Before the vote 21.00 CDN 2024-10-31 07:46 ET - In the News
The Globe and Mail reports in its Thursday, Oct. 31, edition that Ventum Capital Markets analyst Andrew Semple has reaffirmed his "buy" recommendation for Trulieve Cannabis. The Globe's David Leeder writes that Mr. Semple gave his share target a $2 boost to $21. Analysts on average target the shares at $24.21. In a report titled Pulls, Puffs, and Polls -- Cannabis and the U.S. Elections, Mr. Semple calls the adult-use ballot initiative in Florida a "huge industry growth catalyst." Mr. Semple says in a note: "Florida is also a highly relevant market for many publicly traded U.S. cannabis companies, providing a huge catalyst opportunity for cannabis investors. If the vote passes, we estimate that Florida's adult-use market could add $3-billion to $4-billion of incremental sales over a three- to five-year time frame, with an overall legal market size projected to be $5-billion to $6-billion per year. Medical cannabis incumbents are very well-positioned to become the first suppliers to the possible adult-use market, and are likely to experience large improvements to sales and earnings once adult-use sales begin. ... We believe the vote has a good probability of passage, though it remains a tight race."