5 Best Hemp Stocks To Buy Now

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1. Innovative Industrial Properties, Inc. (NYSE:IIPR)

Number of Hedge Fund Holders: 16

Innovative Industrial Properties, Inc. (NYSE:IIPR) operates as a REIT that manages specialized properties for state-licensed cannabis operators. As of June 30, Zimmer Partners owns over 1.5 million shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) and is the largest shareholder in the company. The fund’s stakes are valued at $171 million and the investment covers 3.56% of Zimmer Partners’ 13F portfolio.

On September 19, Compass Point analyst Merrill Ross raised his price target on Innovative Industrial Properties, Inc. (NYSE:IIPR) to $175 from $100 and upgraded the stock to Buy from Neutral. Over the past three months, the stock has received 6 Buy and 2 Hold ratings from Wall Street analysts and has a consensus rating of Strong Buy. The stock’s average price target sits at $162 which represents an upside of 83%.

Innovative Industrial Properties, Inc. (NYSE:IIPR) is a fairly valued dividend-paying marijuana stock to buy now. As of September 30, the stock is trading at a PE multiple of 17x and is offering a forward dividend yield of 8.14%,  which the company supports with free cash flows of over $221 million.

At the end of Q2 2022, 16 hedge funds were long Innovative Industrial Properties, Inc. (NYSE:IIPR) and held stakes worth $291.6 million in the company. This is compared to 15 positions in the previous quarter with stakes worth $311 million.

You can also take a look at 10 Best Coffee Stocks To Buy and 10 Best Consumer Discretionary Stocks To Buy.

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