In this article, we discuss the 5 best hemp stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to 13 Best Hemp 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. WM Technology, Inc. (NASDAQ:MAPS) was founded in 2008 and is famous for the Weedmaps marketplace, a platform that allows cannabis users to search for and browse cannabis products from retailers and brands, and reserve products from local retailers.
At the end of the third quarter of 2023, 9 hedge funds in the database of Insider Monkey held stakes worth $13 million in WM Technology, Inc. (NASDAQ:MAPS), compared to 14 the preceding quarter worth $9 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. In early December, Canopy Growth Corporation (NASDAQ:CGC) announced that it had completed the sale of the biosteel business of the firm for gross proceeds of $30 million. A portion of proceeds realized from the two transactions will be used to repay debt, which is expected to further reduce interest expense.
At the end of the third quarter of 2023, 14 hedge funds in the database of Insider Monkey held stakes worth $7 million in Canopy Growth Corporation (NASDAQ:CGC), compared to 8 the preceding quarter worth $8 million.
Among the hedge funds being tracked by Insider Monkey, Connecticut-based investment firm Point72 Asset Management is a leading shareholder in Canopy Growth Corporation (NASDAQ:CGC) with over 576,000 shares worth more than $4 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. Innovative Industrial Properties, Inc. (NYSE:IIPR) has consistently paid a growing dividend to shareholders for the past five years. On December 15, the firm declared a quarterly dividend of $1.82 per share, a 1.1% increase from the previous payment.
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.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Zimmer Partners is a leading shareholder in Innovative Industrial Properties, Inc. (NYSE:IIPR) with 1.1 million shares worth more than $86 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.
Among the hedge funds being tracked by Insider Monkey, London-based investment firm Marshall Wace LLP is a leading shareholder in The Scotts Miracle-Gro Company (NYSE:SMG) with 446,167 shares worth more than $23 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.
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.
Among the hedge funds being tracked by Insider Monkey, Greenwich-based investment firm Hudson Bay Capital Management is a leading shareholder in Tilray Brands, Inc. (NASDAQ:TLRY) with 16 million shares worth more than $38 million.
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