Piper Jaffray initiated coverage of a range of cannabis stocks on Tuesday, assigning overweight ratings, the equivalent of buy, to Cresco Labs Inc. CRLBF, -0.47%, Charlotte’s Web Holdings Inc. CWBHF, +2.57%, CV Sciences Inc. CVSI, -1.28%, Cronos Group Inc. CRON, -1.13% CRON, -0.82% and Green Thumb Industries Inc. GTBIF, -3.49%, but rating Aurora Cannabis Inc. ACB, +0.76% ACB, +1.05% as neutral. “Aurora has a premium valuation relative to peers but less visibility on these key growth opportunities,” said analysts led by Michael Lavery, referring to Canada, the EU, the U.S. CBD and U.S. THC markets. “It has leading scale in Canada, but oversupply looks likely in 2020 (analysis inside note). EU-GMP certification at scale is a slow, opaque process and still pending, and without visibility on US market entry (CBD or THC), Aurora’s relatively rich valuation does not yet look compelling to us.” Shares of Aurora, the most widely held of the new crop of Canadian licensed producers, were down 0.5% premarket, while Cronos was up 1.6%. The ETFMG Alternative Harvest ETF MJ, -1.12% has gained 13% in 2019, while the S&P 500 SPX, -1.22% has gained 15%.