Cannabis stocks are looking to become a booming industry once again. Canadian growers are beginning to crossover with those in the slowly legalizing United States, and partnerships are exposing powerhouse companies from up north to a whole new, much broader audience. Tilray (NASDAQ:TLRY), a favorite among retail investors, is one such company. As the ink dries on the contract that will expand its market to America, Tilray (TLRY) stock price predictions are heating up.
Tilray is looking to dominate the American market as federal legalization inevitably approaches. Today, they are taking a sweeping step closer to that with their new majority position in U.S. cannabis company MedMen (OTCMKTS:MMNFF). Tilray will be acquiring up to 75% of MedMen’s convertible notes as a result of the transaction.
MedMen is a major player in the U.S. cannabis industry. The company’s presence is mostly in California, where it offers dispensary and delivery services. Tilray CEO Irwin Simon reiterates this acquisition as a major moment for expansion, saying it “is a critical step towards delivering on our objective as we work to enable Tilray to lead the U.S. market when legalization allows.”
Analysts are growing fonder of TLRY stock over the news as well. As The Street reports, Pablo Zuanic of Cantor Fitzgerald is doubling down on his overweight valuation and upping his price point to $19; Oppenheimer analyst Rupesh Parikh is reiterating the firm’s long-term interest in the stock.
Tilray (TLRY) Stock Price Predictions: Is TLRY Primed For Big Gains?
What might other analysts be thinking in terms of their Tilray (TLRY) stock price predictions? Is this acquisition enough to catalyze new price highs? TLRY stock is currently sitting at just under $14, after a gain of 4.34% this morning. Let’s take a look and see how much higher analysts think it can go:
- Cowen & Co.’s Vivian Azer is quite bullish on TLRY. Her price point for the stock stands at $23.
- Heather Balsky, analyst for Bank of America, is similarly bullish, setting a price point of $21.50 for the stock.
- Aaron Grey of Alliance Global is one of few analysts downgrading his price prediction. The analyst dropped his price point to $15, which still represents gains for the play.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.