December 27, 2018
By Ethel Jiang
Millennial investors (click here) were fascinated with weed and tech stocks in 2018, according to data gathered by Markets Insider from the no-free trading app Robinhood.
For the 4 million Robinhood traders, a large portion of which are millennials (22 to 37 years old), marijuana companies become their darlings this year. Three pot stocks, Cronos (+141,688, up 609%), Canopy Growth (+128,699, up 374%), and Aurora Cannabis(+88,889, up 1,057%) saw the biggest increases of ownership on the app. Markets Insider tracked data from March 22 through December 20.
Younger traders' enthusiasm for the cannabis companies came as the industry grew at a fast and furious pace. In the second half of the year, a number of beverage and tobacco companies, such as Constellation Brand and Altria, announced investments in cannabis producers, causing a "green rush" into the industry. Also fueling interest in the space were Canada and Michigan legalizing recreational use of the drug....
Michigan did not legalize recreational marijuana. Michigan decriminalized the possession of the drug for those that have a medical marijuana card. Those using medical marijuana can now grow the plants in their own homes, but, they are prohibited from selling it.
The Michigan law simply decriminalizes medical marijuana. It does not go as far as Canada's law that has decriminalized all aspect of the marijuana business and usage.
There are dispensaries in Michigan. (click here)
