Ahead of its fourth quarter results, Canaccord Genuity analyst Neil Maruoka says investors should take a long look at Aurora Cannabis (Aurora Cannabis Stock Quote, Chart, News: TSXV:ACB).

On Monday, Aurora will report its fourth quarter and fiscal 2017 results. Maruoka thinks the company will report EPS of $0.02 and EBITDA of $3.5-million on revenue of $7.8-million.

The analyst says there are a number of catalysts on the horizon for the company, including its recent entry into the German market, its poential in the CBD market, and the completion of its planned 800,000 square-foot Aurora Sky hybrid greenhouse. But the analyst says one development could change the whole picture for the LP.

“Our unrisked analysis for Aurora suggests a valuation in excess of $5.00 per share if marijuana is legalized in Canada, supporting our SPECULATIVE BUY rating as the pathway to the rec market further unfolds this year,” Maruoka says. “We would remain buyers of the stock ahead of construction milestones for the Aurora Sky facility and the potential for a German production license over coming months.”

In a research update to clients today, Maruoka maintained his “Speculative Buy” rating and one-year price target of $2.85 on Aurora Cannabis, implying a return of 3.6 per cent at the time of publication.

Maruoka thinks Aurora will generate EBITDA of $2.0-million on revenue of $20.0-million in fiscal 2017. He expects those numbers will improve to EBITDA of $33.2-million on a topline of $69.0-million the following year.