Cannabis stocks are popping
Several catalysts are driving cannabis stocks higher today. First, media outlets are reporting that Piper Jaffray, a highly respected investment firm, initiated coverage on the cannabis industry with an “overweight” rating on Canopy Growth (CGC) and Tilray (TLRY).
Just yesterday, Cowen and Company, another well-respected investment firm, gave a bullish perspective on the US cannabis industry (HMMJ), raising sales estimates to $80 billion by 2030. Piper Jaffray expects the global industry to rise to $250 billion–$500 billion. Read US Cannabis Sector Bets Are Getting Bolder Every Day.
In contrast to the above stocks, Aurora Cannabis (ACB) received a price target cut this morning from Eight Capital, and the consensus analyst estimates for Tilray’s upcoming quarterly earnings were expected to see an increase in loss per share. Read our Morning Cannabis Roundup: CGC, ACB, TLRY, and Others.
At around 11:15 AM EST on January 9, Canopy Growth (CGC) (WEED) was up as much as 7%, while Aurora Cannabis (ACB) climbed by 2.2%. Tilray (TLRY), however, was weighed down by the larger expectation of loss in the upcoming quarter. HEXO (HEXO) was also trading nearly 1.6% lower.
Check back for more updates.