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Canopy Growth Corp. in Smiths Falls is poised to dominate the global cannabis industry, a new report says.

The CIBC World Markets report compares the cannabis industry to both the gold rush and the development of the internet and the automobile. Only a few companies will live up to the “lofty expectations” of many and dominate the global market, said the report from the investment banking arm of the Canadian Imperial Bank of Commerce.

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“We believe that Canopy Growth represents the industry’s best chance at a global titan.”

Canopy has billions in the bank, superior management, the potential to make breakthroughs with new medical products, and global aspirations, said the report. And as the largest and most well-known cannabis company in the world, Canopy also has a head start on global competitors.

“Investors rarely get to witness the birth of an industry,” said the report. While dozens of small and medium-size cannabis firms will earn moderate revenues, only a handful will dominate the global trade, the report predicts.