In a recently released analyst research report, Desjardins Group analyst, John Chu, reiterated his hold rating on shares of international cannabis giant Canopy Growth Corp. (TSX:WEED) (NYSE:CGC) with a price target that suggests some decent upside is still to come.
This analyst guidance comes just a few days after Canopy Growth Corporation announced that it received a new license from Health Canada permitting it to grow cannabis at an outdoor site in northern Saskatchewan. Hours after receiving the license, Canopy planted the first cannabis cuttings at their 160-acre cultivation field in the province.
John Chu’s price target of $63.00 CAD per share implies a potential upside of approximately 20.11% based on the last traded price of $52.45 CAD per share on the TSX.
Subsequent to Chu’s analyst update, Canopy Growth has announced that it has completed the acquisition of Saskatoon-based bio-product extractor KeyLeaf Life Sciences, formerly known as POS Bio-Sciences, to help as the company refines its commercial-scale extraction model for Canadian and global markets.
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