Raymond James initiated coverage of Canadian cannabis company Rubicon Organics Inc. /zigman2/quotes/221315289/delayed CA:ROMJ -4.36% /zigman2/quotes/207304811/delayed ROMJF -3.25% with a strong buy rating on Thursday, and said the stock is its "very best micro cap cannabis idea." Analyst Rahul Sarugaser assigned the stock a C$6 price target, that's almost double its current level. Rubicon focuses exclusively on super-premium cannabis and is one of only six licensed producers to offer certified organic cannabis products in Canada, the analyst wrote in a note to clients. "Similar to premium liquor brands affiliated with rarity and prestige-Johnny Walker Blue Label is a favorite example-ROMJ is building distinguished premium brands built on a portfolio of intensely high-quality cannabis products designed to generate the sector's highest gross margins: >50%," said the analyst. Rubicon has its roots in Whistler Medical Marijuana Corp., Canada's first organic-certified LP, which was sold to Aurora Cannabis Corp. /zigman2/quotes/210559470/composite ACB -5.62% /zigman2/quotes/203734337/delayed CA:ACB -6.11% . Whistler was co-founded by Rubicon's current Chief Executive Jesse McConnell. "ROMJ's expanding team comprises a full complement of seasoned CPG industry executives, leveraging experience from iconic companies and brands such as Coca-Cola, Pepsi, Diageo, L'Oreal, and Nestle," said the note. Raymond James is expecting the company to capture 25% of the premium/craft cannabis market, equal to about 20% of the total market, based on comparable industries such as beer and liquor. That suggests revenue of $26.5 million in 2021 to $52.5 million in 2022. The U.S.-listed stock was not active premarket, but has gained 69% in the last 12 months, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -4.80% has gained 98% and the S&P) 500 /zigman2/quotes/210599714/realtime SPX -1.04% has gained 22%.