Vivien Azer, an analyst at Cowen, who is reknown for analyzing the marijuana arena, has said that the marijuana market will be a lot bigger than she first thought.

She has tripled her 12-month price forecast on Tilray, a Canadian marijuana producer, from $62 to $172.

Canada is just days away from starting legal recreational marijuana use in the country. Each of the country’s 10 provinces will be able to regulate the market within their jurisdiction.

Cowen has said that with Canada about to make this move, and big companies announcing strategic partnerships with marijuana companies, the market for the substance is better than first anticipated.

“With cannabis, you’re talking about this massive step change in terms of the addressable market,” Vivien Azer remarked on CNBC’s “Squawk Box.”

She added, “You’re bringing a $7 billion illicit market into the legal market and so it does require a different valuation framework.”

While Azner doesn’t have a number on how big the industry will get, she cites a cannabis executive who estimated the market could be one day worth $500 billion.

“Our broader, big picture view of cannabis goes beyond the adult use launch in Canada,” Azner wrote recently. “Rather, we believe this is the first step toward the establishment of cannabis as a key functional ingredient touching multiple consumer categories with four key verticals: adult use, beauty and nutraceuticals, OTC pain and sleep, and pharmaceuticals.”

Azner has also increased her forecast on Canadian pot company Canopy Growth.

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