September 25, 2018 / 11:15 AM / 10 months ago

BUZZ-Canopy Growth: Benchmark starts with 'buy', sets highest PT on Street

** Benchmark starts its coverage on Canopy Growth Corp with a “buy” rating citing the Canadian marijuana producer’s exposure to meaningful demand drivers

** U.S.-listed shares of Canopy up 3 pct at $54.10 before the bell

** Sets a C$100 PT, easily the highest on the Street, implying a 47 pct upside to WEED’s last close

** Brokerage says vertically integrated Canopy Growth is an early leader in the rapidly growing cannabis market in Canada and is poised to benefit from the legalization of recreational cannabis use in the country which starts next month

** Sees an early mover advantage in Canopy for creating national brands and products across a broad category range including beverages

** Also says the company is well-positioned to take a meaningful share of the potentially enormous international opportunity

** Constellation Brands’ $4 bln investment in Aug is a game changer which will allow co to build out its global distribution, production and retail infrastructure either internally or through M&A - Benchmark

** Both U.S. and Canadian shares of Canopy have more than doubled since STZ’s investment announcement (Reporting by Medha Singh in Bengaluru)

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