Cowen analyst Vivien Azer initiated coverage Friday of five multi-state cannabis operators, saying she’s bullish on those that rely on the consumer packaged goods model given the higher margins, especially relative to those relying on the retail model. Azer started Green Thumb Industries Inc.
at outperform with a stock price target of $18.50, Curaleaf Holdings Inc.
at outperform with a $10.50 target, and Cresco Labs Inc.
at outperform with a $14 target. “We believe that the greatest shareholder value will be created through businesses that emulate a traditional CPG finished goods model, given its superior margin structure,” Azer wrote in a note to clients. Meanwhile, Azer started MedMen Enterprises Inc.
at underperform with a $1.50 price target. “[MedMen] is the clear leader in the [California] market, with a…