Why the Georgia Election Could Be a Big Deal for Canopy Growth Stock

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Dreamstime

After a brutal 2019,

Canopy Growth

shares trounced the market in the past year. An analyst at Cantor Fitzgerald sees the grower as the best-positioned Canadian firm he covers to benefit from U.S. marijuana legalization.

Cantor Fitzgerald analyst Pablo Zuanic raised his price target on the Toronto Stock Exchange-listed shares of Canopy to 33 Canadian dollars (US$25.89) from C$29. He still rates the stock at Neutral.

Pointing to contingent stakes in U.S. firms Acreage Holdings and

TerrAscend,

which trigger when marijuana is no longer federally illegal, Zuanic thinks Canopy has a first-mover advantage over peers in the event of U.S. legalization.

“At present, Canopy Growth cannot directly invest in either company, so it has only been able to make loans to the respective CBD/hemp businesses of each company,” he noted. “If Canopy indeed sees both companies as potential beachheads to develop its presence in U.S. THC,…

Text size


Dreamstime

After a brutal 2019,

Canopy Growth

shares trounced the market in the past year. An analyst at Cantor Fitzgerald sees the grower as the best-positioned Canadian firm he covers to benefit from U.S. marijuana legalization.

Cantor Fitzgerald analyst Pablo Zuanic raised his price target on the Toronto Stock Exchange-listed shares of Canopy to 33 Canadian dollars (US$25.89) from C$29. He still rates the stock at Neutral.

Pointing to contingent stakes in U.S. firms Acreage Holdings and

TerrAscend,

which trigger when marijuana is no longer federally illegal, Zuanic thinks Canopy has a first-mover advantage over peers in the event of U.S. legalization.

“At present, Canopy Growth cannot directly invest in either company, so it has only been able to make loans to the respective CBD/hemp businesses of each company,” he noted. “If Canopy indeed sees both companies as potential beachheads to develop its presence in U.S. THC,…

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