In this article, we discuss the 5 best CBD stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to 12 Best CBD Stocks To Buy Now.
5. WM Technology, Inc. (NASDAQ:MAPS)
Number of Hedge Fund Holders: 9
WM Technology, Inc. (NASDAQ:MAPS) provides ecommerce and compliance software solutions to retailers and brands in the cannabis market in the United States and internationally. On November 8, WM Technology, Inc. (NASDAQ:MAPS) posted earnings for the third quarter of 2023, reporting a revenue of more than $47 million, beating market estimates by $0.39 million.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Rima Senvest Management is a leading shareholder in WM Technology, Inc. (NASDAQ:MAPS) with 5.8 million shares worth more than $7.7 million.
4. Canopy Growth Corporation (NASDAQ:CGC)
Number of Hedge Fund Holders: 14
Canopy Growth Corporation (NASDAQ:CGC) markets cannabis-based products. On November 10, investment advisory Alliance Global Partners maintained a Neutral rating on Canopy Growth Corporation (NASDAQ:CGC) stock and lowered the price target to C$1 from C$1.3, citing lower sales estimates as one of the reasons behind the target decrease.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Canopy Growth Corporation (NASDAQ:CGC) with 177,380 shares worth more than $1.3 million.
3. Innovative Industrial Properties, Inc. (NYSE:IIPR)
Number of Hedge Fund Holders: 16
Innovative Industrial Properties, Inc. (NYSE:IIPR) is a real estate investment trust that runs medical-use cannabis facilities. On November 13, investment advisory Compass Point maintained a Neutral rating on Innovative Industrial Properties, Inc. (NYSE:IIPR) stock and lowered the price target to $85 from $95.
At the end of the third quarter of 2023, 16 hedge funds in the database of Insider Monkey held stakes worth $127 million in Innovative Industrial Properties, Inc. (NYSE:IIPR), the same as in the preceding quarter worth $122 million.
2. The Scotts Miracle-Gro Company (NYSE:SMG)
Number of Hedge Fund Holders: 17
The Scotts Miracle-Gro Company (NYSE:SMG) operates as a fertilizer and agricultural chemicals firm. On October 30, investment advisory Stifel maintained a Hold rating on The Scotts Miracle-Gro Company (NYSE:SMG) stock and lowered the price target to $49 from $55.
At the end of the third quarter of 2023, 17 hedge funds in the database of Insider Monkey held stakes worth $117 million in The Scotts Miracle-Gro Company (NYSE:SMG), compared to 28 the preceding quarter worth $126 million.
1. Tilray Brands, Inc. (NASDAQ:TLRY)
Number of Hedge Fund Holders: 17
Tilray Brands, Inc. (NASDAQ:TLRY) makes and sells medical cannabis products. In early October, investment advisory Alliance Global Partners maintained a Neutral rating on Tilray Brands, Inc. (NASDAQ:TLRY) stock and lowered the price target to $2.25 from $2, backing the firm to achieve cost synergies.
At the end of the third quarter of 2023, 17 hedge funds in the database of Insider Monkey held stakes worth $84 million in Tilray Brands, Inc. (NASDAQ:TLRY), compared to 15 in the previous quarter worth $11 million.
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