August 16, 2018 / 10:48 AM / a month ago

BUZZ-Canopy: Cashed-up for a run at new cannabis markets, say analysts

** Canopy Growth up 2.7 pct premarket, set to add to its 30 pct surge Weds. on Constellation Brands investing another $4 bln in Canada’s top cannabis producer

** Canopy plans to use proceeds to grow in ~30 countries likely to approve medical marijuana and targets C$1 bln in overseas acquisitions over next 6-12 months

** Canaccord Genuity believes Canopy is primed to execute on a global first mover advantage, with C$5 bln to hit its balance sheet in Oct and ~12x more cash than its Canadian rivals

** Says Canopy can make a “land grab” for blue-chip intl’ assets as it has the currency in stock and almost as much cash as has been raised in the entire Canadian weed industry to date

** Canaccord raises rating to “speculative buy” from “hold” and raises PT to C$50.00 from C$34.00

** PI Financial also bullish on WEED’s early-mover advantage for new markets; keeps “buy” and raises PT to C$60 from C$45

** The deal spurred a rally in weed stocks on Weds. ; Short-seller Citron predicts medical marijuana Co Tilray is next in line for a white knight (Reporting by Savio D’Souza)

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