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Zandberg raised his stock price target to $15 from $13, or 86% above its current trading level.
Elsewhere, investors are expecting the big tobacco companies to make a move on the weed market, following comments to that effect from senior executives at Altria Inc. MO-1.83% last week. Altria is the owner of Philip Morris USA, the maker of Marlboro cigarettes.
So far, while beverages companies have been entering the growing weed market, tobacco has remained on the sidelines. But as MarketWatch columnist Nigam Arora notes in a Monday column, tobacco companies are facing declining sales and backlash against the health risks of smoking, while cannabis is increasingly being touted for its health and medical benefits.
The big companies may be awaiting clarity from the current administration of President Donald Trump on the legal status of cannabis products. The substance is still a Schedule I drug at the federal level, putting it in the same category as heroin and cocaine. Attorney General Jeff Sessions is a known opponent of cannabis legalization and has showed few signs of easing regulations.
Among U.S.-based stocks, Nevada-based Cannabis Sativa Inc. CBDS-0.51% rallied 11%, while shares of Colorado-based farmer GrowGeneration Corp. GRWG+0.21% jumped 5%. Ianthus Capital Holdings Inc. ITHUF+7.38% which owns cannabis cultivators, processors and dispensaries across the U.S., soared 10%.
The Horizons Marijuana Life Sciences Index ETF CA:HMMJ+2.39% which tracks more than 20 cannabis companies in North America and trades on the Toronto Stock Exchange, was up 3% and has gained 23% in 2018.