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How to buy Weedmaps stock in Canada when it goes public
Here's everything we know so far about the Weedmaps IPO.
Not all Canadian-based trading platforms offer access to US stocks. But don’t worry — you still have options. We’ll walk through what you need to know about buying Weedmaps stocks from Canada.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
What we know about the Weedmaps IPO
Weedmaps Holding Company, the parent behind the popular marijuana site Weedmaps, is planning an IPO. The company plans to go public via a merger with a special purpose acquisition company (SPAC) known as Silver Spike Acquisition Corp.
The company is expected to list on the Nasdaq, though no share price or date has been announced.
Will I be able to buy Weedmaps stock from Canada?
You won’t be able to buy Weedmaps stock on a Canadian stock exchange like the TSX or CSE, but you can from a Canadian-based brokerage that offers international access to companies listed on stock exchanges outside of Canada. Specifically, you’ll need a brokerage that provides access to the Nasdaq in the US.
The process of buying stocks in a US company while living in Canada is the same as buying stocks in a Canadian company. You buy and sell using your online trading account or through an investment broker who handles US stocks.
How to buy shares in Weedmaps when it goes public
Once Weedmaps goes public, you’ll need a brokerage account to invest. Consider opening a brokerage account today so you’re ready as soon as the stock hits the market.
- 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 Weedmaps. Find the stock by name or ticker symbol. 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 Weedmaps 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 a fractional share of Weedmaps, depending on your broker.
- Check in on your investment. 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.
How do similar companies perform?
It’s impossible to predict how any stock will perform — and IPOs can be particularly volatile. But evaluating the performance of companies like Weedmaps can be useful in determining how the market is performing and whether now is a good time to invest in this industry.
Compare online brokerages that provide access to US and Canadian stocks
To buy stocks, you’ll need to open a brokerage account. Compare your options using the table below to find the best fit for you. Take a look at our guide on opening a stock trading account to learn more.
Note: The dollar amounts in the tables below are in Canadian dollars.
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.
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.
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