Canopy Growth leads cannabis stocks higher after GMP upgrades to buy

Cannabis stocks were mostly higher on Monday, with Canopy Growth Corp. leading the gainers after two bullish analyst notes highlighting the merits of a deal announced last week.

The deal gives Canopy a foothold in the U.S. market, which is estimated at about $10 billion, or 10 times larger than Canada, which fully legalized cannabis last October, said the note. Acreage is already in 20 states with 87 dispensaries and 22 cultivation and processing sites. Separately, Benchmark analyst Mike Hickey said the deal “illuminates a path for the U.S. cannabis market.” Benchmark already rates Canopy a buy and has a C$100 price target, which is 63% above the price of the Canadian-listed stock.

Net income is expected to range from C$12 million to C$14 million, up from C$11.4 million. The company harvested about 9,424 kg of cannabis from its Niagara Facility, up 96% from the fourth quarter. The average revenue per dry gram rose 14% in the quarter. “This step will assist TGOD in transforming our premium quality organic raw material into a variety of higher-margin cannabis products which is core to our business plan, providing us with the opportunity to bring to market innovative and novel products, including beverages and edibles, once regulations permit,” the company said in a statement.

Aphria Inc. stock APHA, +2.61% APHA, +1.76% was up 0.7% and Aleafia Health Inc. ALEF, +2.25% ALEF, +2.25% was up 7.92%. OrganiGram Holdings Inc. OGRMF, +2.82% OGI, +2.39% was up 2.6%.

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