Jushi Sees Canaccord Reiterate US$10 Price Target After Management Change-up
On June 30th, Jushi Holdings Inc. (CSE: JUSH) announced management and board of director changes. The company announced that Erich Mauff will be stepping down as Co-President and from the board, but will remain a consultant with the company for the next 24 months.
This transition has reportedly been underway for some months now. Additionally, they announced that Leonardo Garcia-Berg will be appointed Chief Operations Officer.
The company currently has seven analysts covering the stock, with a weighted 12-month price target of C$12.80, or an 85% upside. Out of the seven, three have strong buy ratings and four have buy ratings. The street high comes from PI Financial with a C$14.00 price target, and the lowest sits at C$11.50 from Ladenburg Thalmann.
Canaccord analyst Bobby Burleson reiterated his U$10.00 (C$12.61) price target and speculative buy rating in Canaccord’s note. He comments, “We view these developments as naturally fitting the evolution of JUSHF.” They believe Mauff has done his job of “helping to finance, establish, and expand the company’s operational footprint across several core markets.”
Burleson also notes that Virginia’s cannabis laws have just gone into effect as of June 1st. It is now legal for people over 21 to possess up to one ounce of cannabis, but stores won’t be opened until 2024. However, Burleson says, “the legal sale of smokable flower through an expanded medical program is likely to happen by the fourth quarter of this year.” Burleson reiterates his Virginia sales for Jushi at $45 million for the year. This represents roughly 12% of the market.
Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
