Aurora Cannabis Takes Top Position from Apple as Most-Held Stock on Robinhood
Aurora Cannabis Inc. (NYSE: ACB)
continues to defy expectations with these sensational headlines. The company’s stock just took the top of the most-held stocks on Robinhood while Apple stock fell to 4th place.
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Two large culprits are responsible for the recent placement of Aurora – Millennials and Generation Z. Both generations make up a majority of Robinhood’s user base and many have switched from big tech names and big names in general to individual cannabis corporations. It is now very clear that investors who use Robinhood have switched over to cannabis with the prospect of a green rush in mind.
Matt Hawkins, managing Principal at Cresco Capital Partners, wrote: “As this matures from a regulatory standpoint in the U.S. federally, the market is going to get even bigger and bigger. It’s just scratching the surface on how big this industry can be.”
It is reported that cannabis exchange traded funds (ETFs) have already made investors millions of dollars on their initial investments. The most popular ETFS for this year have had returns of more than 45% in Q1 of 2019. ETFs Horizons Marijuana Life Sciences index and ETFMG Alternative Harvest are examples of two ETFs that managed over 45% returns, higher than most of the non-leveraged ETFs in the United States.
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“Given the limited amount of pure play cannabis stocks available for U.S. investors, it comes [as] no surprise that millennials are concentrating in these positions. This generation has never seen ‘Reefer Madness,’ and does not view cannabis as a stigma,” wrote Hawkins.
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Note: The author of this article does hold a position with Aurora Cannabis stock
Aurora Cannabis Takes Top Position from Apple as Most-Held Stock on Robinhood
