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How to buy QSAM Biosciences (QSAM) stock in Canada when it goes public

Here's everything we know so far about the QSAM Biosciences IPO.

Fact checked

QSAM Biosciences, a US-based biotechnology company that develops radiopharmaceutical treatments for cancer, has cancelled plans to begin trading its stock on the Nasdaq. The company’s stock will remain available on OTC Markets.

Learn more about the cancelled uplisting, and find out about similar companies you can invest in from Canada.

Note: All dollar amounts on this page are in US dollars unless otherwise stated.

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We evaluate stock trading platforms against a range of metrics that include fees, ease of use, available securities and advanced tools to meet specific investor needs. You can learn more about our methodology here. We encourage you to compare stock platforms to find one that's best for your particular budget and goals.

Our pick for beginners. We chose CIBC Investor's Edge for this category because it offers low and competitive fees, as well as an easy-to-use, user-friendly interface and provides a number of learning resources to help you get acquainted with the platform. In addition, students can take advantage of special pricing for making trades if they have a CIBC Student Bank account.
Our pick for global trading. We chose Interactive Brokers for this category because it offers extensive trading capabilities and access to advanced trading tools to help traders in their investing journey, as well as access to a large number of international stock exchanges.
Our pick for free trades. We chose Wealthsimple for this category because it offers commission-free trading. With no account fee, the mobile app is clean and intuitive to use.

What we know about the QSAM Biosciences IPO

On May 16, 2022, QSAM Biosciences filed a withdrawal form with the US Securities and Exchange Commission, effectively cancelling its plans to go public. The biotechnology company will continue trading on OTC Markets under the ticker symbol “QSAM.”

Originally, QSAM Biosciences planned to go public on the Nasdaq Capital Market under the ticker symbol “QSAM” at a proposed price of $7.00 per stock. The uplisting was expected to take place in April 2022. ThinkEquity LLC was slated to act as the lead underwriter of the deal.

You can read about the IPO in detail in a registration document submitted to the SEC on April 1, 2021.

Buy stocks in similar companies

Even though you won’t be able to buy QSAM Biosciences stock, you can still invest in other companies that develop and distribute radiopharmaceutical treatments for cancer.

Radiopharmaceutical technology seeks to improve traditional radiation therapy by targeting cancer cells more precisely and reducing damage to healthy cells.

According to market research company, Facts and Factors, the radiopharmaceutical market was worth $4.9 billion USD in 2021 and is expected to reach $11.8 Billion USD by 2028.

Company	Stock info
Day One Biopharmaceuticals, Inc.	Nasdaq Global Select Market: DAWN
NGM Biopharmaceuticals, Inc.	Nasdaq Global Select Market: NGM
Cardinal Health, Inc.	NYSE: CAH
Fusion Pharmaceuticals Inc.	Nasdaq Global Select Market: FUSN
Lantheus Holdings, Inc.	Nasdaq Global Market: LNTH
Radiopharm Theranostics Limited	(Australia) ASX: RAD

How to buy stocks in a company

You’ll need a brokerage account to buy and sell shares. Here’s how it works:

Compare share trading platforms. If you’re a beginner, look for a platform with low commissions, expert ratings and investment tools to track your portfolio. Narrow down top brands with our comparison table.
Open and fund your brokerage account. Complete an application with your personal and financial details, like your ID and bank information. Fund your account with a bank transfer, credit card or debit card.
Search for the company you want to invest in. Find the stock by name or ticker symbol (for example, CAH). Research its history to confirm it’s a solid investment against your financial goals.
Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until the stock reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
Decide on how many to buy. Weigh your budget against a diversified portfolio that can minimize risk through the market’s ups and downs. You may be able to buy fractional shares of companies, depending on your broker.
Check in on your investment. Congratulations, you own part of a company! Optimize your portfolio by tracking how your stock — and even the business — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management that can affect your stock.

Tax implications of buying US stocks in Canada

Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.

An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.

Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.

All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.

Speak with a tax professional to find out what rules and exceptions apply to your circumstances.

Open a stock trading account

You can compare features of stock trading platforms in the table below. Once you’ve decided on the right fit for your needs, click the “Go to site” button to get started.

Note: The dollar amounts in this table are in Canadian dollars.

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Name	Product	Finder Rating	Stock Trading Fee	Account Fee	Available Asset Types	Offer
OFFER CIBC Investor's Edge CIBC Investor's Edge	OFFER	Finder Rating: ★★★★★ 4 / 5	$4.95–$6.95	$0 if conditions met, else $100/year	Stocks, Bonds, Options, Mutual Funds, ETFs	Young investors 18 to 24 can get free online trades and a $0 annual account fee. Conditions apply.	Go to site View details	Compare	loading Fetching your data...
Interactive Brokers Interactive Brokers		Finder Rating: ★★★★★ 4.1 / 5	min $1.00, max 0.5%	$0	Stocks, Bonds, Options, ETFs, Currencies, Futures		Go to site View details	Compare	loading Fetching your data...
Questrade Questrade		Finder Rating: ★★★★★ 4.2 / 5	$4.95 - $9.95	$0	Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals	Get $50 in free trades when you fund your account with a minimum of $1,000.	Go to site View details	Compare	loading Fetching your data...
FREE TRADES Wealthsimple Wealthsimple	FREE TRADES	Finder Rating: ★★★★★ 3.9 / 5	$0	$0	Stocks, ETFs	Get $25 when you open a Wealthsimple account and fund at least $150.	Go to site View details	Compare	loading Fetching your data...
OFFER Qtrade Direct Investing Qtrade Direct Investing	OFFER	Finder Rating: ★★★★★ 4.1 / 5	$6.95 - $8.75	$0 if conditions met, otherwise $25/quarter	Stocks, Bonds, Options, Mutual Funds, ETFs, GICs	Get almost $500 in commission free trades when you fund your new account with a minimum of $10,000. Conditions apply. Ends August 31, 2022.	Go to site View details	Compare	loading Fetching your data...

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