In a recently released analyst research report, Bryan Garnier & Co.‘s Beverages and Cannabis Specialist Analyst, Nikolaas Faes, just initiated their buy rating on shares of Canadian licensed producer Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB) with a higher price target.

Nikolaas Faes’s new price target of $16 CAD per share implies a potential upside of approximately 61% based on the last traded price of $9.91 CAD on the TSX.

According to the Financial Times, “Mr Faes said the growth of the marijuana industry could present an opportunity for the big beverage and tobacco companies too. “What do beer and tobacco and cannabis do? They intoxicate you, they’re a social lubricant — they’re in the same business.””

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