在去年7月Tilray進入股市成為首只大麻股后，幾十家同類公司紛紛效仿。評級機構晨星的分析師克里斯托弗·英頓預計，到2030年，大麻市場整體規模將是現在的9倍。

英頓對《財富》雜志說：“這些企業全都是成長型行業中的成長型公司。”多家主要大麻公司都在燒錢，但英頓表示這在意料之中。他指出，許多較大的公司都有良好的利潤率，毛利潤也為正，而且其“收入有巨大的增長潛力”。

那么，對于大家現在就可以交易的一些頂尖大麻股，分析師有何評價呢？

1—Tilray （持有）

這家加拿大大麻公司于7月底上市，成為市場上第一只大麻股。IPO以來，該公司股價經歷了劇烈震蕩。

去年Tilray急劇下跌，最近則持續上漲，原因是有消息稱該公司將收購酒精糖果制造商Smith & Sinclair，從而創造出含有大麻二酚的產品。

晨星的分析師英頓說Tilray“估值合理”，他對這只股票的評級是“持有”。Cowen & Co.的分析師薇薇安·阿澤爾則略樂觀一些。Tilray與彼得·蒂爾資助的私募股權控股公司Privateer進行下游合并后，阿澤爾維持Tilray的“跑贏大市”評級不變。

Tilray還與百威英博聯手研究大麻飲品，分析師則普遍看好它們在飲料方面的合作。

英頓對此的評價是：“我會關注其策略。5至10年后這個行業一定會發生變化，所以重要的一點是考慮到這些公司在開發方面的著眼點及其開發所針對的終端市場。”

2—Cronos （持有/賣出）

分析師不那么看好Cronos，主要是因為它的估值及其選擇的合作伙伴。

晨星的分析師英頓說他們保持Cronos的“賣出”評級不變，而且認為市場“對這只股票的估值很充分，甚至有些偏高”，原因是和大麻行業的其他戰略合作相比，Cronos和煙草集團高特利結為合作伙伴“不那么合理”。

去年年底，高特利，也就是菲利普-莫里斯的母公司向Cronos大舉投資18億美元，占其股本的45%。但有些分析師不那么肯定這是件好事。

英頓說：“從開發食品或飲料的角度可以看到和Constellation以及百威英博有經營協同，以及在那個領域怎樣樹立品牌和經銷，但我們并沒有真正看到一家煙草公司和一家大麻公司之間也有這樣的協同效應。”他認為煙草消費者要的是產品和品牌保持不變，而大麻是一種類似于酒精的“體驗”，因此Cronos的這項措施不怎么合理。

Cowen & Co.的分析師阿澤爾則給出了“與大市持平”評級，她說“估值和實現盈利的道路較長讓我們無法”給予更高的評級。

過去六個星期Cronos持續下滑，目前股價在14美元至15美元之間波動。

3—OrganiGram （買入）

分析師看好呈上升態勢的加拿大大麻產品生產商OrganiGram。

他們全都大力推薦“買入”這只股票，而今年年初以來，OrganiGram已經上漲了70%左右。

和加拿大所有10個省都簽了供應協議的加拿大大麻公司只有四家，作為其中一員，OrganiGram位置有利，有望在加拿大和其他地區進一步增長。它還通過與Eviana的合作將大麻二酚輸入歐洲市場。

4—Hexo （買入）

雖然Hexo最近股價暴跌，但分析師整體上仍然相當看好這只股票。這家大麻產品制造商在美國市場的布局尤其有吸引力。

GMP Securities的分析師羅伯特·費根告訴《財富》雜志：“加拿大市場的增長速度沒有美國市場那么快，也沒有美國市場那么大。我覺得從投資角度講，這讓美國市場更有吸引力，所以我們仍然看好Hexo。”

同時，費根說Hexo最近估值下降，現在看來“吸引力猛增”，原因是增長前景可能會給這家公司今后的估值加“更多分”。

5—Canopy （買入）

7月早些時候，創始人及首席執行官布魯斯·林頓突然離職后，大多數分析師仍然看好Canopy的股價和前景。

該公司的主要賣點之一是聯邦法案通過后即可收購美國純大麻企業Acreage Holdings的協議。晨星的分析師英頓說：“Canopy的投資者實際上有了美國業務，因為他們已經簽了這份長期協議。”除了主動聯手美國公司，英頓認為與飲料巨頭Constellation Brands（持有Canopy 38%股份）的合作是Canopy今后在大麻領域確立位置的關鍵。

英頓指出：“我們認為這是很好的合作，因為這個市場的許多增長都不會以目前我們看到的模式出現。我覺得添加大麻的飲料和食品以后會成為一個很大的成長型市場，因此擁有Constellation這樣的合作伙伴是件大事。”

