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

2. GrowGeneration Corp. (NASDAQ: GRWG)

Number of Hedge Fund Holders: 18    

GrowGeneration Corp. (NASDAQ: GRWG) stock has offered investors returns exceeding 809% over the course of the past year. It is placed second on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. The company makes and sells organic hydroponic products. It is based in Colorado. It has a market cap of over $2.2 billion and posted more than $193 million in annual revenue last year. The company is expected to benefit from the legalisation of cannabis in the US. 

On May 14, investment advisory Alliance Global Partners upgraded GrowGeneration Corp. (NASDAQ: GRWG) stock to Buy from Neutral, raising the price target to $55 from $50 after the firm reported another strong quarter with solid growth in sales. 

At the end of the first quarter of 2021, 18 hedge funds in the database of Insider Monkey held stakes worth $127 million in GrowGeneration Corp. (NASDAQ: GRWG), the same as in the previous quarter worth $142 million.