Aurora Cannabis (ACB) - Get Report is already Canada's adult use marijuana market share leader and now it's Cowen analyst Vivien Azer's top pick in the space after having coverage initiated at the research house.

Aurora Cannabis was initiated with an outperform rating and C$14 price target. The stock closed Monday's session on the Toronto Stock Exchange at C$9.60 per share. The stock is up 8.34% in trading on the New York Stock Exchange Tuesday.

The firm noted that with a full 20% market share in Canada and presence in 23 international markets Aurora has a distinct advantage in growing its global footprint.

"ACB is well positioned to benefit in the early innings of the Canadian adult use market, given its impressive 20% market share to date and #2 position by in-stock (stock keeping units), based on our analysis," Azer wrote. "In addition, the company's large cultivation footprint, capable of producing over 575,000 kg, provides ACB with the necessary infrastructure to weather early storms in adult use while continuing to grow higher-value revenues in the medical market"

Additionally, Azer raised the company's international medical marijuana market size forecast to $31 billion by 2024, up from $9 billion previously.

Aurora replaces Canopy Growth (CGC) - Get Report as the firm's top pick, though Azer noted that while Aurora will probably need to raise capital in coming quarters, Canopy Growth has a C$5 billion cash pile to fund its expansion.