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Fly News Breaks for March 20, 2019
Mar 20, 2019 | 11:38 EDT
Canaccord Genuity analyst Bobby Burleson earlier today initiated coverage of Plus Products with a Speculative Buy rating and C$8 price target. Through its popular line of gummies, Plus has attained leading share of the legal edibles market in California, which is arguably the world's most competitive, Burleson tells investors in a research note. He thinks the company will be able to leverage this leadership into continued "strong growth" for existing products and gains in additional edibles categories. Plus Products is poised to convert shelf space, brand awareness, and operational excellence into penetration of baked goods and mints, contends the analyst. Burleson believes California alone should represent a roughly $1B edibles opportunity by 2022. Shares of Plus Products are down 7c to $4.49 in late morning trading.
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