5 Best Cannabis Stocks To Buy Now

4. Tilray Brands, Inc. (NASDAQ:TLRY)

Number of Hedge Fund Holders: 17

Tilray Brands, Inc. (NASDAQ:TLRY) is as an American pharmaceutical, cannabis-lifestyle, and consumer packaged goods company. It is incorporated in the United States and headquartered in New York City. Tilray has a multinational presence with operations in Canada, Australia, New Zealand, and Latin America. The company also operates growing facilities in Germany and Portugal.

In its first-quarter results released in October, Tilray Brands, Inc. (NASDAQ:TLRY) disclosed record revenues of $177 million and emphasized that, despite recent portfolio diversification, cannabis remained a core focus. The Canadian cannabis giant reported a 15% year-on-year and 9% sequential growth in net revenues, attributing this success to a robust performance in its cannabis division. Specifically, net cannabis revenues experienced a 20% increase, reaching $70 million for the three months ending on August 31, 2023. This growth propelled Tilray Brands, Inc. (NASDAQ:TLRY) to hold a 13.4% share of the Canadian recreational cannabis market, establishing itself as the market leader. Additionally, the company’s alcoholic beverage arm, expanded significantly over the past year, also demonstrated a 17% year-on-year revenue increase, reaching $24 million.

According to Insider Monkey’s third quarter database, 17 hedge funds were long Tilray Brands (NASDAQ:TLRY), compared to 15 funds in the earlier quarter. Hudson Bay Capital Management is a prominent stakeholder of the company.