Robinhood says 420,000 users own the marijuana stock Aurora Cannabis
- Aurora Cannabis remains the preferred cannabis stock of millennial investors, according to data provided by the free trading app Robinhood.
- The company stock was held by over 420,000 accounts, more any other stock on Robinhood's platform.
- Watch Aurora Cannabis trade live.
Aurora Cannabis has extend its three-month streak as the most widely held stock on the free-trading app Robinhood, which is popular among younger users.
Last week, more than 420,000 Robinhood users held shares of the cannabis company, which took the top spot from Apple on January 31. The stock has been the most-added on the platform since that time.
Cannabis stocks appears to be a core holding for millennial investors, with Aurora rival Cronos taking the fifth position. GE, Ford, and Apple are also in the top five holdings.
The reason for Aurora's popularity is not clear, although it does have the lowest nominal stock price of the major cannabis companies, potentially increasing its appeal. The cannabis market is rapidly evolving, with reports that the US Congress may consider federal legalization.
Ten states have legalized marijuana for recreational use and 33 have approved its use for medical purposes. Tensions around legalization have increased as the Trump administration has vowed stricter enforcement of federal laws compared with the relatively hands-off approach to state legalization by the Obama administration.
Millennials appear to be savvy investors, at least so far, as cannabis stocks have had a tremendous run in 2019. Aurora Cannabis has posted an 82% gain while rival Cronos is up 45%.
