In a recently released analyst research report, Beacon Securities‘ Managing Director of Equity Research, Russell Stanley, reiterated his buy rating on shares of U.S. multi-state operator Green Thumb Industries Inc. (CSE:GTII) (OTC:GTBIF) with a price target that suggests some huge upside to come.
Just a few days ago, Green Thumb Industries opened its second retail location in Florida, Rise Pinellas Park, on April 26th. This marked the first cannabis dispensary to open in Pinellas Park and Green Thumb Industries’ 16th retail location in the United States.
Russell Stanley’s price target of $44.00 CAD per share implies a potential upside of approximately 126.22% based on the last traded price of $19.45 CAD per share on the CSE.
According to Cantech Letter, “Stanley applauds the move by Green Thumb, noting that he believes the Florida market remains under penetrated versus states such as Arizona. He says the company’s stock is cheap, trading at a 64 per cent discount to similarly-sized peers.”
In his note to investors, Stanley noted that “Potential catalysts include the closing of the acquisitions in Nevada (Essence) and New York, the forthcoming Q1/19 results in May, and additional progress on the retail buildout.”
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