Cronos stock downgraded after rocketing more than 100% in 2019 so far

Cannabis stocks were mostly lower on Tuesday, as investors digested a downgrade of Canada’s Cronos Group Inc. after its strong gains in the year so far. Cronos shares (CRON) were down 6%, after GMP Securities lowered its rating to hold from buy and reiterated a stock price target of C$24 ($18) that implies 21% downside from its current trading level. “The company’s shares have surged ~110% year-to-date on no material news and have outperformed the HMMJ cannabis index (CA:HMMJ) by a factor of 2,” analyst Martin Landry wrote in the note.