In a recently released analyst research report, Roth Capital Partners Director and Research Analyst, Scott Fortune, reiterated his buy rating on shares of U.S. multi-state cannabis operator Green Thumb Industries Inc. (CSE:GTII) (OTC:GTBIF) with a price target that suggests some noteworthy upside to come.
This analyst update comes just a few days after Green Thumb opened its third location in Florida, marking its 20th marijuana dispensary in the country. It also comes just a few days after GMP Securities‘ analyst Robert Fagan reiterated his buy rating on GTII following the company’s strong Q1 2019 financials.
Fortune, on the other hand, is bullish on legalization in Illinois.
Scott Fortune’s price target of $31.50 CAD per share implies a potential upside of approximately 98.61% based on the last traded price of $15.86 CAD per share on the CSE.
According to StreetInsider, “The state of Illinois passed legislation legalizing recreational cannabis use for adults 21 and older, beginning on January 1, 2020. IL is currently the fifth most populous state in the U.S. with approximately 13 million people. Illinois’ legislation, with its state debt issues, was thoughtful on social justice issues and practical from a tax revenue perspective. Bottom line, we expect the IL recreational market will be significantly larger than the average five times the size of the state’s medical program.”
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