Left, a notorious short seller, is bullish on this one cannabis play amid numerous other companies that Citron isn't so sure about.
Tilray shares were falling more than 5% in spite of a price target increase at Cowen. Analyst Vivien Azer nearly tripled her price target to $172 from $62 a share.
Azer said that when Cowen started its cannabis coverage two years ago it didn't account for certain verticals in the industry that have now become apparent.
"Ultimately, we envision four key verticals: adult use, beauty and nutraceuticals, OTC pain and sleep, and pharmaceuticals. We believe that all four of these verticals represent large market opportunities, and CPG veterans are beginning to embrace the broad market potential for cannabis as a global, multi-dimensional category, given the talent migration to cannabis," Azer wrote.
Tilray announced that is has strengthened is presence in Latin America through its acquisition of Alef Biotechnology SpA, a Chilean outfit that will allow Tilray to "import, produce and distribute Tilray branded medical cannabis products in Chile and to create a hub to distribute Tilray products throughout Latin America."
The move expands Tilray's footprint in the region, raising the revenue potential for the expanding company.