Cronos stock was on the rise Monday thanks to a new bit of marijuana stocks news.
The good marijuana stocks news for Cronos (NASDAQ:CRON) has to do with a recent deal it has with Israel Institute of Technology’s Technion Research and Development Foundation of the Technion. This will have it working on sponsored research into seeing how cannabinoids can affect some skin issues.
According to Cronos, this will have it experimenting to see how cannabinoids can affect acne, psoriasis and skin repair. The company says it will be spending three years on studies to determine how cannabinoids can affect these conditions.
“We believe that the potential applications of cannabinoids to regulate skin health and treat skin disorders are vast, and we are excited to begin exploring these applications through our partnership with Technion,” Mike Gorenstein, CEO of Cronos, said in a statement . “Using rigorous data to develop efficacious topical and transdermal formulations will be key to creating differentiated products that provide quality treatments to our consumers and strengthen our brand portfolio.”
Additional details about this marijuana stocks news include Technion’s Dr. David “Dedi” Meiri and Dr. Yaron Fuchs leading the research with Cronos. Meiri is the Head of Laboratory of Cancer Biology and Cannabinoid Research at Technion. Fuchs is Technion’s Head of Laboratory of Cancer Biology and Cannabinoid Research. Both are experts in cannabis and skin stem cell research.
CRON stock was up 10% as of noon Monday and is up 22% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
