Stocks are an inherently social business, the market itself is built of people expressing their opinions about companies. When someone buys a stock they are expressing a optimistic or bullish opinion. Conversely, a seller of stock is generally expressing a bearish or pessimistic opinion.
That being said, before hard earned money is on the line, investors like to find out what other market participants and observers think of a company. One place that they do so is on StockTwits, the social network of the investment world.
Given that marijuana stocks are some of the hottest names in the market today, they are some of the most widely followed and discussed names on StockTwits - at least the ones that are available on the platform.
We emphasize “available on the platform” because unfortunately the universe of cannabis-related companies available on StockTwits is currently limited.
Here's the good and bad news about using StockTwits for marijuana stocks...
Bad News First
The majority of publicly traded cannabis stocks are either on the OTC markets, or foreign exchanges such as the CSE or Frankfurt Stock Exchange. These symbols aren’t currently supported by StockTwits. This means that that they don’t link to the company’s profile that lists the StockTwits mentioning the company, its price performance, the message traffic, and more.
In regards to the OTC markets, there is more bad news as StockTwits has a zero-tolerance policy to "penny stocks". Although some users attempt to override this by hashtagging stock symbols (#), rather than cashtagging ($), it is not permitted and may be flagged by moderators. This ‘override’ method also doesn’t provide users with the key insight of message traffic in a particular stock.
The Good News
According to a 2009 memo, stocks listed on certain foreign markets including the Frankfurt Exchange and the Toronto Stock Exchange are supported by StockTwits.
However, we tried it today and found that our favorite Frankfort cannabis names aren’t available. Don’t be too discouraged, Toronto (but not TSX Venture) listed names are supported by StockTwits and have quite an active following.
Additionally, marijuana stocks listed on the NYSE or NASDAQ are all supported by StockTwits. This includes names like Zynerba Pharmaceuticals (NASDAQ:ZYNE), Cara Therapeutics (NASDAQ:CARA), Innovative Industrial Properties (NYSE:IIPR) GW Pharmaceuticals (NASDAQ:GWPH) and more.
For a detailed explanation regarding cannabis companies trading on these exchanges, check out our articles “Marijuana Stocks on the NYSE” and “Marijuana Stocks on the NASDAQ”, or through our exchange databases linked above.
StockTwits can be a great tool to learn more about marijuana stocks and see what other investors have to say about them. The Daily Marijuana Observer is on StockTwits as @dailymarijuanaobserver so check out our profile and don't forget to follow us when you stop by.
To find out more about any of the stocks mentioned, check out their profiles in our global marijuana stock database via the linked tickers above.
Another cool app for marijuana stock investors is the Robinhood App, check out our video and article to learn more.
Lastly, keep up with updates from The Daily Marijuana Observer by subscribing to our free email newsletter and following us on social media using the links below.