Cannabis cos: Cowen picks potential winners ahead of legalization referendums

Cresco Labs

10/09/2020 16:07

** Brokerage Cowen and Company lists U.S. states that could
see cannabis legalized ahead of November vote, and names
companies that would benefit from such a move 
    ** Four U.S. states will have ballot referendums to legalize
cannabis for adult use on Nov. 3, while two states will have the
potential to legalize cannabis for medical use 
    ** On adult use, brokerage most optimistic about
legalisation in Arizona and New Jersey
    ** Says it is hopeful that both Mississippi and South Dakota
will get the requisite number of votes to implement a medical
cannabis program
    ** Adds legalization could lead to an incremental $284 mln
in total U.S. legal sales in 2021, which could grow to $1.7 bln
and $2.2 bln in 2022 and 2023, respectively
    ** Says pot stocks including Curaleaf Holdings  CURA.CD ,
Green Thumb Industries  GTII.CD , Acreage Holdings  ACRGu.CD 
and Cresco Labs  CL.CD  stand to benefit from adult use
legalization 
    ** CURA, with exposure to both Arizona and New Jersey,
stands to be the biggest beneficiary - Cowen

 (Reporting by Shruti Sonal in Bengaluru)
 ((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26))