REUTERS/Lucy Nicholson
- Cannabis stocks are among the most popular with millennials, according to data gathered by Markets Insider from the free-trading app Robinhood.
- Some stocks have more than doubled in popularity over the past month as their prices have soared.
- Canadian cannabis company Cronos is more popular than Amazon, Netflix, and Twitter on Robinhood.
Weed stocks are exploding in popularity among young investors — in a wave that’s reminiscent of cryptocurrencies.
The news cycle in the industry has been coming at a fast and furious pace. Earlier this week, another Canadian cannabis company Tilray received approval to ship medical cannabis to the US for a study in California. Its shares have soared more than 800% since going public in July.
And then there is Aurora Cannabis, which this week announced it had held talks with Coca-Cola to make a CBD-infused drink but was unable to reach a deal. A report out Wednesday said the cannabis producer is planning to list its shares on a major US stock exchange next month.
These stocks have become so popular that the brokerage firm Robinhood suspended new buying of Aurora Cannabis on its platform due to large orders and volatility.
According to Robinhood’s website, Cronos has averaged 10,335 new investors per week and its ownership has grown by 95.9% over the last six weeks. Meanwhile, the online streaming giant Netflix has lost an average of 1,635 investors per week, or 6.1% of its total investors, in the same time period. Cronos is now the 11th most popular stock on the list with 122,122 total investors, just above Twitter (117,365), Netflix (108,475 ), and Amazon (99,674).
Keep reading to see how popular some of the high-flying cannabis stocks are on the free-trading app Robinhood, and how they stack up against some of the most popular names in tech.
Cronos Group (CRON)
Market capitalization: $2.07 billion
Number of owners on Robinhood: 122,122
Ownership growth over the last six weeks: 95.9%
In the week of March 22nd, 23,263 people owned the stock and Cronos was ranked 43rd on the list. Now it is the 11th most popular stock on the list, just above Twitter, Netflix, and Amazon.
Data gathered by Markets Insider from public Robinhood data.
Aurora Cannabis (ACBFF)
Market capitalization: $8.35 billion
Current Owners on Robinhood: 77,248
Ownership growth over the last six weeks: N/A. The stock did not appear on the list until the week of September 6.
Over the past two weeks, users have more than doubled from 34,471 to 77,248, and the stock has jumped 16 positions on the list to 20th position.
Data gathered by Markets Insider from public Robinhood data.
Canopy Growth (CGC)
Market Capitalization: $11.86 billion
Current Owners on Robinhood: 69,521
Ownership growth over the last six weeks: 144%
The stock has jumped from the 96th position to 23rd position, just below payment company Square, led by Jack Dorsey, who also serves as CEO of Twitter.
Data gathered by Markets Insider from public Robinhood data.
Tilray (TLRY)
Market Capitalization: $11.59 billion
Current Owners on Robinhood: 35,280
Ownership growth over the last six weeks: N/A. The stock did not appear on the list until the week of August 23rd.
Tilray had a wild day after its CEO Brendan Kennedy appeared on Cramer’s “Mad Money” on Wednesday. The stock has jumped from 81st on Robinhood’s top 100 list in August to 39th.
Data gathered by Markets Insider from public Robinhood data.
22nd Century Group (XXII)
Market Capitalization: $339.67 million
Current Owners on Robinhood: 43,057
Ownership growth over the last six weeks: 11%
Compared to other companies, 22nd Century Group is a plant-biotechnology company which produces low-nicotine cigarettes. They have similar products on growing cannabis with varying levels of cannabinoids. The company has held steady as the 32nd most-owned stock on the app.
Data gathered by Markets Insider from public Robinhood data.
Netflix (NFLX)
Market Capitalization: $159.14 billion
Current Owners on Robinhood: 108,475
Ownership growth over the last six weeks: -6.1%
The streaming giant has lost on an average 1,635 Robinhood investors per week since August 16.
Data gathered by Markets Insider from public Robinhood data.
Amazon (AMZN)
Market Capitalization: $948.94 billion
Current Owners on Robinhood: 99,674
Ownership growth over the last six weeks: 1%
Amazon has held steady at the 14th position August 16.
Data gathered by Markets Insider from public Robinhood data.
