Historically, millennials have been wary to enter the stock market. Most millennials in their 20s and 30s now have experienced two major financial crashes—when the tech bubble popped in the early 2000s and the stock market crash of 2008. According to a 2017 survey from Bankrate, millennials would rather invest in real estate or cash over the stock market, which barely beat out gold as an investment.
But that is starting to change. Last week TD Ameritrade CEO Tim Hockey told Business Insider that new investors under 35 rose 72 percent year-over-year. What changed that has millennials suddenly interested? Blockchain cryptocurrencies and cannabis.
“Our new accounts opened by millennials are up 72 percent year-over-year,” Hockey told Business Insider. “Clearly, the two biggest stories of the quarter were the sectors of cryptocurrency and cannabis. Those are two sectors that didn’t even exist a few years ago. That has driven the skewing of our new accounts opened to the younger trader and younger investor.”
Nine states have legalized recreational marijuana while Americans have access to medical marijuana in 29 states. In addition, the New Jersey Legislature announced intentions to legalize recreational marijuana this month and new Governor Phil Murphy is fully behind the initiative.
With the rising legal consumer base, marijuana revenue has blossomed. Within the next three years legal cannabis sales will practically triple. The current $7.4 billion will practically triple to an expected $21 billion in 2020.
If you’re interested in partaking in the Green Rush, The Fresh Toast has you covered. Here is a Beginner’s Guide to cannabis investment and here are 4 tips you should know prior to investing in cannabis stocks.