APHA - Aphria: Time For A Break After 150% Rally This Year

• Our initial thesis on Aphria in January played out nicely with shares up 150% this year so far; we think upsides will be limited going forward.
• We view Aphria as the best-positioned large-cap Canadian LP due to its operational scale, positive EBITDA, and international reach.
• We are cautious on Canadian LPs as a whole and much prefer American cannabis firms due to significantly better fundamentals.
• If Aphria shares were to see a meaningful pullback, we would consider them a good way to gain exposure to the global cannabis market.

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