TerrAscend Corp. on Friday capped its roughly 64% first-half share-price gain with an upgrade by one analyst and upbeat comments from another as the firm next week becomes the first cannabis company operating in the U.S. to trade on a major exchange.
TerraAscend TRSSF TER will start trading Tuesday, the July 4 holiday in the U.S., on the Toronto Stock Exchange under the ticker symbol “TSND.”“We think this has the potential to drive meaningful support to the valuation, primarily through greater institutional access, but also a broader retail investor base,” Jefferies analyst Own Bennett said in a research note on Friday.
strongest near-term growth outlooks thanks to its exposure to high-growth markets” including New Jersey and Maryland and exclusive rights to the Cookies brand for indoor-grown products in New Jersey, Michigan, Pennsylvania and Maryland. Adult-use cannabis sales in Maryland kick off on Saturday. “U.S. cannabis multiples are depressed not due to fundamentals, which remain attractive, but due to the current federal illegality, and linked to that, the exchanges they have been trading on,” Bennett said. “This severely restricts institutional access for a couple of reasons. One, many can’t or won’t invest due to the current legal status and fear of federal prosecution or indeed reputational damage.
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