Investors might think their eyes are deceiving them to see a cannabis name from the beaten down sector at the top the S&P/TSX composite index gainers list. But that’s what happened this week as Curaleaf Holding Inc. gained 17 per cent. The gain came on news that the company purchased several medical marijuana dispensaries and a growing facility in Virginia. The state, which previously legalized the use of marijuana, is expected to clear the way for a regulated retail system, possibly in the first half of 2026 when a new governor takes office. “Virginia is one of the key catalyst states for the industry through our forecast window,” Kenric S. Tyghe, director of special situations in equity research at Canaccord Genuity, said in a note. Analysts believe Curaleaf has the potential to rise another 36 per cent based on the average price target of $5.17 of nine analysts that cover the shares and have price targets, according to Bloomberg. Their price targets ranged from a low of $4.40 from Morningstar Investment Service to a high of $7.03 from Seaport Research Partners. Canaccord has a price target for Curaleaf of $5.00. Analyst Frederico Gomes at ATB Capital Markets hiked his price target for Curaleaf to $4.50 from $4.00. “Curaleaf distinguishes itself through large domestic scale and unique leading presence in high-growth international markets,” Gomes said in a note to investors. Shares of Curaleaf closed Friday at $3.79.