Jefferies analyst Owen Bennett initiated coverage of nine cannabis stocks, stating that his base-case "conservative" assumption is that the cannabis industry can grow in size to over $50B by 2029 from $17B in 2019. He started HEXO Corp. with an Underperform rating and C$5.60 price target, stating that he thinks the market "has taken the Molson deal as something more indicative of a stronger business than it is." Hexo "has a robust medical base but seems ill prepared for solo success beyond that," Bennett tells investors.
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