Piper Jaffray analyst Michael Lavery raised his price target for Canopy Growth Corporation to $60 from $40 and keeps an Overweight rating on the shares. The cannabis and hemp company closed yesterday up 79c to $44.21. Lavery continues to estimate a $250B-$500B potential long-term global cannabis market, with a $15B-$50B near-term opportunity. Canopy is well positioned in the growing cannabis market, which is transitioning from illicit trade to legal sales, Lavery tells investors in a research note titled “A (US) Journey Of A Thousand Miles Begins With The First Step…” He considers Canopy’s recent approval of a New York hemp license to be a “tangible first step forward” in the U.S. that points to the beginning of a “long” U.S. growth trajectory.