An Apple a day may keep the doctor away, but millennials want weed.
Millennial investors just made Aurora Cannabis the most popular trade on investment app Robinhood—beating out tech giant Apple.
Aurora Cannabis recently ranked No. 1 on Robinhood’s list of the top 20 most-held stocks on the trading platform—compared to Apple, which now ranks at No. 4. Robinhood, a commission-free investment platform known for its largely Gen Z and millennial users, has carved out a niche with beginner investors.
But while big tech stocks like Apple have historically been high up on the app’s most-held list, weed stocks are quickly dominating the platform.
Still, why are millennials and Gen Zers so bullish on cannabis? “There’s certainly the cool factor and it’s a product they can relate to,” said Matthew Karnes, the founder of GreenWave Advisors, a firm specializing in researching the cannabis industry.
But apart from the “cool factor,” it seems the overall generational attitude toward cannabis may be a driving factor as to why these demographics are so eager to invest in the space. “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,” Matt Hawkins, managing principal at Cresco Capital Partners, told Fortune via email. “This generation has never seen ‘Reefer Madness,’ and does not view cannabis as a stigma.”
Without a stigma hindering investors, it is clear that young Robinhood users are increasingly going for pot stocks. What’s more, others like Bill Tkacs, managing partner of Vested Capital Partners, noted the numerous applications of cannabis (including medicinal and recreational) to be a major contributor to millennials and Gen Zers viewing the industry as full of “positivity, growth, [and] opportunity.”
“As this matures from a regulatory standpoint in the