How Smartphone Apps Are Making Cannabis Investing Easy

It used to be that one needed a brokerage account, a curated library, and thousands of dollars to invest in the stock market. But then the internet came along, and, later, Web 2.0 brought easy accessibility to information, widely accepted usage, and, most importantly, the birth of stock-trading apps.

Investing in any market has never been easier. And with the rise in cannabis market growth and increasing legitimacy, anyone can invest.

Whether you are a seasoned venture capitalist, the CEO of a marijuana dispensary, or a college student trying to retire at 35, as long as you've got a smartphone and a bank account, you can build a cannabis stock portfolio that can grow with the industry.

Marijuana stocks fall into two main categories: medical and recreational. And while the legality of marijuana usage and purchase varies by country and state, it is 100% legal to invest and trade stocks from companies involved in growing, developing, distributing, and supplying cannabis products or services if they are reputable, publicly listed companies.

Here is a list of investing apps you can use to invest in publicly listed cannabis stocks today:

Robinhood

Robinhood was founded in 2013 as one of the first brokerage apps to eliminate commission fees on a streamlined mobile platform. It is a commission-free, micro-investing app with which users can invest in stocks, EFTs, and options. 

Robinhood is an advantageous option for beginners because there is a low barrier to entry, with no monthly or annual fees for most account holders, and is geared towards individual taxable accounts.

It's easy for people to sign up and start investing with as little as $1.

Stash

Founded in 2015, Stash is another good option for beginners, especially when it comes to developing investment knowledge. The app offers automated management and robo-advisor tools to help newbies develop various investment strategies and diversified portfolios.

While anyone can start investing for as little as $5, one financial drawback to Stash compared to Robinhood is that Stash requires a subscription fee ranging from $1-$9 per month.

SoFi

Launched in 2019, Social Finance’s SoFi Invest app is a commission-free, education-forward investment platform perfect for beginners. It offers a robo-advisor feature as well as easy access to investment resources.

SoFi is an ambitious platform with products spanning from house and student loan financing to other areas in the fintech realm.

Like most of its competitors, SoFi offers fractional share stocks. However, the one downside is that the fractions must be worth $5 or more.

Investors can begin investing at a minimum of $5.

Webull

Founded in 2017 and launched in 2018, Newcomer, Webull, is another fast-rising example of a commission-free investment app for investing in stocks, EFTs, and options with no account minimums. This app is open to beginners but can significantly benefit savvy investors with some experience.

What makes Webull particularly unique is its technologic centricity. Webull offers tools like advanced charting, in-depth analysis tools, and ADRs for building globally diversified portfolios.

Investors can buy penny stocks for under $1.

M1Finance

Founded in 2015, this robo-advisor powered app is an excellent option for savvy investors with an intermediate level of investing knowledge.

The app offers the automated management of investments, giving hands-off investors an experience akin to the traditional broker investing process but with a 21st-century twist.

It does, however, come with a $100 minimum and a $125 annual advisory fee.

One of the most novel features that investment apps offer over traditional platforms – which are available on all the investment apps listed in this article – is fractional shares. Fractional shares allow investors to buy and own less than one share of a given stock. This benefits investors by providing budget-friendly options to invest in stocks of their choice without being charged brokerage commission fees and gives them the freedom to invest their money more broadly within a short period. 

These apps are just a fraction of the technological advancements that investors are seeing in the cannabis market. Because of such rapid changes, research and IPO access have never been more vital and accessible. And while it is an advantageous strategy to continue to invest in the big players of the cannabis market, including Aurora Cannabis, Canopy Growth, Cronos, and Tilray, investors would do well to take advantage of Robinhood, Webull, and SoFi ‘s IPO stock investment options for cannabis companies entering the public market and marking the expansion of new technologies, systems, and products.