Canadian cannabis producer, Aurora Cannabis, recently beat out Apple as the number 1 favorite cannabis stock among millennials.
Yes, you read that right. Younger investors (between the ages of 23 and 38) own more shares of cannabis stock than Apple, at least according to Robinhood, a free trading app that has become very popular among millennials. A total of 247,517 Robinhood users own shares of Aurora Cannabis stock, up 20,000 in just the last week, while Apple has 237,050 shareholders at the moment.
The cannabis market continues to grow exponentially
This isn’t entirely surprising, considering how strong support for the cannabis industry is among younger generations. A survey conducted last April by Quinnipiac University in Hamden, Connecticut, determined that 82% of people aged 18 to 34 were in favor of cannabis legalization. This is compared to 63% of people aged 50 to 64 and 43% of seniors aged 65 and up.
Aurora has been making waves in the cannabis industry lately, which is drawing the attention of investors from all over the world. Last September, they were collaborating with Coca-Cola to develop a line of CBD-infused beverages, although that deal fell through for the time being. The following month, the company went public on the New York Stock Exchange under the symbol “ACB”. Aurora is also being traded on the Toronto Stock Exchange in Canada.
Then in January 2019, following the passage of the updated Farm Bill, Aurora discussed their plan to produce hemp-derived CBD products for the United States market. The company is headquartered in Edmonton, Alberta, and currently has operations in 22 countries across 5 different continents. They’re on track to becoming one of the largest cannabis producers in the world. At the moment, they’re pushing around 100,000 kilograms annually, but they have indicated that their facilities are capable of producing over 500,000 kilos.
Since the beginning of the year, Aurora Cannabis shares were up 37% in only a month and a half.
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