Data Suggests Millennial Investors Are Migrating from Tech to Cannabis

[dropcap class=”kp-dropcap”]A[/dropcap]ccording to recently released data, Aurora Cannabis outranked Apple and other tech companies for the number of millenial users on the trading app Robinhood. The investment patterns of Robinhood remove any doubt regarding the viability of the cannabis industry, as it its one of the most popular industries among younger generations. Both a website and mobile app, Robinhood allows its users to navigate through a variety of publicly-traded companies and exchange-traded funds listed on U.S. stock exchanges and choose which ones to invest in. In the past week, three out of four stocks Robinhood users invested in were cannabis companies.

The companies included Aurora Cannabis, which is currently the most popular stock on the app, along with Cronos and Aphria. To compare, Apple had previously held the top position for almost three months until Aurora Cannabis knocked it down to the second slot. Four months ago, Aurora Cannabis was only 22nd on the list.

In Canada, cannabis shares have drawn in young investors, especially since the country gave the green light for legal and recreational use of the plant in October 2018. Aurora Cannabis gained more than 25,000 shareholders with Cronos gaining over 18,000 and Aphria coming in around 9,000 additional shareholders in the last week.

Studies and polls have consistently shown that millennials have the highest percentage of approval for cannabis legalization. In 2017 the Pew Research Center published statistics that revealed 70 percent of millennials believed in legalization. Since then, that number has grown to at least 84 percent and will likely continue to rise.

The millennial generation is not the only group that recognizes the promising potential of the cannabis industry. Household name, Coca-Cola went so far as to discuss possible business models and partnering with Aurora Cannabis last fall. While the soft drink company did not go through on any agreements with Aurora, it’s a clear sign that big corporations are taking notice of the cannabis industry.