Wedbush initiates four cannabis stocks with outperform ratings and Green Thumb Industries as top tick


Wedbush on Friday launched coverage of Green Thumb Industries Inc. GTBIF, +6.54% GTII, +7.07%, Cresco Labs Inc. CRLBF, +7.04% CL, +6.47%, Curaleaf Holdings Inc. CURA, +4.14% CURLF, +3.28% and Trulieve Cannabis Corp. TCNNF, +4.71% TRUL, +6.11% with outperform ratings. Analyst Gerald Pascarelli said of the four cannabis companies Green Thumb Industries ranks as Wedbush’s top pick. “We believe that brighter days lie ahead for the U.S. cannabis industry and that incremental revenues from new states slated to come online for adult use sales, coupled with a normalization in trend in legacy markets, as well as the potential for near-term regulatory reform present a compelling risk/reward setup for the market leading multi-state operators,” Pascarelli said. Stocks in the cannabis sector are now down 60% from peak levels amid delays on federal legalization, oversupply, downward price pressure and headwinds from inflation, he said.

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