Buying Cannabis Stocks

The last few months I’ve had this gnawing feeling that I should be buying stocks in cannabis. Cannabis will only go through this wild west legalization process once and then it’ll be just another established industry. For me, it feels like the perfect wave is coming and I’m in position. Now it’s just a matter of paddling hard enough to catch it. 

Let me preface this by saying that I am not a stock or investing expert, and I’m not here to give any advice. This is just my experience and opinion buying cannabis stocks as someone who knows little about the stock market and is learning about the cannabis industry. I’d never bought stocks before, but I’ve been reading about it here and there for years. I’m taking more of an investor approach than a trading approach. Meaning, I’m buying this stock with the thought that cannabis is going to boom over the next several years and I want to sit on any investment until the market matures. 

Like a good millennial, when I don’t know something, I google it. I’d heard of this investing app Robinhood (apparently they give free stock for referrals so I’m shamelessly including my link here). There may be better options but this one was recommended for beginner traders at https://www.reviews.com/online-stock-trading/. It was really easy to use and free. They’ll ask for some personal information like your social and banking information. Robinhood had some mixed reviews and a B rating on Better Business Bureau site but overall looks like a solid entry-level investing option.

Robinhood is technically safe. They’re insured by the Securities Investor Protection Corporation (SIPC) for up to $250,000 on cash claims and $500,000 overall. If you want more info, then just go to the Robinhood website and scroll to the bottom. Their legal disclaimer is on almost every page of their website. There are some questions about the type of trading practices the app promotes, but I don’t really care about that. I’m just looking to buy and hold cannabis stocks for the moment, and they seem to be a nice free option to start doing that. Here’s a little more info if you want to check it out. https://www.thestreet.com/technology/is-robinhood-safe-14933475

I started with $100 and split it up pretty evenly over three stocks. I plan to buy a little more from different companies every month from now on until the market becomes unaffordable for me or I lose all my money. Whichever comes first. These are the three I started with:

1. Cronus (CRON) – This is the company Marlboro invested $1.8 billion in last year to acquire a 45% share. As of this writing, it’s going for $12.12 a share.
2. Aphria (APHA) – I’ve heard this name mentioned and I figure any company that’s already on the public market is poised to keep growing $6.18 a share.
3. Hexo (HEXO) – Same thing here. $4.45 a share.

Now we wait and keep adding to the portfolio. That’s it. The whole process took less than 30 minutes. I’m excited and a little anxious. Investing is always kind of a gamble but hey, I didn’t move to Las Vegas for the pool parties.