REUTERS/Nir Elias
An employee sorts freshly harvested cannabis buds at a medical marijuana plantation in northern Israel March 21, 2017. Picture taken March 21, 2017.
- Canopy Growth Corporation moved its stock listing to the New York Stock Exchange in May.
- Shares have been relatively flat since the move, but that's not slowing millennial investors.
- Robinhood data show that more than 16,000 traders on the app currently hold the stock.
- Follow Canopy Growth's stock price in real-time here.
The first marijuana stock to ever trade on the world's most famous stock exchange might be struggling to gain momentum, but that's not deterring millennial investors.
Shares of Canopy Growth - which moved its stock listing from Toronto to the New York Stock Exchange last month - have have been flat since the shift. But on the stock trading app Robinhood, whose users skew much younger than traditional brokerages, more than 16,000 investors have snapped shares in recent weeks.
On June 14, two weeks after the move to the Big Apple, 9,000 traders held the stock, Robinhood data show. By Thursday, that number had ballooned to 16,644, making it the 54th most-popular stock on the app.
Despite being flat for the month, Canopy Growth shares saw a significant pop in mid June, when they gained nearly 7% following the news Canada became the second nation to legalize marijuana. The company has also partnered with celebrities like Snoop Dogg and received funding from Constellation Brands, the global beverage company behind Corona, Modelo, and other famous beers.
"We're a company focussed on leadership, vision, and integrity and listing on one of the most prestigious exchanges in the world validates the level of execution and ambition our team has demonstrated," Bruce Linton, Canopy Growth's chief executive, said in a press release when the stock moved to NYSE. "Five years ago, as a small Smiths Falls based start-up in the cannabis sector, we could have never imagined this historic moment."
More and more public companies are looking to the legal-marijuana space as laws become more accommodative. While Canopy Growth may be the first marijuana stock to trade on the NYSE, there are a handful of agricultural and dispensary companies which trade on the over-the-counter market.
Tilray, another Canadian marijuana firm, has filed paperwork to be the first legal-weed company to have a US initial pubic offering on the Nasdaq exchange.
