In this article, we will look at the 5 best marijuana stocks to buy now. If you want to explore similar stocks, you can also read 13 Best Marijuana Stocks to Buy Now.
5. SNDL Inc. (NASDAQ:SNDL)
Number of Hedge Fund Holders: 7
SNDL Inc. (NASDAQ:SNDL) engages in the production, distribution, and sale of cannabis products in Canada. The company operates through Cannabis Operations and Retail Operations segments. The company is involved in the cultivation, distribution, and sale of cannabis for the adult-use markets; and private sale of recreational cannabis through corporate-owned and franchised retail cannabis stores.
On August 12, SNDL Inc. (NASDAQ:SNDL) released earnings for the fiscal second quarter of 2022. The company reported a revenue of $175.18 million, up roughly 2300% year over year, and beat revenue estimates by $13.13 million. The company’s gross margin grew 1,627% year over year and amounted to C$43.1 million in the second quarter of 2022.
Hedge funds are raising their stakes in SNDL Inc. (NASDAQ:SNDL). At the close of Q1 2022, 7 hedge funds disclosed ownership of stakes in SNDL Inc. (NASDAQ:SNDL). The total value of these stakes amounted to $26.87 million, up from $10.18 million in the previous quarter with 8 positions.
As of June 30, GMT Capital owns roughly 2.11 million shares of SNDL Inc. (NASDAQ:SNDL) and is the largest shareholder in the company. The investment covers 0.04% of GMT Capital’s 13F portfolio.
4. Aurora Cannabis Inc. (NASDAQ:ACB)
Number of Hedge Fund Holders: 9
Aurora Cannabis Inc. (NASDAQ:ACB) produces, distributes, and sells cannabis and cannabis derivative products in Canada and internationally. The company also engages in facility engineering and design, cannabis breeding, research, production, derivatives, product development, wholesale, and retail distribution activities.
On June 24, Cantor Fitzgerald analyst Pablo Zuanic upgraded Aurora Cannabis Inc. (NASDAQ:ACB) to Overweight from Neutral and raised his price target to C$4.05 from C$3.90. The analyst sees Europe, and Germany in particular, to drive the growth of cannabis stocks over the next 12 to 18 months and noted that Aurora Cannabis Inc. (NASDAQ:ACB) is attractively valued at current levels.
At the close of Q1 2022, 9 hedge funds were long Aurora Cannabis Inc. (NASDAQ:ACB) with stakes worth $40.85 million. This is compared to 11 positions in the previous quarter with stakes worth $69.61 million.
In the second quarter of 2022, Renaissance Technologies raised its stakes in Aurora Cannbis Inc. (NASDAQ:ACB) by 268%, bringing them to $4.25 million. As of June 30, Renaissance Technologies owns roughly 3.22 million shares of Aurora Cannabis Inc. (NASDAQ:ACB) and is the largest shareholder in the company.
3. Cronos Group, Inc. (NASDAQ:CRON)
Number of Hedge Fund Holders: 9
Cronos Group, Inc. (NASDAQ:CRON) operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets.
On July 28, Canaccord analyst Matt Bottomley upgraded Cronos Group, Inc. (NASDAQ:CRON) to Buy from Hold and raised his price target to C$5 from C$4.50.
On August 9, Cronos Group, Inc. (NASDAQ:CRON) reported earnings for the fiscal second quarter of 2022. The company reported a revenue of $22.98 million, up 48.04% year over year.
At the end of Q1 2022, Cronos Group, Inc. (NASDAQ:CRON) was spotted on 9 hedge fund portfolios. The collective stakes of these hedge funds amounted to $48.14 million. This is compared to 11 positions in the previous quarter with stakes worth $51.09 million.
As of June 30, Chescapmanager LLC owns over 8.32 million shares of Cronos Group, Inc. (NASDAQ:CRON) and is the largest shareholder in the company. The investment covers 5.54% of Traci Lerner’s 13F portfolio.
2. Innovative Industrial Properties, Inc. (NYSE:IIPR)
Number of Hedge Fund Holders: 15
Innovative Industrial Properties, Inc. (NYSE:IIPR) engages in the acquisition, ownership, and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. On August 3, Innovative Industrial Properties, Inc. (NYSE:IIPR) released earnings for the fiscal second quarter of 2022. The company reported an FFO of $1.97 and missed estimates by $0.01. The company’s revenue for the quarter came in at $70.51 million, up 44.29% year over year, and ahead of Wall Street consensus by $1.45 million.
On August 8, Piper Sandler analyst Alexander Goldfarb adjusted his price target on Innovative Industrial Properties, Inc. (NYSE:IIPR) to $135 from $160 and reiterated an Overweight rating on the shares.
As of August 12, Innovative Industrial Properties, Inc. (NYSE:IIPR) has a trailing twelve-month PE ratio of 19.38 and is offering a forward dividend yield of 7.11%, which the company supports with free cash flows of $221.33 million.
At the end of Q1 2022, 15 hedge funds held stakes in Innovative Industrial Properties, Inc. (NYSE:IIPR) worth $311.43 million. This is compared to 13 hedge funds in the previous quarter with stakes worth $273.75 million. The hedge fund sentiment for the stock is positive.
In the second quarter of 2022, Capital Growth Management initiated a position in Innovative Industrial Properties, Inc. (NYSE:IIPR). As of June 30, Capital Growth Management’s stake in the company is roughly $9.8 million, and the fund is the largest shareholder in the company.
1. Tilray Brands, Inc. (NASDAQ:TLRY)
Number of Hedge Fund Holders: 17
Tilray Brands, Inc. (NASDAQ:TLRY) engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. It offers medical and adult-use cannabis products, including GMP-certified flowers, oils, vapes, edibles, and topicals.
On July 28, Tilray Brands, Inc. (NASDAQ:TLRY) released earnings for the fiscal second quarter of 2022. The company generated a revenue of $153.33 million, up 7.80% year over year, and beat market consensus by $2.06 million.
On July 29, Cowen analyst Vivien Azer revised her price target on Tilray Brands, Inc. (NASDAQ:TLRY) to $9 from $23 and reiterated an Outperform rating on the shares. The analyst likes the company’s position in the adult cannabis market.
At the end of the first quarter of 2022, 17 hedge funds were bullish on Tilray Brands, Inc. (NASDAQ:TLRY) and held stakes worth $85.48 million in the company. This is compared to 20 positions in the previous quarter with stakes worth $118.33 million.
As of June 30, Sculptor Capital owns roughly 1.37 million shares of Tilray Brands, Inc. (NASDAQ:TLRY) and is the largest shareholder in the company. The fund’s stakes in Tilray Brands, Inc. (NASDAQ:TLRY) are valued at $4.30 million.
You can also take a look at 10 Marijuana Stocks to Buy in 2022 and 10 Medical Marijuana Stocks To Buy Now.
