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Marijuana stocks are the new gold rush – except you don't have to run anywhere or dig for anything.
Today, we're going to show you how to invest in marijuana stocks online. You can get a piece of a 457% market growth right from your couch.
That's right, the legal marijuana industry expects to grow 457% between now and 2025, from $11.9 billion to $66.3 billion. That's thanks to an expected compound annual growth rate of 23.9% over the next six years.
But we're not only going to show you how to buy these stocks. We're also going to share our favorite weed stock to buy once you know the ropes.
Here's how you can start banking on this huge opportunity.
Choose a Broker
Stocks are sold by brokers who are licensed to trade on the U.S. stock exchanges. Many brokerage firms are online, with some discount brokers operating entirely online.
There are two types of brokers; full-service and discount. Brokers sometimes have minimum account balance requirements and charge commission fees, a type of sales fee for buying and selling stocks. Regular brokers may have higher balances and commission fees, but they also may offer a higher level of service that often includes specific advice. Discount brokers have lower balance requirements and lower fees, while some have no balance requirements and no fees.
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Our favorite discount brokers are Robinhood, which has no fees or minimum balances, and TradeStation, which has low fees and low required minimums.
Our favorite full-service brokers are Charles Schwab, Fidelity, and TD Ameritrade. These have the lowest required minimums and fees of the full-service firms while retaining the highest quality.
Pick whichever style suits you best, then you can move forward with creating an account.
Set Up an Account
To set up an account, either visit the website or call the toll-free number given on the website. You'll be asked to provide personal information, such as your name, address, driver's license number, and Social Security number.
You'll also be asked your level of experience.
Then, once you set up an account, talk to your broker about funding your account. Most brokerages accept transfers from your bank, or you can send a check.
Where to Look in the Cannabis Industry
Once you have a brokerage account, you can trade any instrument you want – stocks, options, and more.
But if you're looking for cannabis stocks online, our best marijuana stocks are getting huge buy signals from the state of Illinois.
That's because Illinois' Governor, J.B. Pritzker, recently signed the Cannabis Regulation and Tax Act (CRTA).
CRTA was the mechanism by which Illinois became one of the first U.S. states to legalize weed via legislation rather than voting. It became the 11th state to legalize cannabis in the United States.
With CRTA, adult residents of Illinois can purchase as much as 30 grams of cannabis (15 grams for out-of-state folks) legally.
Now, the law won't go into effect until January 1, 2020.
But this bill is very good news for retailers, cultivators, and other players in the market for legal weed.
This is huge because CGC is one of the largest marijuana players right now (not to mention one of the most promising marijuana stocks), and Acreage management has stated that they will be developing and expanding Illinois operations.
Acreage has had plans to develop lounges for social consumption in Las Vegas, but these could also be created in Illinois, which some have already dubbed the Midwestern "cannabis mecca." But there are also some established cannabis firms already in Illinois right now.
One of them could be a strong competitor to Acreage and has potential to jump 116% higher.
It's our top cannabis pick for August, and it's a good starter for purchasing cannabis stocks online…