Marijuana investing is interesting terrain. For some, it’s a golden opportunity to get in on the ground floor of an industry that’s about to explode. For others, it’s risky territory, especially since it’s still illegal at the federal level. But based on recent stock market activity, it looks like marijuana investing could be incredibly popular with Millenial investors.
Millenials Showing Love For Marijuana Stocks
Millenial investors in the U.S. have their first shot to invest in the legal marijuana industry on the New York Stock Exchange (NYSE). That’s because last month, Canopy Growth became the first cannabis stock to ever trade on the NYSE.
This is fairly big news across the board, regardless of how many people initially bought shares. But now, new stats shared by Business Insider suggest that it might be especially exciting news for Millenial investors in particular.
Ongoing trends on the investment app Robinhood—which is used primarily by younger investors, especially Millennial-aged investors—show that Canopy Growth has been blowing up lately.
By mid-June, there were reportedly 9,000 Robinhood traders who owned shares of Canopy Growth stock. But now, just two weeks later, that number has skyrocketed to 16,644. That’s almost a 100 percent increase in two weeks.
In fact, this rapid growth has made Canopy Growth Robinhood’s 54th most popular stock. And since Robinhood has so far catered primarily to younger investors, it seems like a fair conclusion to assume that Millenial investors are responsible for driving this uptick in popularity.
Canopy Growth on the NYSE
Canopy Growth announced that it would begin trading on the NYSE late last month. Before moving onto the NYSE, the company was traded on the Toronto Stock Exchange.
The move to New York City was a history-making development. In particular, it made Canopy Growth the first marijuana company to be publicly traded on the NYSE. On top of that, it’s the first time that a cannabis cultivation company has listed on the NYSE.
While Canopy Growth is the first cannabis company on the NYSE, it’s not the first to hit the U.S. stock market. Another Canadian company called Cronos Group, Inc. listed on the NASDAQ earlier this year.
Millenial Investors Are Buying Into Publicly Trading Cannabis Stocks
Regardless, Canopy’s move onto the NYSE is a big development for a couple of reasons. For one, it’s opened up one of the biggest, most well-known stock exchanges to the legal cannabis industry.
Beyond that, it represents more growth for one of the world’s leading marijuana companies. Canopy Growth plans to use its new move to the NYSE as the springboard for further developments.
For example, it wants to expand its growing capacity. It currently runs eight production sites with over 2.4 million square feet of growing space. But by the end of the year, the company hopes to more than double that. More specifically, it said it plans to bump capacity up to 5.6 million square feet.
All this growth could indicate good things, both for the company and for the industry. And many investors are starting to take notice. In particular, if Robinhood’s trends are accurate indicators, it looks like Millenial investors may be looking to cash in on legal marijuana.