No trader likes paying commissions on trades. Some stock brokers charge as much as $9.99 to make a stock trade.
This is why so many investors and traders have turned to the Robinhood app to get commission-free trading on so many different stocks. One question we get asked pretty often is: Can I trade marijuana stocks on the Robinhood app?
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Well, there's good news and bad news...
Bad News First
A majority of existing marijuana stocks are either traded on the OTC markets, or traded on foreign markets such as the TSX Ventures Exchange, the CSE, the Frankfurt Stock Exchange, the Tel Aviv Stock Exchange, or the Australian Securities Exchange. Therefore, these foreign-listed and over-the-counter marijuana-related stocks are unfortunately unavailable for trading on the Robinhood app at this time.
For investors who can't be without access to foreign-listed marijuana stocks, Fidelity offers customers access to over 20 different market centers worldwide. For the investors who can't be without OTC-listed marijuana stocks, E*Trade offers OTC access as well as discounted commissions for active traders.
The Good News
According to Robinhood's website, they hope to offer access to OTC equities, foreign domiciled securities and more in the future.
Until then, there are still a handful of marijuana related stocks that trade on the NYSE as well as some marijuana biotech stocks trading on the Nasdaq exchange that are all available for trading commission-free on the Robinhood app including:
Don't Forget the Marijuana ETF!
In addition to the stocks above being available to trade commission-free on Robinhood, the ETFMG Alternative Harvest ETF (NYSE:MJ) is also available, giving investors basket-style access to over 30 different marijuana-related companies.
We also sum up the pros and cons of trading marijuana stocks on the Robinhood app in our video above. For more information on any of the marijuana stocks mentioned, be sure to check out their stock profiles in our marijuana stocks database (also linked in tickers above). Also, don't forget to connect with us on social media using the links to the right of this article.
Now check out: The Marijuana Stock Brokers Database