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Home Investments Marijuana Stocks

Canaccord Issues ‘Hold’ Rating on Shares of Cronos Group

Steven Lachard by Steven Lachard
August 15, 2018
in Marijuana Stocks, Trading
Cronos Group Upgraded to a Hold - Marijuana Stocks News
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Canaccord‘s Matt Bottomley just upgraded shares of Cronos Group Inc. (TSX:CRON) (NASDAQ:CRON) from a “Sell” to a “Hold” alongside a price target of $7.50 CAD per share, equivalent to roughly $5.71 USD. Bottomley’s price target is $2.50 CAD per share lower than the $10.00 CAD per share price target issued last month by GMP’s Martin Landry. 

He believes Cronos has added a number of “compelling” strategic initiatives, such as a supply agreement into Poland’s recently legalized medical market; a partnership with MedMen in Canada; the creation of Cronos GrowCo; and the take-or-pay supply agreement with Cura Select of the U.S.

Potential Downside

With a last trade price of $8.42 CAD for shares of Cronos on the TSX, this price target represents roughly 10.9% of potential downside.

Context

Earlier this week, Cronos Group released financial results for the second quarter ended June 30, 2018, which showed a year-over-year sales increase of over 400%.

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Tags: Canaccord Genuity Corp.Cronos Group Inc.licensed producerMatt BottomleyNASDAQ:CRONTSX:CRON

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Steven Lachard

Steven Lachard

Steven Lachard is a staff writer for MJobserver.com with a particular focus on marijuana stocks. Beyond MJobserver.com, Steven's pot stock insights have been featured on TalkMarkets.com and more.

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