Cannabis stock Sunniva is a buy, says Beacon Securities – Cantech Letter

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While there is no shortage of “we will grow weed and sell it” claims in North America’s burgeoning rec cannabis space, newly listed Sunniva Inc. (CSE:SNN) has the management experience to get the job done and an agreement in hand to supply industry leader Canopy Growth with cannabis, says Vahan Ajamian, analyst with Beacon Securities, who on Monday launched coverage of Sunniva with a “Speculative Buy” rating and 12-month price target of $16.50.

Along with owning and operating eight medical cannabis clinics in Canada and a private label vaporizer and accessories business, Vancouver-based Sunniva is in the midst of constructing cannabis facilities in both BC’s Okanagan and Cathedral City, California.

Last week, the company closed on a $27.8 million bought deal with lead underwriters Beacon Securities and Canaccord Genuity. Sunniva also announced in February the signing of a definitive supply agreement with Canopy Growth who will purchase up to 45,000 kg of dried cannabis annually from the company.

“This Agreement represents a significant milestone for Sunniva,” said Leith Pedersen, President, Sunniva in a press release. “Providing the

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