Home / Uncategorised / Robinhood says 420,000 users own the marijuana stock Aurora Cannabis
Robinhood says 420,000 users own the marijuana stock Aurora Cannabis

Robinhood says 420,000 users own the marijuana stock Aurora Cannabis

caption
FILE PHOTO – A woman holds marijuana for sale at the MedMen store in West Hollywood
source
Reuters
  • Aurora
    Cannabis
    remains the preferred cannabis stock of millennial
    investors, according to data provided by the free trading app
    Robinhood.
  • The company stock was held by over 420,000 accounts,
    more any other stock on Robinhood’s platform.
  • Watch Aurora
    Cannabis
    trade live.

Aurora Cannabis has extend its three-month streak as the most
widely held stock on the free-trading app Robinhood, which is
popular among younger users.

Last week, more than 420,000 Robinhood users held shares of the
cannabis company, which took the top spot from Apple on January
31. The stock has been the most-added on the platform since that
time.

Cannabis stocks appears to be a core holding for millennial
investors, with Aurora rival Cronos taking the fifth position.
GE, Ford, and Apple are also in the top five holdings.

The reason for Aurora’s popularity is not clear, although it does
have the lowest nominal stock price of the major cannabis
companies, potentially increasing its appeal. The cannabis market
is rapidly evolving, with reports that the US Congress may
consider
federal legalization
.

Ten states have legalized
marijuana for recreational use
and 33 have approved its use
for medical purposes. Tensions around legalization have increased
as the
Trump administration has vowed stricter enforcement
of
federal laws compared with the relatively hands-off approach to
state legalization by the Obama administration.

Millennials appear to be savvy investors, at least so far, as
cannabis stocks have had a tremendous run in 2019. Aurora
Cannabis
has posted an 82% gain while rival Cronos is up 45%.

ACB stock chart

source
Markets Insider

Full story is available here.

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