Got $5,000? 3 Robinhood Stocks to Buy Right Now!

Robinhood may not be available in Canada, but you can still take advantage of the platform by choosing these three Canadian stocks.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published May 27, 2021 2:59 am EDT

While Canadians may still not have access to infamous trading platform Robinhood, investors can still take advantage. If all you want are Canadian stocks trading on Robinhood, then it’s simple! Search up stocks on Robinhood and see what Canadian stocks are doing well.

Luckily, today I’ve done that for you. So if you have just $5,000 to spend, these are the three Canadian stocks on Robinhood I would choose today.

Tilray

Robinhood is pretty famous for backing semi-risky investments, and that includes a lot of cannabis companies. The company continues to be smitten by cannabis companies. But if there’s one Robinhood stock to watch among the cannabis stocks, it’s Tilray (TSX: TLRY)(NASDAQ: TLRY).

Since the merger with Aphria, the company has taken the top spot as the largest multinational cannabis company by revenue. The merger increased exposure in the United States, as well as its free trade abilities in Europe. It can now become a global operation that most peers can only aspire to. The new cannabis company, under Tilray stock, will develop craft beer and cannabis-infused beverages. Tilray stock also plans on having branded hemp and CBD products.

Shares have remained stable since the two merged earlier this month. However, shares were climbing before the merger happened, leading many to believe this is only the beginning.

Canopy Growth

The only other company that could possibly battle Tilray stock at this point is Canopy Growth (TSX: WEED)(NYSE:CGC). Canopy Growth stock has been expanding by leaps and bounds with one focus: the United States. It has created multiple agreements that when federal legalization happens, Canopy Growth stock will buy up companies to be the top producer in the country.

The pandemic has been hard on Canopy Growth stock, however. With production cuts, there were a lot of cost-saving methods implemented. But this should work well for Canopy Growth stock moving forward, as the company needed to achieve this to win back shareholder interest because it still hasn’t made a profit.

Shares climbed 125% back in February, but have since fallen back down to low levels, providings a strong buying opportunity as production ramps up as pandemic restrictions are loosened. When earnings come out June 1, there will be a lot of people watching this Robinhood top choice.

BlackBerry

It’s not all cannabis stocks chosen by Robinhood, however. And a solid bet these days remains with BlackBerry (TSX: BB)(NYSE: BB). The tech company was a casualty like the rest, seeing shares climb to prices not seen in years before sinking back down. Yet there hasn’t been any changes to warrant such a drop.

In fact, the changes for BlackBerry stock have all been positive. BlackBerry stock and its partnerships should help it lead the way in cloud-based software for electric and autonomous vehicles. Meanwhile, its software services for cybersecurity remains a strong source of revenue through its subscription services that now include the Canadian government.

Shares may have fallen from earlier highs, but are still up 70% in the last year alone. So while investors may have to be patient with this Robinhood stock, BlackBerry stock could pay off by leaps and bounds in the next decade.