Weed stocks are exploding in popularity among young investors — in a wave that’s reminiscent of cryptocurrencies reports the UK Business Insider
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).