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Globe and Mail..

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Globe says Verano, Green Thumb maintained at "buy"

 

2024-08-29 06:44 ET - In the News

See In the News (C-VRNO) Verano Holdings Corp

The Globe and Mail reports in its Thursday, Aug. 29, edition that following the late Tuesday announcement from the U.S. Drug Enforcement Administration that it has postponed its cannabis reclassification hearing until Dec. 2 after the federal election, Eight Capital analyst Ty Collin sees the timing adding "significantly to the political risk involved." The Globe's David Leeder writes that Mr. Collin has reiterated his "buy" ratings for Green Thumb Industries and Verano Holdings with unchanged share targets of $25 and $14. Analysts on average target the shares at $26.54 and $12.27. Mr. Collin says in a note: "Cannabis shares are trading lower off of this news because the date of these hearings pushes out the expected timeline for rescheduling implementation and increases the political risk involved by potentially having the process cross into a new presidential term. Many industry observers (including ourselves) believed that a final rule might be published by/around the Nov. 5 election, with some believing that hearings would be bypassed altogether, which would have mitigated this risk. ... We believe a Harris administration would likely continue with the rescheduling process started under President Biden."