An Analyst Sees 63% Upside for This Cannabis Stock

As marijuana legalization gains momentum at the state level, this multistate operator continues to burnish its reputation with Wall Street analysts, who see the pot grower outperforming the market…

Joining the crowd looking for Trulieve Cannabis (OTC:TCNNF) to set the pace is Cowen Group (NASDAQ:COWN) analyst Vivien Azer, who just initiated coverage of the stock with an outperform rating and $65 price target.

That’s 63% above where Trulieve closed trading on Thursday, though it’s somewhat below the target some of her peers have set. Canaccord recently raised its target on the stock to 90 Canadian dollars (about $72 per share) while Stifel has a price of CA$118 ($94).

There’s good reason for the optimism. Trulieve cannabis sales account for more than half of all medical marijuana sales in Florida, or around five times greater than runner-up Curaleaf. It also has a customer retention rate of about 70%, meaning consumers are highly satisfied with its product.

With a presence in five other states, Trulieve is looking to replicate its success as sales continue to expand.

Revenue more than…

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