Millennials have an interesting relationship with investing and the stock market, thanks to the 2008 housing crisis. The event has, in many ways, defined the generation for ways better or worse. But legal marijuana has drawn millennials back into the stock market, as we’ve previously reported.
When Canopy Growth moved its stock listing from Toronto to the New York Stock Exchange last month, it became the first marijuana stock to be publicly traded on the NYSE. Shares have been relatively flat since the move, reports Business Insider, but that hasn’t slowed millennial interest.
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On the stock trading app Robinhood, which is typically used by younger investors, shares have been gobbled up. Reportedly 9,000 Robinhood traders owned Canopy Growth shares in mid-June. That number ballooned to 16,644 just weeks later, making Canopy Growth become the 54th most-popular stock on the app at one point.
Analysts have concluded that because Robinhood mostly caters to millennial investors, it’s their group that is generating the extreme interest in Canopy.
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“We’re a company focussed on leadership, vision, and integrity and listing on one of the most prestigious exchanges in the world validates the level of execution and ambition our team has demonstrated,” Bruce Linton, Canopy Growth’s chief executive, announced when the stock moved to NYSE. “Five years ago, as a small Smiths Falls based start-up in the cannabis sector, we could have never imagined this historic moment.”
As laws change around cannabis and allows companies to move toward going public, stories like that of Canopy Growth might become more commonplace. Millennials are interested in cannabis in more ways than one.
