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A cannabis producer just topped Apple as the favorite stock among millennials (ACB, AAPL)

 


More people own shares of the Canadian cannabis producer Aurora Cannabis than Apple on Robinhood, a free trading app popular among millennial traders, highlighting the “green rush” into marijuana by younger investors.

According to Markets Insider’s track of the data, Aurora Cannabis is now held by 247,517 Robinhood users, up more than 20,000 from last week. The marijuana stock outranked all the others on the app, including Apple, which had maintained its top-ranking position since the week of November 8. The smartphone giant’s stock now ranks second in terms of Robinhood ownership, at 237,050 shareholders.

Aurora has just recently caught the attention of millennials. In September 2018, Bloomberg reported that Coca-Cola was in discussions with Aurora to develop beverages infused with cannabidiol(CBD), one of the nonpsychoactive compounds found in cannabis, immediately sending Aurora shares up 15%. At that time, Aurora was trading on the Toronto Stock Exchange in Canada.

Then in October, in the wake of the official legalization of recreational marijuana in CanadaAurora went public on the New York Stock Exchange. At the time, Aurora was ranked 22nd on Robinhood, with 74,281 shareholders.

Aurora has since stepped up expanding its reach in the US market, where the regulatory environment has become more favorable for marijuana producers.

To Read The Rest Of This Article By Ethel Jiang on Business Insider

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Published: January 31, 2019

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