Since more and more public cannabis companies are still in growth phases, higher interest rates have hit their stocks hard. As share prices come down, institutional investors and hedge funds have started to take stabs at several different companies. Here are some of the best cannabis stocks that the big players have been buying.
Tilray Inc TLRY, the Canadian cannabis company, focused on providing medical marijuana to hospitals, pharmacies, and other customers. Since Tilray is focused on the medical side, it may make it easier for institutional investors to jump in. Last quarter, according to Whale Wisdom, Aristeia Capital added more than 9 million Tilray shares. The fund holds more than $30 million worth of Tilray stock.
Canopy Growth Corp CGC, a multinational corporation with dozens of brands under management, has ventures in cannabis-infused beverages, CBD and more. According to Whale Wisdom, the National Bank of Canada bought more than 7 million shares of Canopy. The bank owns more than 1% of the company through its shares.
SNDL Inc. SNDL is a 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 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. Millennium Management LLC bought more than 6 million shares of Aurora in the last quarter, according to Whale Wisdom.
Some big players that are clearly not interested in the cannabis space are some of the players that may be hesitant to touch the space right now. Why does Warren Buffett's famous adage never go something like be greedy when others are fearful? Hear much about investing in cannabis companies from the experts at the upcoming Benzinga Cannabis Capital Conference, April 11 - 12 in Miami Beach. Stay with us at the iconic Fountainbleau Hotel.