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

4. Innovative Industrial Properties, Inc. (NYSE: IIPR)

Number of Hedge Fund Holders: 13     

Innovative Industrial Properties, Inc. (NYSE: IIPR) is placed fourth on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. The stock has returned 122% to investors over the past twelve months. The firm is based in California and primarily manages cannabis facilities. In earnings results for the first quarter, posted on May 5, the firm reported a quarterly revenue of close to $43 million, beating market estimates by over $1.2 million. The company has a market cap of over $5 billion. 

On July 2, investment advisory Wolfe Research started coverage of Innovative Industrial Properties, Inc. (NYSE: IIPR) stock with an Outperform rating and a price target of $249, highlighting that the firm had a long time to produce outsized growth. 

At the end of the first quarter of 2021, 13 hedge funds in the database of Insider Monkey held stakes worth $192 million in Innovative Industrial Properties, Inc. (NYSE: IIPR), down from 23 in the preceding quarter worth $317 million.