In a recently released analyst research report, Bank of America Merrill Lynch Vice President and Equity Research Analyst, Christopher Carey, initiated coverage on shares of Canadian licensed cannabis producer CannTrust Holdings Inc. (NYSE:CTST) (TSX:TRST) with a buy rating and a price target that suggests the stock could almost double from here.

With this, CannTrust joins a handful of other cannabis stocks covered by Christopher Carey including Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB), Canopy Growth Corp. (NYSE:CGC) (TSX:WEED), HEXO Corp. (NYSE:HEXO) (TSX:HEXO) and more.

Christopher Carey’s price target of $11.00 USD per share implies a potential upside of approximately 92.31% based on the last traded price of $5.72 USD per share on the New York Stock Exchange.

According to TheFly, “BofA/Merrill analyst Christopher Carey initiated CannTrust with a Buy and $11 price target saying fundamentals remain intact following earnings and an equity offering. Carey said the company’s balance sheet has expanded following recent financing and valuation is attractive.”

It should be noted that just over one month ago, Merrill Lynch acted as a lead book-running manager for CannTrust Holdings’ $200 million USD secondary public offering.

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