Vivien Azer is a top analyst at Cowen and has been covering marijuana companies since 2016.

This past Friday, Azer initiated coverage on several marijuana companies in the United State that she considered worthwhile. She has also projected that U.S. cannabis sales will hit $80 billion by the year 2030.

According to Azer, the operating paradigm for U.S. multi-state cannabis companies is more nuanced given tax differences and restrictions in scientific research.

She has said that “brand development in the U.S. is much easier, given regulatory nuances, which favors the U.S. operators who emphasize a traditional CPG model that relies more on high-margin finished goods, as opposed to specialty retail.”

Azer has put an “outperform” rating on Green Thumb Industries (GTBIF) with a price target of $18.50 a share. She has also given this rating to Curaleaf (CURLF) with a $10.50 price target and Cresco Labs (CRLBF) with a $14 price target.

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