|
Buying Cannabis Stocks on Robinhood
2022: Does Robinhood offer investing in medical marijuana, CBD, hemp, weed
stocks (MJ, Curaleaf, Aurora, Canopy Growth, Cronos, Curaleaf). Can I buy cannabis ETFs
and mutual funds on Robinhood mobile app?
|
Buying Marijuana Stocks on Robinhood
If you’re interested in trading companies that are engaged principally or secondarily in cannabis production, there are many brokers in the United States that
can assist you in finding these stocks. Services can vary widely, however, from one firm to another.
Vanguard, Ally Invest, Robinhood, and Webull all provide
access to marijuana stocks; but some of these brokerage firms are much better than others.
Can I Buy Marijuana Stocks on Robinhood?
Robinhood is an ultra-low-cost firm that does not offer a desktop platform with trading capability. The broker’s mobile app is where most
trading takes place, and it doesn’t offer very much. There is no stock screener on the app, so you’ll need to know the ticker symbol of the marijuana
company beforehand.
The platform offers very limited stock information. There is a rudimentary charting function, news stories in article format,
and an earnings history.
An ADR that is available for purchase through Robinhood is GW Pharmaceuticals, a British company that manufactures a cannabis derivative for multiple sclerosis. It trades on the Nasdaq under the ticker symbol GWPH.
GW’s last trade price was $112. Robinhood’s app shows that the stock is up more than 1,000% over the past five years. At its current price, the company has a market cap of almost $3 billion. The stock’s 52-week high is $137, and its low is $92. The company’s last three earnings reports have disappointed, returning negative numbers.
The stock has an average daily volume of 340,000 shares. The company has a price/book ratio of 6.8. Its price/sales ratio is 276, which is very high.
Much better option for buying cannabis stocks is Webull (discussed below).
To learn more about Robinhood, click here.
Robinhood Promotion
Get one FREE stock when you open an account.
Open Robinhood Account
Can I Buy Marijuana Stocks on Webull?
Robinhood's top competitor, Webull, also charges $0 commission on stock and ETF trades.
However, while Robinhood does not offer IRA accounts, paper trading, and advanced trading platform, TD Ameritrade does.
To learn more about this broker, visit Webull Brokerage Review.
Webull Promotion
6 FREE stocks valued $34-$12,600 give-away at Webull.
Open WeBull Account
Most Popular Cannabis Stocks on Robinhood
| Company | Symbol | Market Cap |
|---|
| Aurora Cannabis | ACB | $2 billion |
| Canopy Growth | CGC | $4 billion |
| Cronos Group | CRON | $2 billion |
| Curaleaf | CURLF | $6 billion |
| Trulieve Cannabis | TCNNF | $6 billion |
| Tilray | TLRY | $3 billion |
Can I Buy Marijuana Stocks on Robinhood Recap
Many brokers in our survey provide access to companies that are connected to one extent or another to the marijuana industry. Robinhood provides the fewest
resources because it is a bare-bones broker. The best screener is with Webull. The broker charges $0 for stock, ETF and mutual funds trades.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
|