Best Brokers for Cannabis Stocks

Fidelity is one of the largest and most trusted brokerages in the United States with over $11 trillion in assets under administration. It offers commission-free trading on stocks and ETFs, extensive research tools, and — critically for cannabis investors — full access to OTC Markets. Fidelity is often recommended as the best overall broker for cannabis stock investing because it combines zero-cost OTC trading with institutional-grade research.

Charles Schwab is a full-service brokerage that merged with TD Ameritrade in 2023, combining the strengths of both platforms. Schwab offers commission-free trading, robust research from Schwab Equity Ratings, and full OTC market access. The thinkorswim platform (inherited from TD Ameritrade) provides institutional-grade charting and analysis tools ideal for active cannabis stock traders.

TD Ameritrade has been fully integrated into Charles Schwab as of 2023. Existing TD Ameritrade accounts have been migrated to Schwab, but the thinkorswim platform lives on as Schwab's flagship active trading tool. TD Ameritrade was historically one of the most popular brokers for cannabis stock trading due to its zero-commission OTC trades and powerful charting capabilities.

Robinhood popularized commission-free trading and remains one of the most user-friendly platforms available. Its simple mobile interface makes it easy for beginners to start investing in cannabis stocks. However, Robinhood does not support OTC stocks, which excludes many US multi-state operators (MSOs) — the largest and most important segment of the cannabis stock market.

Webull is a commission-free trading platform popular with active traders for its advanced charting and extended-hours trading. It offers a clean mobile interface and desktop platform with technical indicators. Webull supports most major-exchange cannabis stocks and some OTC tickers, but its OTC coverage is limited compared to full-service brokers like Fidelity or Schwab.

Interactive Brokers (IBKR) is the platform of choice for professional and institutional cannabis investors. It offers access to 150+ markets in 34 countries, making it the best option for trading cannabis stocks on Canadian exchanges (TSX, CSE) directly. IBKR Pro provides sophisticated order types, margin rates as low as 5.83%, and the most comprehensive market access of any retail broker.

E*TRADE, now owned by Morgan Stanley, is a well-established online brokerage offering commission-free trading and solid research tools. It provides access to OTC stocks, making it suitable for cannabis investors who want to trade MSO stocks. The Power E*TRADE platform offers active-trading tools while the standard platform covers everyday investing needs.

Vanguard is renowned for low-cost index fund investing and is the largest mutual fund provider in the world. While not designed for active trading, Vanguard does offer commission-free stock trading including OTC stocks. It is a strong fit for long-term cannabis investors who want to hold cannabis ETFs or build a buy-and-hold portfolio alongside their index fund investments.

Questrade is Canada's largest independent online brokerage and the best option for Canadian residents who want to invest in cannabis stocks. It offers direct access to the TSX, CSE, and US exchanges, allowing Canadians to trade both domestic LPs and US-listed cannabis companies. Questrade also provides commission-free ETF purchases, making cannabis ETFs particularly accessible.

Wealthsimple Trade is Canada's first commission-free stock trading platform. It is extremely popular with younger Canadian investors for its simple mobile-first interface and zero-commission model. Wealthsimple provides access to TSX, CSE, and major US exchanges, covering most cannabis stocks. However, it does not support US OTC markets, which limits access to some US MSOs trading on Pink Sheets.