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The company that will wind up the winner in Canada’s budding marijuana industry already exists among the handful of licensed medical marijuana producers, according to Canaccord Genuity, which launched coverage of marijuana companies Monday.

“We believe cannabis to be one of the most exciting areas of investment to emerge in recent years,” Canaccord analysts Neil Maruoka and Matt Bottomley wrote in a note.

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Among the six marijuana companies the analysts now cover, they believe Aurora Cannabis is the best pick due to its low-cost production and funded capacity.

They believe that at $2.42 per share provides the most attractive return. They also said recall-plagued OrganiGram Inc. provides investors with the greatest upside if it can overcome its reputational challenges.

The other two stock picks in its speculative buy category are Emblem Cannabis, which is supported by its position as a purely medical play, and Supreme Pharmaceuticals, which it believes is undervalued as it awaits its sales licence. Meanwhile, they see current market leaders Canopy Growth Corp. and Aphria Inc. as fairly valued.