Pot Sales Jump as More People Stay at Home: Bank of America
- Aphria best positioned to capitalize; upgraded to buy
- Tilray cut to underperform following discounted share offering
Cannabis is looking increasingly like a defensive category, like alcohol and tobacco.
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More people stuck at home has led to a higher demand for cannabis, and Aphria Inc. is one of the best-positioned companies to take advantage of that trend, an analyst at Bank of America said.
“Our checks across North America were consistent: regardless of region, cannabis purchases have accelerated,” analyst Christopher Carey said in a note. “While likely on pantry loading, it’s not unreasonable to think there will be some boost to per capita consumption as people stay at home longer.”