5 Best Hemp Stocks To Buy Now

4. Canopy Growth Corporation (NASDAQ:CGC)

Number of Hedge Fund Holders: 14      

Canopy Growth Corporation (NASDAQ:CGC) markets cannabis-based products. In early December, Canopy Growth Corporation (NASDAQ:CGC) announced that it had completed the sale of the biosteel business of the firm for gross proceeds of $30 million. A portion of proceeds realized from the two transactions will be used to repay debt, which is expected to further reduce interest expense.

At the end of the third quarter of 2023, 14 hedge funds in the database of Insider Monkey held stakes worth $7 million in Canopy Growth Corporation (NASDAQ:CGC), compared to 8 the preceding quarter worth $8 million.

Among the hedge funds being tracked by Insider Monkey, Connecticut-based investment firm Point72 Asset Management is a leading shareholder in Canopy Growth Corporation (NASDAQ:CGC) with over 576,000 shares worth more than $4 million.