Jefferies upgrades Tilray to buy, says pot stock can soar more than 60%

A security guard stands in a greenhouse of Tilray medical cannabis producer's European production site in Cantanhede, on April 24, 2018.
Patricia De Melo Moreira | AFP | Getty Images

The merger between cannabis companies Aphria and Tilray officially closed this week, and the resulting company is set up to be a major player in multiple countries as legal weed gains strength, according to Jefferies.

Analyst Owen Bennett upgraded Tilray on Friday to buy from underperform, saying in a note to clients that the strengths of the two companies complement one another and position the new company for success in Europe and North America.

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