Hedge Funds And Institutional Investors Are Buying These Cannabis Stocks

Because most public cannabis companies are still largely in growth phases, higher interest rates have hit their stocks hard. But, as share prices come down, institutional investors and hedge funds have started to take stabs at several different companies. Here are a few cannabis stocks the big players have been buying.

Tilray Inc TLRY, the Canadian cannabis company focused on supplying medical marijuana to hospitals, pharmacies and other customers. Because Tilray is focused on the medical side, it may make it easier for institutional investors to hop in. According to Whale Wisdom, Aristeia Capital added more than 9 million Tilray shares last quarter. The fund now holds more than $30 million worth of Tilray stock. 

Canopy Growth Corp CGC, a multinational corporation with dozens of brands under management, the company has ventures in cannabis-infused beverages, CBD and more. According to Whale Wisdom, the National Bank of Canada bought up more than 7 million shares of Canopy. The bank now owns more than 1% of the company through its shares. 

SNDL Inc SNDL is another Canadian cannabis company that supplies retailers with recreational cannabis products. According to Whale Wisdom, Jane Street, yes the fund that used to employ the disgraced Sam Bankman-Fried, bought up more than 140,000 shares of the cannabis company last quarter. 

Aurora Cannabis Inc ACB, which operates in both the recreational and medical marijuana spaces, does business in more than 20 countries around the world. According to Whale Wisdom, Millennium Management LLC bought up more than 6 million shares of Aurora last quarter. 

So, while many people may still be hesitant to touch the cannabis space right now, there are some big players that clearly are not. Doesn’t Warren Buffett’s famous adage go something like “be greedy when others are fearful?”

Hear much more about investing in cannabis companies from the many experts at the upcoming Benzinga Cannabis Capital Conference, April 11-12, in Miami Beach. Stay with us at the iconic Fountainbleau Hotel. Get your tickets HERE.