5 Medical Marijuana Stocks to Buy Now

2. Tilray, Inc. (NASDAQ:TLRY)

Number Of Hedge Fund Holders: 17

Tilray, Inc. (NASDAQ:TLRY) is a global pharmaceutical, cannabis-lifestyle and consumer packaged goods company that operates as one of the leading providers of medical cannabis in Australia and New Zealand for commercial, compassionate access, and research purposes and the first licensed producer to legally export medical cannabis from North America to Australia and New Zealand.

Roth Capital analyst Scott Fortune lowered the price target on Tilray, Inc. (NASDAQ:TLRY) to $4 from $8 and kept a Neutral rating on the shares on July 15. Tilray, Inc. (NASDAQ:TLRY) closed its strategic transaction and alliance with HEXO Corp, a leader in the Canadian cannabis market space, purchasing the HEXO note from HTI for $155 million, which provides financial benefits of cost-synergies and strengthening product innovation for global market opportunities, Fortune tells investors in a research note.

By the end of the first quarter of 2022, 17 hedge funds held stakes in the company worth around $85.48 million. This is compared to 20 funds in the preceding quarter, with stakes worth $118 million. The company has been a leader in the cannabis market for a while now, with D.E. Shaw being one of the largest shareholders in Tilray, Inc. (NASDAQ:TLRY) owning over 1.5 million shares of the stock, valued at roughly $11.7 million.