Why Tilray, Cronos, and Curaleaf Stocks Dropped Today

The stock market harshed marijuana investors' buzz Thursday afternoon, as shares of Curaleaf Holdings (OTC: CURLF) tumbled 4.5% in 12:25 p.m. ET trading, and Cronos Group (NASDAQ: CRON) and Tilray (NASDAQ: TLRY) fell even harder -- down 10.1% and 12.1%, respectively. Marijuana investors are digesting both macro and micro stories today, and the macro one is that in Washington, D.C., Senate Majority Leader Chuck Schumer just threw cold water on the idea that marijuana legalization will be good news for all participants in the industry. Although Schumer has been hailed in some quarters as a hero for championing the 163-page Cannabis Administration and Opportunity Act that would finally legalize marijuana on the national level, he's being quoted today on MarijuanaMoment.net saying that he wants to hobble the titans of the marijuana industry in favor of smaller operators, and ensure "the big boys [don't] come in and make all the money."