Analyst Raises Canopy Growth Price Target Ahead Of MORE Act Vote

Analysts are hyping up marijuana stocks ahead of this week's Congressional vote on The Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019.

Set for a vote by Congress between December 2-4, 2020, the MORE Act — sponsored by Vice President-elect Kamala Harris — decriminalizes marijuana at the federal level and allows the states to set their cannabis regulation policies.

The Analyst: Bank of America analysts Bryan Spillane and Lisa Lewandowski released an analyst note Monday focusing on Canopy Growth (NASDAQ: CGC).

They raised the price target on Canopy stock from CA$30 ($27.06) to CA$42 ($32.37) based upon ~19x CY21e EV/sales, and maintained ‘Buy’ rating on it.

They explained that potential changes to the US federal law on cannabis bode well for the overall cannabis sector, …

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More Analyst Raises Canopy Growth Price Target Ahead Of MORE Act Vote