Cannabis Watch: Cannabis stocks fall as analyst takes bearish stance on Tilray

Cannabis stocks were mostly lower Friday, after Jefferies started coverage of Tilray Inc. with a bearish underperform rating and questions about the stock’s high valuation.

Tilray Inc. shares TLRY, -1.45% fell 7% before paring those losses to trade down about 2%.

“We appreciate it is well placed in medical but future value here will be driven by IP for which (there is) little visibility near term,” Jefferies analyst Owen Bennett wrote in a note. “Its share structure also raises risk of increased volatility.”

With its global ambitions, Tilray needs to be compared with Canopy Growth Corp. CGC, -0.62%WEED, -0.76% and Aurora Cannabis Inc.

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