Curaleaf price target lowered to $8 from $11 at Alliance Global Partners

Alliance Global Partners analyst Aaron Grey lowered the firm’s price target on Curaleaf to $8 from $11 and keeps a Buy rating on the shares after NJ’s Cannabis Regulatory Commission Board went against the staff recommendation and elected to not renew the company’s adult-use license for two cultivation, one manufacturer, and two retail facilities. The firm looks for Curaleaf to appeal the decision as soon as possible and move towards legal action via appellate courts, but as it stands today it should be assumed that Curaleaf ceases adult-use operations at two of its stores in NJ as well as its Winslow cultivation, the analyst tells investors.