There was a piece of positive news for cannabis shares this past Tuesday, as most were visibly higher. The standout stock was Aurora Cannabis Inc., whom Cowen selected as its top pick in the cannabis sector. The high performance can be attributed to the growing opportunities in the Canadian market as well as in the international medical market.
Aurora stock observed a 9% increase, coming off the back of being assigned an outperform rating by Cowen. All indicators suggest that the stock will continue to attract positive news due to the company’s large production value totaling close to 575,000 kg of cannabis for both medical and recreational use.
With the projected growth of both the cannabis international medical market, and Canadian recreational and medical markets, it appears there is no stopping the rise of Aurora stock.
Aurora Cannabis is currently present in 23 international markets, with that number expected to rise within the coming years, and this gives it a healthy boost to capture the global market. Cowen projects that Aurora will generate C$305 million in revenue in 2019, increasing to an estimated C$742 million in 2020, and C$ 1.34 billion in 2022.