In this article, we discuss the 5 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. If you want to skip our detailed analysis of these stocks, go directly to the 10 Marijuana Stocks Reddit is Buying Amid New Federal Marijuana Legalization Bill.
5. Canopy Growth Corporation (NASDAQ: CGC)
Number of Hedge Fund Holders: 12
Canopy Growth Corporation (NASDAQ: CGC) is a Canadian firm that makes and sells cannabis for recreational and medicinal purposes. It is ranked fifth on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. The company’s shares have returned 9% to investors over the past year. On July 16, David Klein, the CEO of the firm, said that he remained upbeat about the legalization of marijuana in the United States despite recent setbacks in this regard.
On June 2, investment advisory Eight Capital upgraded Canopy Growth Corporation (NASDAQ: CGC) stock to Neutral from Sell but reduced the price target to C$29 from C$34, noting that the shares of the firm appeared to be fully valued.
Out of 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 1.3 million shares worth more than $44 million.
4. Innovative Industrial Properties, Inc. (NYSE: IIPR)
Number of Hedge Fund Holders: 13
Innovative Industrial Properties, Inc. (NYSE: IIPR) is placed fourth on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. The stock has returned 122% to investors over the past twelve months. The firm is based in California and primarily manages cannabis facilities. In earnings results for the first quarter, posted on May 5, the firm reported a quarterly revenue of close to $43 million, beating market estimates by over $1.2 million. The company has a market cap of over $5 billion.
On July 2, investment advisory Wolfe Research started coverage of Innovative Industrial Properties, Inc. (NYSE: IIPR) stock with an Outperform rating and a price target of $249, highlighting that the firm had a long time to produce outsized growth.
At the end of the first quarter of 2021, 13 hedge funds in the database of Insider Monkey held stakes worth $192 million in Innovative Industrial Properties, Inc. (NYSE: IIPR), down from 23 in the preceding quarter worth $317 million.
3. Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM)
Number of Hedge Fund Holders: 14
Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM) is an American firm that manufactures and distributes different types of agricultural supplies. It is ranked third on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. On June 17, the share price of the firm jumped more than 3.2% after it announced that it would be purchasing Aurora Innovations, a hydroponic products firm, in a deal worth $161 million. The transaction is expected to be complete by the end of this month.
On June 23, investment advisory UBS initiated coverage on Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM) stock with a Buy rating and a price target of $66, backing the firm to post positive numbers in the second half of the year.
At the end of the first quarter of 2021, 14 hedge funds in the database of Insider Monkey held stakes worth $84 million in Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM), down from 19 in the preceding quarter worth $117 million.
2. GrowGeneration Corp. (NASDAQ: GRWG)
Number of Hedge Fund Holders: 18
GrowGeneration Corp. (NASDAQ: GRWG) stock has offered investors returns exceeding 809% over the course of the past year. It is placed second on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. The company makes and sells organic hydroponic products. It is based in Colorado. It has a market cap of over $2.2 billion and posted more than $193 million in annual revenue last year. The company is expected to benefit from the legalisation of cannabis in the US.
On May 14, investment advisory Alliance Global Partners upgraded GrowGeneration Corp. (NASDAQ: GRWG) stock to Buy from Neutral, raising the price target to $55 from $50 after the firm reported another strong quarter with solid growth in sales.
At the end of the first quarter of 2021, 18 hedge funds in the database of Insider Monkey held stakes worth $127 million in GrowGeneration Corp. (NASDAQ: GRWG), the same as in the previous quarter worth $142 million.
1. Tilray, Inc. (NASDAQ: TLRY)
Number of Hedge Fund Holders: 21
Tilray, Inc. (NASDAQ: TLRY) is ranked first on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. The company’s shares have offered investors returns exceeding 89% over the course of the past twelve months. The firm operates as a pharma company focused on cannabis-related products. It was founded in 2013. The firm is expanding internationally, with a German subsidiary of the company completing the first marijunana harvest for distribution on July 7.
On July 13, Tilray, Inc. (NASDAQ: TLRY) CEO Irwin Simon said that he expected the United States to legalize cannabis at a federal level within the next two years. Talking to news platform CNBC, Simon added that more than 90% of voters wanted the government to legalise cannabis.
At the end of the first quarter of 2021, 21 hedge funds in the database of Insider Monkey held stakes worth $257 million in Tilray, Inc. (NASDAQ: TLRY), up from 17 in the previous quarter worth $47 million.
You can also take a peek at 13 Best Hemp Stocks to Buy Now and Billionaire Dan Loeb’s Top 10 Stock Picks.
