5 Best Cannabis Stocks To Buy Now

2. Tilray, Inc. (NASDAQ:TLRY)

Number of Hedge Fund Shareholders: 16

Hedge fund ownership of Tilray, Inc. (NASDAQ:TLRY) took a major leap in the fourth quarter of 2020 and has largely maintained those levels since, even as TLRY shares have fallen by 49% since the end of 2020. D E Shaw massively increased its stake in Tilray during Q3, ending the quarter with just under 3.4 million shares.

Tilray, Inc. (NASDAQ:TLRY) shares have lost 53% of their value this year, including a 26% dive since December 5 after proposed marijuana banking reform laws that were expected to be passed alongside an important defense bill were instead blocked from being attached to the bill. Those reforms would allow Canadian cannabis companies like Tilray to operate in U.S. states where cannabis has been legalized, which they’re currently unable to do.

Tilray, Inc. (NASDAQ:TLRY) has been on an acquisition spree of late as it readies to make a big move on the American cannabis market. The company has acquired several American craft beer makers and already has businesses up and running in the U.S. market that sell alcohol and hemp products. That will give it a big advantage over other Canadian companies looking to break into the American market, as it already has the infrastructure in place to begin selling cannabis to Americans as soon as it’s legally able to do so.