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Many millennial investors must have been throwing their hands up in the air in the beginning of 2020. A large proportion of this demographic came of age during the Great Recession. Now, with many starting to solidify their positions in adulthood, a global pandemic has plunged us into a historic crisis. No one is celebrating the pandemic and the devastation it has wrought. However, millennial investors are presented with a huge opportunity. I’d discussed how timely investments during these periods can make fortunes. Today, I want to look at three of my favourite stocks to scoop up for millennial investors.

Millennials: Buy this top stock to take advantage of accelerating automation

Automation is one of the key challenges facing the millennial workforce in the decades ahead. This will force workers and investors to adjust to an evolving landscape. The latter should focus on equities that are poised to post growth due to this transformation.

ATS Automation Tooling Systems (TSX:ATA) is a Cambridge-based company that provides factory automation solutions to a global client base. Its shares have shot up 37% over the past three months. The stock is up 5% in 2021 as of close on January 21. Millennials can expect to see its third-quarter fiscal 2021 results in early February.

In Q2 FY2021, the company saw Order Bookings increase 26% year over year to $403 million. Meanwhile, the Order Backlog grew 1% to $956 million. Revenues fell marginally due to pandemic-related pressures on its business. However, ATS Automation looks strong going forward.

A strong sin stock that also offers income

Millennials aren’t just reacting to trends they are also setting them. This is the largest demographic in North America. Alcohol consumption trends among this cohort have reshaped the industry. Beer’s market share has waned, making way for wine and spirits to pick up ground.

Corby Spirit and Wine (TSX:CSW.A) is a Toronto-based company that manufactures, markets, and imports spirits and wines. Its stock has climbed 22% year over year. The company released its first-quarter fiscal 2021 results on November 12.

The COVID-19 pandemic has hurt many retailers over the past year. However, alcohol consumption has increased in North America during this lonely period. Top-line Corby-owned brands posted 9% growth in the quarter. Meanwhile, the company delivered total revenue growth of 12%. Best of all, Corby stock still possesses a favourable price-to-earnings ratio of 16. Finally, Corby declared a quarterly dividend of $0.22 per share. That represents a solid 4.9% yield.

Why millennials should pull the trigger on cannabis stocks again

Millennials were some of the more enthusiastic adopters of cannabis stocks in the mid-2010s. Many were rewarded for their efforts, as cannabis stocks boomed after the election of Justin Trudeau’s Liberals, who promised recreational legalization. Canada’s cannabis rollout left a lot to be desired, and cannabis stocks have been sluggish since 2018.

The election of Joe Biden in the United States may bring momentum back to this sector. There is a real chance for federal legalization during Biden’s first term. Canopy Growth (TSX:WEED)(NYSE:CGC) is in a great position to penetrate the U.S. market. It wisely set itself up for this prospect when it acquired Acreage Holdings in 2019. If federal legalization goes forward, Canopy will have a huge advantage due to this partnership.

Shares of Canopy Growth have climbed 65% over the past three months. Millennials who want to ride another potential legalization leap should look to Canopy and its peers right now.

Millennials should also target this exciting stock…

This Tiny TSX Stock Could Be the Next Shopify

One little-known Canadian IPO has doubled in value in a matter of months, and renowned Canadian stock picker Iain Butler sees a potential millionaire-maker in waiting…
Because he thinks this fast-growing company looks a lot like Shopify, a stock Iain officially recommended 3 years ago – before it skyrocketed by 1,211%!
Iain and his team just published a detailed report on this tiny TSX stock. Find out how you can access the NEXT Shopify today!

Click here to discover how!

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Fool contributor Ambrose O’Callaghan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends CORBY SPIRIT AND WINE LTD CLASS A.

The post Millennials: The 3 Best Stocks to Buy Today appeared first on The Motley Fool Canada.