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Can I Buy Cannabis (Marijuana) Stocks on Robinhood?
2019: Does Robin Hood offer trading, investing in medical marijuana, weed stocks (MJ, Aurora, Canopy Growth, Cronos, Tilray). Can I buy cannabis ETFs and mutual funds on Robinhood
mobile app?
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Overview of 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 Firstrade 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 or even a website with trading capability. The broker’s mobile app is where all
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 options for buying cannabis stocks are Firstrade (discussed lower), Ally Invest, and
TD Ameritrade.
To learn more about this company visit Robinhood Brokerage Review.
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Can I Buy Marijuana Stocks on Firstrade?
Robinhood's top competitor, Firstrade, also charges $0 commission on stock and ETF trades.
However, while Robinhood does not offer mutual funds investing, Firstrade provides customers with access to over 10,000 mutual funds for the same
$0 commission!
Firstrade also offers a stock screener that can be used to look for marijuana equities in a few different ways. Under ‘Select Criteria’ there is
sub-heading entitled ‘Market Segment.’ Here, there are several choices that can be used. One is keyword function that allows the user to search using a
specific word, such as ‘cannabis’ or ‘marijuana.’ Searching for cannabis produces 18 stocks, while marijuana generates 3.
A specific exchange can be selected on Firstrade’s screener, and this is good because many cannabis stocks trade on the OTC market. The stock tool can also look for American Depository Receipts, and this too can come in handy because many weed securities are based in Canada.
One stock that appears in Firstrade’s results after typing in cannabis with the keyword function is Advanced Cannabis Solutions, Inc. The ticker symbol is CANN, and it trades on the over-the-counter market. Firstrade pulls data from Morningstar, and this information reveals some pretty atrocious financials. The stock has an average daily volume of 91,000, which shows a lot of interest. Its most recent trade price is $1.35. Firstrade’s site reveals a 52-week high of $4.40.
To learn more about this broker visit Firstrade Brokerage Review.
$0 commissions + up to $200 in transfer fee rebates.
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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 Firstrade. The broker charges $0 for stock, ETF and mutual funds trades.
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