January 25, 2019 / 2:07 PM / 2 years ago

BUZZ-Canopy Growth: Higher as Piper hikes price target by 50 pct

** U.S.-listed shares of Canadian pot firm Canopy Growth up 5 pct at $46.46 as Piper Jaffray hikes its PT by 50 pct

** Analyst Michael Lavery, who has “overweight” rating, raises target from $40 to $60, the fly.com reports

** Lavery continues to estimate $250-$500 bln potential long-term global cannabis market, with $15-$50 bln opportunity

** Considers Canopy’s recent approval of New York state hemp license to be a “tangible first step forward” in the U.S. that points to beginning of a “long” growth trajectory

** On Jan 14, Canopy’s stock gained >11 pct after co announced NY hemp license and co said it will establish U.S.-based commercial operations

** The U.S. Farm Bill removed hemp from the Controlled Substances Act, allowing for its commercial production in the U.S., as long as those plants contain no more than 0.3 pct of the psychoactive compound known as THC

** So far this year, CGC.N shares up 65 pct, TSX-listed shares up 61 pct

** Other pot stocks Tilray, Aurora Cannabis and Cronos Group all rising ~3 pct premarket

** Cannabis-focused ETFMG Alternative Harvest ETF up ~2 pct before the bell

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