In this article, we will look at the 5 best hemp stocks to buy now. If you want to explore similar stocks, you can go to 12 Best Hemp Stocks To Buy Now.
5. High Tide Inc. (NASDAQ:HITI)
Number of Hedge Fund Holders: 3
High Tide Inc. (NASDAQ:HITI) is a leading global retailer of cannabis and cannabis derivatives. The stock has caught the attention of hedge funds. At the end of the second quarter of 2022, 3 hedge funds held stakes in High Tide Inc. (NASDAQ:HITI) worth $107,000. This is compared to 1 hedge fund in the previous quarter with stakes worth $7,000. The hedge fund sentiment for the stock is positive.
On September 14, High Tide Inc. (NASDAQ:HITI) announced earnings for the third quarter of fiscal 2022 in which it beat EPS estimates by $0.04. The company reported a revenue of $72.4 million, up 91.1% year over year, and outperformed Wall Street consensus by $3.69 million.
High Tide Inc. (NASDAQ:HITI) is expanding its operations and is one of the best marijuana stocks to buy now. On September 29, High Tide Inc. (NASDAQ:HITI) announced that it has entered into an agreement with Jimmy’s Cannabis Shop by which it will acquire 100% of the chain’s 2 retail locations for $5.3 million.
Over the past three months, High Tide Inc. (NASDAQ:HITI) has received 2 Buy ratings and 1 Hold rating from Wall Street analysts and has an average price target of $5.35. The stock’s average price target represents an upside of 282% from current share levels.
As of June 30, Millennium Management is the leading shareholder in High Tide Inc. (NASDAQ:HITI) and has stakes worth $80,000 in the company.
4. SNDL Inc. (NASDAQ:SNDL)
Number of Hedge Fund Holders: 5
SNDL Inc. (NASDAQ:SNDL) is a pharmaceutical company involved in the production and distribution of cannabis products for both recreational and medical use. On August 10, SNDL Inc. (NASDAQ:SNDL) announced earnings for the second quarter of fiscal 2022. The company reported a revenue of $175 million, up 2,295% year over year.
Shortly after the company’s earnings release, Canaccord analyst Shaan Mir upgraded SNDL Inc. (NASDAQ:SNDL) to Speculative Buy from Hold and reiterated his price target of $5 on the stock. Over the past three months, the stock has received 2 Buy ratings and 1 Hold rating from Wall Street analysts and has an average price target of $5.5, which implies an upside of 153%.
SNDL Inc. (NASDAQ:SNDL) is exploring strategic M&A, and is, therefore, one of the best marijuana stocks to buy now. On August 22, SNDL Inc. (NASDAQ:SNDL) announced that it has entered into an agreement with a leading North American cannabis company, The Valens Company (NASDAQ:VLNS), to acquire all issued and outstanding common shares of The Valens Company (NASDAQ:VLNS) for a transaction of C$138 million. The transaction is expected to close in January 2023.
At the end of Q2 2022, 5 hedge funds were long SNDL Inc. (NASDAQ:SNDL) and held stakes worth $2.28 million in the company. As of June 30, D E Shaw owns more than 2.5 million shares of SNDL Inc. (NASDAQ:SNDL) and is the most prominent investor in the company. The fund’s stakes are valued at $832,000.
3. Cronos Group, Inc. (NASDAQ:CRON)
Number of Hedge Fund Holders: 5
Cronos Group, Inc. (NASDAQ:CRON) is a diversified vertically-integrated cannabinoid company. The company is involved in the manufacturing and distribution of cannabis and cannabis derivatives. On August 9, Cronos Group, Inc. (NASDAQ:CRON) reported that its revenue for the second quarter of fiscal 2022 amounted to roughly $23 million, up 48% year over year.
This July, Canaccord analyst Matt Bottomley raised his price target on Cronos Group, Inc. (NASDAQ:CRON) to C$5 from C$4.50 and upgraded the stock to Buy from Hold. This September, Barclays analyst Gaurav Jain revised his price target on Cronos Group, Inc. (NASDAQ:CRON) to $3.50 from $5 and maintained an Equal Weight rating on the shares.
Cronos Group, Inc. (NASDAQ:CRON) has a consensus Buy rating and the stock is among the best marijuana stocks to buy now. Over the past three months, the stock has received 3 Buy ratings and 5 Hold ratings. The stock has an average price target of $4.45 which implies an upside of 57.8%.
At the close of Q2 2022, 5 hedge funds held stakes in Cronos Group, Inc. (NASDAQ:CRON). The total value of these stakes amounted to $35.2 million. As of June 30, Chescapmanager LLC owns more than 8.3 million shares of Cronos Group, Inc. (NASDAQ:CRON) and is the largest shareholder in the company. The fund’s stakes are valued at $23.4 million.
2. Aurora Cannabis Inc. (NASDAQ:ACB)
Number of Hedge Fund Holders: 10
Aurora Cannabis Inc. (NASDAQ:ACB) is a leading global producer and distributor of cannabis and cannabis derivatives. At the end of Q2 2022, 10 hedge funds held stakes in Aurora Cannabis Inc. (NASDAQ:ACB). The total value of these stakes amounted to $45.7 million, up from $40.8 million in the previous quarter with 9 positions. The hedge fund sentiment for the stock is positive.
Wall Street analysts are positive on Aurora Cannabis Inc. (NASDAQ:ACB) and the stock is among the best marijuana stocks to invest in now. On September 21, Piper Sandler analyst Michael Lavery revised his price target on Aurora Cannabis Inc. (NASDAQ:ACB) to $3 from $4 and maintained a Neutral rating on the shares. The analyst expects Aurora Cannabis Inc. (NASDAQ:ACB) to reach positive adjusted EBITDA by the third quarter of 2023. This September, Canaccord analyst Matt Bottomley revised his price target on Aurora Cannabis Inc. (NASDAQ:ACB) to C$2 from C$2.50 and upgraded the stock to Hold from Sell.
Over the past three months, Aurora Cannabis Inc. (NASDAQ:ACB) has received 1 Buy and 4 Hold ratings from Wall Street analysts. The stock has an average price target of $1.40 which implies a 14.75% upside from current levels.
As of June 30, Millennium Management owns more than 3.2 million shares of Aurora Cannabis Inc. (NASDAQ:ACB) and is the most prominent investor in the company. The fund’s stakes are valued at $4.32 million.
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.
