Millennials buying Canopy Growth marijuana stock ahead of earnings

Canopy
Growth

Canopy
Growth — the world’s largest marijuana company and the first
to trade on the New York Stock Exchange — has been a wildly
popular stock among millennial investors, and heading into the
Canadian company’s firs- quarter earnings report, that enthusiasm
was only growing.

More than 26,000 investors on the stock-trading app Robinhood ,
which skews much younger than traditional brokerages, held the
stock as of Tuesday afternoon. That’s a 179% increase in holders
since the stock first appeared on Robinhood’s “Top 100” list in
June. It’s now the 42nd most-popular stock on the app.

Canopy soared earlier this year when
Canada passed legislation legalizing marijuana throughout the
country. However, it saw heavy selling Tuesday, down 7%,
alongside its peers as the
Ontario province delayed the launch of brick-and-mortar marijuana
sales until April 2019.

Analysts polled by Bloomberg expect Canopy to report an adjusted
loss of $0.11 a share on revenue of $26.33 million.

Shares of CGC have fallen by 12% this year. 

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