Cannabis stocks are trading in the high green on Thursday following the announcement of a report that suggests consumers are stocking up on cannabis amid the COVID-19 outbreak.
Bank of America equity analyst
Christopher Carey said that sales of Canadian and U.S. cannabis products are increasing over the past week, a clear sign that the pot sector may actually be adopting defensive playbook in current market conditions.
Carey also states that
Aphria Inc. (
TSX.APHA), with an nearly 12 percent bounce on Thursday, may see its market share in Canada rise as its peers may struggle to move product. Carey boosted Aphria's rating to a 'buy' despite lowering his price target to $5 a share.