Cowen & Co.的分析師阿澤爾等人同樣看好Canopy，給出了“跑贏大市”評級。他們還認為林頓的離職對兩家公司來說都是“利好”。

6—Aurora Cannabis （買入）

盡管近幾個月有所下跌，但Aurora Cannabis的股價仍然高于去年同期水平，而且分析師對它的評級都是“買入”。

晨星仍然認為這只股票被低估，盡管它是唯一一家沒有戰略合作伙伴的大型大麻公司，但仍然存在很多機會。

英頓指出，大麻種植在室內進行，因此人力和用電等主要成本給一些生產企業的業績帶來了壓力。而Aurora正在改善這種情況，“他們非常專注于改良生產。那可能會有很多機會，大麻的工業規模種植只有幾年歷史，因此他們在這方面可能會發展得很好。”

其他分析師還認為國際化布局對Aurora來說是個重大加分項。

Cowen & Co.的分析師阿澤爾寫道：“[Aurora Cannabis]的國際布局規模在加拿大大麻公司中首屈一指，而且隨著產能擴大，它在從德國和澳大利亞獲得額外收入方面處于有利位置。這家公司還能夠向這些市場額外調配產品。”

7—CannTrust Holdings （持有）

費根認為這家大麻產品制造商存在“合規問題”，而且和監管部門的最新沖突讓它陷入了困境。加拿大衛生部在調查中發現CannTrust Holdings用未獲得許可的溫室來種植大麻，這家公司因此遇到了麻煩，股價隨之下跌了20%以上。

CannTrust的股價低于去年同期水平，分析師對它的態度也不統一。不過，盡管存在諸多問題，分析師仍然一致給出了“持有”評級。

8—Curaleaf （買入）

美國食品與藥品管理局（FDA）最近發出警告信，稱Curaleaf的大麻二酚產品有益健康的說法“缺乏根據”，這家跨國公司因此備受關注。但盡管此事造成其股價下跌，分析師仍然樂觀地給予該公司“買入”評級。

費根說：“我們認為FDA事件基本上屬于‘噪音’，因為它對我們預測的收入沒有真正重大的影響。說實話，這是一個全新產業，對大麻二酚來說，監管規則還處于首次制定階段。”

實際上，費根認為Curaleaf將成為這個領域的“長期主要參與者”之一，因為它正在快速整合。晨星的分析師英頓也指出，對投資者來說，Curaleaf“將成為最有吸引力的一只股票”，因為它是美國純大麻公司，“因此，Curaleaf有非常大的成長空間。”（財富中文網）

譯者：Charlie

審校：夏林

Ever since Tilray hit the public markets back in July of last year, marking the first cannabis stock to IPO, dozens of fellow pot companies have followed suit. And according to Morningstar’s Kristoffer Inton, the total cannabis market is going to be 9 times bigger by 2030.

“These are just growth companies in a growth industry,” Inton told Fortune. Many of the major cannabis companies are burning cash, but Inton says that’s to be expected. He notes that many of the larger companies have good margins and positive gross profit, and that their “topline has significant runway for growth.”

But what are analysts saying about some of the top cannabis stocks you can buy right now?

1—Tilray (Hold)

The Canadian cannabis company began trading last July, and marked the first public pot stock on the market. But since its IPO, Tilray’s stock has seen some volatile swings.

While the stock has experienced sharp declines over the past year, Tilray has been up recently following news of their acquisition of boozy candy maker Smith & Sinclair to create CBD-infused edibles.

Morningstar’s Inton says its “fairly valued,” and recommends a “hold” rating for the stock. Cowen’s Vivien Azer is slightly more optimistic, maintaining an “outperform” rating following the company’s downstream merger with Privateer, a Peter Thiel-backed private equity holding company.

Tilray is also partnered with Anheuser-Busch InBev to research cannabis-infused drinks, and analysts are bullish on these beverage partnerships across the board.

“I would pay attention to the strategies,” Inton says of partnerships in the space. “The industry is not going to look the same in 5 or 10 years, so it’s important to think about, what are the companies looking at in terms of developing? Which end-markets are they looking to develop into?”

2—Cronos (Hold/Sell)

Analysts are less bullish on Cronos, largely due to the company’s valuation and choice of partnerships.

Morningstar’s Inton says they’re maintaining a “sell” rating—and believes the market is “valuing it fully if not a little more,” citing that the company’s partnership with tobacco player Altria “makes a little less sense” than other strategic partnerships in the cannabis space.

Cronos received a hefty $1.8 billion investment, or 45% stake, from the Philip Morris parent company late last year. But some analysts aren’t as convinced the move was a good one.

