Canadian marijuana stocks have been on fire and yesterday, the sector continued to move higher. The recent rally has been driven by several developments, however, none have been as significant as Constellation Brands’ (STZ) $245 million investment into Canopy Growth Corp (WEED.TO) (TWMJF).
Following Constellation’s investment, Canadian cannabis stocks came back into the limelight as almost every mainstream financial media outlet in the world reported on this development. This investment provided more the cannabis industry with more than just capital. It provided a level of legitimacy to an industry that is unfairly scrutinized.
If you look at some of the developments that have taken place after Constellation’s investment, you can see the significant impact that it had.
10 Canadian Cannabis Stock Developments to Know
Today, we highlighted 10 stock rating changes and financing deals that were reported or completed after the investment was made.
On October 30th, Canaccord Genuity changed its rating on Canopy Growth from Sell to Hold and raised its price target from $14 to $11
On October 30th, PI Financial raised its price target on Canopy Growth from $13.25 to $18
On November 1st, Eight Capital raised its price target on Canopy Growth from $12 to $18
On November 1st, CannTrust increased the size of its bought deal to $17.5 million from $15 million
On November 2nd, Aurora Cannabis (ACB.TO) (ACBFF) completed an oversubscribed private placement and raised $75 million.
On November 2nd, Canaccord Genuity raised its price target on Aurora from $3.25 to $3.65
On November 2nd, MedReleaf (LEAF.TO) (MEDFF) started being covered by Canaccord Genuity and was issued a Speculative Buy rating and a $15 price target.
On November 2nd, WeedMD completed a $15 million private placement
Yesterday, Eight Capital raised its price target on WeedMD (WMD.V)(WDDMF) from $2.25 to $2.50.
Yesterday, Eight Capital cut its price target on Maricann Group Inc. (MARI.CN) (MRRCF) from $6 to $3.
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