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.