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Cronos Group Inc

Cronos Group shares pop on rare double upgrade Bank of America Merrill Lynch analyst

Christopher Carey upgraded the cannabis company to Buy from Underperform and boosted his price target to $20 from $13

Cannabis
Cronos is an investment firm that primarily operates in the Canadian cannabis sector

Cronos Group Inc (NASDAQ:CRON) stock surged after earning a rare double upgrade from analysts at Bank of America Merrill Lynch.

According to a published report by TheStreet, analyst Christopher Carey upgraded the cannabis company to Buy from Underperform. He boosted his price target to $20 from $13, a 39% premium on its Tuesday close.

Shares jumped 7.4% to C$20.75 on the TSX and 8% to US$15.57 on the Nasdaq.

READ: Cronos inks cannabis concentrate supply agreement with MediPharm Labs

"Following recent [management] comments, we have improved confidence CRON is near announcing its launch, in our view a significant catalyst: (1) improving near-term visibility in the largest market for cannabis derived compounds in the world, (2) CRON beginning to flex its near group-leading balance sheet (C$2.4 billion cash) and partnerships (Altria, MO) to begin a transformation we see creating a vastly different co. in the years ahead," Carey wrote.

Cronos is an investment firm that primarily operates in the Canadian cannabis sector.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Cronos Group Inc

Price: $10.23

Market: NASDAQ
Market Cap: $3.44 billion
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