5 Marijuana Stocks Reddit is Buying Amid New Federal Marijuana Legalization Bill

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In this article, we discuss the 5 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. If you want to skip our detailed analysis of these stocks, go directly to the 10 Marijuana Stocks Reddit is Buying Amid New Federal Marijuana Legalization Bill.

5. Canopy Growth Corporation (NASDAQ: CGC)

Number of Hedge Fund Holders: 12      

Canopy Growth Corporation (NASDAQ: CGC) is a Canadian firm that makes and sells cannabis for recreational and medicinal purposes. It is ranked fifth on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. The company’s shares have returned 9% to investors over the past year. On July 16, David Klein, the CEO of the firm, said that he remained upbeat about the legalization of marijuana in the United States despite recent setbacks in this regard. 

On June 2, investment advisory Eight Capital upgraded Canopy Growth Corporation (NASDAQ: CGC) stock to Neutral from Sell but reduced the price target to C$29 from C$34, noting that the shares of the firm appeared to be fully valued. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Canopy Growth Corporation (NASDAQ: CGC) with 1.3 million shares worth more than $44 million. 

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