Canaccord analyst Bobby Burleson downgraded MJardin Group to Hold from Speculative Buy and lowered his price target on the shares to C$2 from C$5.50. The analyst notes that he reduced his estimates for MJardin largely through the elimination of Massachusetts from his forecast following the CEO change in February, and is now reducing them further, eliminating California and lowering his assumptions for Canada and Colorado based largely on slower than anticipated ramp. While SB 1090 may unlock additional value for Colorado assets, the stock is likely to remain range bound medium term as management defines and implements a new growth strategy, he adds.