5 Best Marijuana Stocks To Buy Now

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

Number of Hedge Fund Holders: 14

Tilray Brands, Inc. (NASDAQ:TLRY) is involved in the exploration, cultivation, manufacturing, promotion, and distribution of medical cannabis products. The company operates through four segments – Cannabis Business, Distribution Business, Beverage Alcohol Business, and Wellness Business. Its product portfolio comprises both medical and adult-use cannabis items, such as GMP-certified flowers, oils, vapes, edibles, and topicals. It is one of the best marijuana stocks to watch. 

On May 26, Tilray Brands (NASDAQ: TLRY) announced the pricing of its offering for $150 million in convertible senior notes, with an annual interest rate of 5.20%. These senior notes will mature in 2027. The closing of the offering is expected to take place on May 31, 2023. A portion of the net proceeds from this offering will be utilized to finance the concurrent repurchase of some of Tilray Brands’ outstanding 5.00% convertible senior notes due in 2023 and 5.25% convertible senior notes due in 2024. The rest of the proceeds will be allocated for general corporate purposes.

According to Insider Monkey’s first quarter database, 14 hedge funds were long Tilray Brands (NASDAQ: TLRY), compared to 18 funds in the earlier quarter. Sculptor Capital is a prominent stakeholder of the company. 

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