Alliance Global Partners initiates coverage of Verano with buy rating

Alliance Global Partners on Friday launched coverage of U.S.-based cannabis multi-state operator Verano Holdings Corp. VRNOF, +1.05% VRNO, +1.20% with a buy rating and a price target of C$30 ($23.61) a share. Analyst Aaron Grey said the company is trading at a discount relative to its peers. “We believe the company will continue to close this gap over time as [it] grows the Verano brand in key markets, increases its mix of wholesale products and demonstrates its ability to successfully integrate acquisitions,” Grey said. Verano’s “strong” balance sheet will also create opportunities to expand its geographic footprint or deepen its penetration in existing states, he said. Shares of Verano rose 2.5% in premarket trades.