5 Best Hemp Stocks To Buy Now

4. SNDL Inc. (NASDAQ:SNDL)

Number of Hedge Fund Holders: 5

SNDL Inc. (NASDAQ:SNDL) is a pharmaceutical company involved in the production and distribution of cannabis products for both recreational and medical use. On August 10, SNDL Inc. (NASDAQ:SNDL) announced earnings for the second quarter of fiscal 2022. The company reported a revenue of $175 million, up 2,295% year over year.

Shortly after the company’s earnings release, Canaccord analyst Shaan Mir upgraded SNDL Inc. (NASDAQ:SNDL) to Speculative Buy from Hold and reiterated his price target of $5 on the stock. Over the past three months, the stock has received 2 Buy ratings and 1 Hold rating from Wall Street analysts and has an average price target of $5.5, which implies an upside of 153%.

SNDL Inc. (NASDAQ:SNDL) is exploring strategic M&A, and is, therefore, one of the best marijuana stocks to buy now. On August 22, SNDL Inc. (NASDAQ:SNDL) announced that it has entered into an agreement with a leading North American cannabis company, The Valens Company (NASDAQ:VLNS), to acquire all issued and outstanding common shares of The Valens Company (NASDAQ:VLNS) for a transaction of C$138 million. The transaction is expected to close in January 2023.

At the end of Q2 2022, 5 hedge funds were long SNDL Inc. (NASDAQ:SNDL) and held stakes worth $2.28 million in the company. As of June 30, D E Shaw owns more than 2.5 million shares of SNDL Inc. (NASDAQ:SNDL) and is the most prominent investor in the company. The fund’s stakes are valued at $832,000.