and their international track record makes them the perfect partner. They have the right infrastructure and expertise to successfully execute this venture.â€
