Shares of Canadian cannabis company Cronos Group Inc. fell in a rising market Monday, after BMO Capital Markets became the latest house to downgrade the stock that has gained more than 100% in the year to date.

Analyst Tamy Chen lowered her rating to underperform from market perform, the equivalent of a sell rating. The stock CRON, -4.70% is now trading at 85 times her estimate for Ebitda, or earnings before interest, taxes, depreciation and amortization, she wrote in a note to clients. That compares with rivals Aurora Cannabis Inc., trading at 40 times estimated EBTIDA and Tilray Inc., trading at 70 times estimated Ebitda.

The analyst said Cronos lags behind other licensed producers in Canada in building out its production capacity.

The move comes after GMP Securities downgraded Cronos to hold from buy in February, and Jefferies initiated coverage with an underperform rating. Cowen initiated coverage of the stock on March 5 with a market perform rating.

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The stock has an average hold rating among 11 analysts polled by FactSet, and an average price target of $20.30 below its current price of $21.15. Shares were down 4% in afternoon trade.

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In other company news, Valens said it has signed a multiyear cannabis and hemp extraction agreement with The Green Organic Dutchman. Under the terms of the deal, TGOD will provide Valens with an annual minimum of 30,000 kg of cannabis and hemp biomass in the first year, rising to 50,000 kg in the second year. Valens will process the weed into resins and distillates, which TGOD will use to produce oils, sprays and capsules. The first shipment is expected to arrive early in the second quarter.

Valens shares US:VGWCF were up 6.8%, while TGOD TGODF, -4.08% TGOD, -4.61% was up 2.7%.

Aurora said it has started selling cannabis oil to pharmacies in Germany, after receiving all of the necessary approvals from the Canadian and German authorities. Shares ACB, -25.82% .

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ACB, -25.79% Elsewhere in the sector, Tilray TLRY, -8.66% was down 0.9%, Aphria Inc. APHA, -2.31% APHA, -2.49% was up 1.9% and Hexo Corp. HEXO, -5.17% HEXO, -3.19% was up 1.7%.

The Horizons Marijuana Life Sciences ETF HMMJ, -3.40% was up 1.5% and the ETFMG Alternative Harvest ETF MJ, -4.59% was up 1.4%.

The S&P 500 SPX, -0.76% was up 1.0% and the Dow Jones Industrial Average DJIA, -0.45% was up 0.3%.

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