11 Best Cannabis Stocks To Invest In

2. Tilray Brands, Inc. (NASDAQ:TLRY)

Number of Hedge Fund Holders: 16

The New York-based Tilray Brands, Inc. (NASDAQ:TLRY) has a highly diversified global portfolio – operating in more than 20 countries with businesses in medical adult-use cannabis, beverages, spirits, wellness products, and a vast array of consumer-connected lifestyle brands. The core business of Tilray Brands, Inc. (NASDAQ:TLRY) is cannabis and it is the number one cannabis business in Canada, the leading medical cannabis business across Europe, and the top branded hemp business in North America. The company has lately been very active in acquiring other industry players to expand its presence and the strategy seems to be paying off. For example, its acquisition of Redecan in June 2023 has helped it gain a strong footing in categories like pre-rolls, oils, and capsules. As a result, Redecan has now moved up to the number six position in Canada as reported by Hifyre data, and now the brand is also launching in Australia. Moreover, in September, Tilray entered the lucrative US THC beverage market with a range of Delta-9 THC mocktails and seltzers through its newly formed Tilray Alternative Beverages business unit.

Tilray Brands, Inc. (NASDAQ:TLRY) forayed into the alcohol sector last year when it acquired eight beer and beverage brands from Anheuser-Busch InBev for an undisclosed amount, making it the 5th largest craft beer business in the US with a 4.5% market share. To further strengthen its craft portfolio, the company announced in August that it had agreed to acquire another four craft beer brands from Molson Coors – Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery.

This venture seems to be bearing fruit, as Tilray Brands, Inc. (NASDAQ:TLRY)’s alcohol business now accounts for 28% of its revenue. Overall, the company’s beverage segment, including craft beer, spirits, non-alcoholic beers, and other drinks grew 132% in net revenue YoY during the fiscal Q1 of 2025.

With 16 hedge fund investors tracked by IM at the end of Q3 2024, Tilray Brands, Inc. (NASDAQ:TLRY) was also included in our list of the Best Beer Stocks to Buy Now.