“Where you see these operating synergies with Constellation and AB InBev in terms of developing a food or beverage, and then how to brand in that world and the distribution of that, we don’t really see that same synergy with a tobacco company and a cannabis company,” Inton says. He believes that since tobacco consumers want consistency in their product and brand, Cronos’ move doesn’t make as much sense since cannabis is an “experience” akin to alcohol.

Cowen’s Azer holds back with a “market perform” rating, citing that “valuation and a longer path to profitability keep us on the sidelines” for a higher rating.

Cronos’ stock has traded down for the past six months, currently circling around the $14 to $15 range per share.

3—OrganiGram (Buy)

Analysts are bullish on rising star Canadian producer OrganiGram.

OrganiGram stock has a strong “buy” consensus rating, with shares up some 70% so far this year.

As one of only four producers in Canada to have supply agreements with all 10 Canadian provinces, OrganiGram is well-positioned for further growth in Canada and elsewhere. The company also has a partnership with Eviana for CBD to feed into European markets.

4—Hexo (Buy)

Although the company’s stock has plummeted recently, analysts are overall fairly bullish on Hexo’s stock. In particular, the producer’s exposure to the U.S. market is appealing.

“The Canadian market is not seeing as rapid growth as the U.S. market is, and it’s not as large in size,” GMP Securities’ Robert Fagan told Fortune. “I think that makes the U.S. market more attractive from an investment perspective now, and we still like Hexo.”

To boot, Fagan says Hexo’s recently diminished valuation is now “much more attractive” because its growth prospects could give the company’s value “more credit” in the future.

5—Canopy (Buy)

After the abrupt departure of founder and CEO Bruce Linton earlier July, analysts remain largely positive on Canopy’s stock and prospects moving forward.

One of the company’s major selling points is their agreement to acquire U.S.-based pure play Acreage Holdings once federal legalization passes. “For investors of Canopy, you’re getting virtual exposure to the U.S. market because you already have this standing agreement,” Morningstar’s Inton says. But in addition to the preemptive move to team up with a U.S. operator, Inton says Canopy’s partnership with beverage heavy-hitter Constellation Brands (who has a 38% stake in the company) is a key move to set the company up for the future cannabis landscape.

“We think that’s a good partnership because a lot of growth in this market is not going to be what we see today,” Inton said. “I think that cannabis-infused drinks and food is going to be a big growth market going forward, so having a partner like Constellation is big.”

Others like Cowen’s Azer are also big on the stock, rating it “outperform” and noting that Linton’s departure was “positive” for both companies.

6—Aurora Cannabis (Buy)

Despite having traded down a bit for the past several months, Aurora Cannabis’ stock is still up for the year, and analysts give it a consensus “buy” rating.

Morningstar maintains the stock is still undervalued, but has a lot of opportunities despite the fact that it is one of the only big cannabis players without a strategic partner.

Inton says that since pot cultivation is indoors, big costs like labor and electricity are putting pressure on some of the producers’ balance sheets. But Aurora is working to improve that. “They’re very focused on advancing production there. There’s probably a lot of opportunity, it’s only a few years old where there’s industry-scale cultivation of cannabis, so their development of that could be good,” he says.

And other analysts see Aurora’s international exposure as a huge plus for the stock.

“[Aurora Cannabis] has the largest international footprint among the Canadian LPs and is well positioned to capture additional revenues in Germany and Australia as capacity ramps and the company is able to allocate additional shipments to these markets,” writes Cowen’s Azer.

7—CannTrust Holdings (Hold)

The cannabis producer has “an issue with compliance,” says Fagan, and their latest run-in with regulators puts the company in a tough spot. CannTrust Holdings got in hot water after an investigation by Health Canada found the producer was using unlicensed greenhouses to grow pot—pushing shares down over 20%.

Shares of CannTrust are down for the year, and analysts are mixed in sentiment. But despite the producer’s multitude of issues, the stock still holds a “hold” consensus rating.

8—Curaleaf (Buy)

The multi-state operator was pushed in the spotlight recently following an FDA Warning Letter concerning the company’s CBD products and “unsubstantiated claims” of health benefits, according to the FDA. But while the stock dipped at the news, analysts remain bullish on the company as a buy.

“The FDA thing is mainly a noise element in our view because it really doesn’t have a big revenue impact on our forecast, and to be honest, it’s a brand new industry, CBD, where regulations are in the process of being made for the first time,” says Fagan.

In fact, GMP’s Fagan says that Curaleaf is going to be one of the “long term major players” in the space due to its rapid consolidation. And Morningstar’s Inton says Curaleaf is “going to be the most attractive one to be in” for investors due to its U.S. pure play. “Because of that, Curaleaf has a lot of room to grow,” Inton says.