Millennials are snapping up the world’s largest publicly traded marijuana company ahead of its earnings report

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 $US0.11 a share on revenue of $US26.33 million.

Shares of CGC have fallen by 12% this year.

Read Business Insider’s recent interview with the CEO of Canopy Growth here

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