5 Best Marijuana Stocks to Invest In

2. Tilray, Inc. (NASDAQ: TLRY)

Number of Hedge Fund Holders: 21

Tilray, Inc. (NASDAQ: TLRY) is a pharmaceutical company operating in Canada and the US. The company is also involved in the cannabis market and ranks 2nd on our list of the best marijuana stocks to invest in.

Bank of America analyst Heather Balsky seems optimistic on Tilray, Inc. (NASDAQ: TLRY) and its entry into the American market, as she mentioned that the company’s move to add about $4.5 billion of war chest could indicate its preparation for the legalization of cannabis in the US. The analyst reiterated BofA’s Buy rating on the stock, alongside a price target of $21.5 per share, indicating a 20.4% upside. This June, the company also announced SweetWater Brewing’s new product collaboration with Broken Coast Cannabis Ltd., which operates under Tilray, Inc. (NASDAQ: TLRY). This marks the latter’s first cannabis brand introduction in the US. The stock has gained 99.06% in the past 6 months and year to date

By the end of the first quarter of 2021, 21 hedge funds out of the 866 tracked by Insider Monkey held stakes in Tilray, Inc. (NASDAQ: TLRY), worth about $257 million. This is compared to 17 hedge fund holders in the previous quarter, holding stakes worth roughly $47.6 million.