Canada’s cannabis producers’ stocks have continued to rise, as investors have been anticipating upbeat developments for the sector. Moreover, there is some really good news to propel particular growers’ stocks higher.
Canopy Growth (NYSE:CGC) has been the sector’s top performer, as its stock had jumped up by more than 80 percent over the first three weeks of January and skyrocketed by 10 percent last Friday on news that major stock analysts had boosted their views on the cannabis company.
The news that really bolstered Canopy Growth stock was the grower’s management’s announcement of the company’s having received a license by the state of New York to grow and process hemp. Now the cannabis producer is set to invest somewhere between $100 million and $150 million into its New York-based “hemp industrial park” where cannabis research and production operations will be combined.
The good news for Tilray (NASDAQ:TLRY) was the Canadian cannabis company’s unveiling the deal to buy Natura Naturals Holdings Inc, that is expected to close within the next 30 days.
Given the investors’ optimism, the cannabis stocks are likely to continue climbing to higher levels. The financial scouts forecast that Canopy Growth (СGС) might climb to $50, and Tilray might grow to $77, while Aurora Cannabis (TO:ACB), Aphria (TO:APHA) and Cronos are predicted to be priced up to $7, $7.5 and $17-$18, respectively.
Ivan Marchena, Libertex Analyst