|Bid||8.25 x 0|
|Ask||8.39 x 0|
|Day's Range||8.09 - 8.69|
|52 Week Range||5.29 - 18.37|
|Beta (3Y Monthly)||-3.36|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Cowen analyst Vivien Azer initiated coverage Friday of five multi-state cannabis operators, saying she's bullish on those that rely on the consumer packaged goods model given the higher margins, especially relative to those relying on the retail model. Azer started Green Thumb Industries Inc. at outperform with a stock price target of $18.50, Curaleaf Holdings Inc. at outperform with a $10.50 target, and Cresco Labs Inc. at outperform with a $14 target. "We believe that the greatest shareholder value will be created through businesses that emulate a traditional CPG finished goods model, given its superior margin structure," Azer wrote in a note to clients. Meanwhile, Azer started MedMen Enterprises Inc. at underperform with a $1.50 price target. "[MedMen] is the clear leader in the [California] market, with a distinguished brand, reflecting an attractive retail concept," Azer wrote. "However, to us, retail is less attractive than wholesale. And, an over-reliance on retail revenues today, coupled with excessive spending and notable management turnover, make this a'show-me' story." Azer also started Acreage Holdings Inc. at market perform with a $9 target, saying consolidation a of a "disparate network of dispensaries" and launching a "nascent brand strategy" could prove challenging. The ETFMG Alternative Harvest ETF was up 0.4% in afternoon trading, but has lost 28.7% over the past three months, while the S&P 500 has gained 3.5% in three months.
If you have doubts that cannabis is on its way from illegal to industrial, take a look inside Cresco Labs’ custom built, 43-thousand square-foot production facility in Joliet, Illinois.
The nascent marijuana industry has made significant strides over the past several years. But the once-illicit marijuana market still has hurdles to cross before unlocking its full potential, according to executives at some of the world’s leading cannabis companies.
Choom Holdings (CSE: CHOO) (OTCQB: CHOOF) is planning to expand into Florida, the company announced. Choom subsidiary Choom Holdings USA has signed a letter of intent to acquire a 95% stake in a Florida-based vertically-integrated cannabis applicant. Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) has received a cultivation license from Health Canada for its facility in Fredericton, New Brunswick. Canopy expects that the facility will […]The post Cannabis Stock News Daily Roundup March 25 appeared first on Market Exclusive.
The fierce competition for capital in the fragmented, quasi-legal cannabis industry showed hope for relenting this week at the National Cannabis Industry Association’s CannaVest conference. The anticipated growth will be decidedly easier for companies already in the game.
Stereotypical stoners were nearly nowhere to be found this week at the National Cannabis Industry Association’s third annual “CannaVest” and Seed to Sale conference in Boston, Massachusetts.