2019: Can I buy Canadian stocks on Ally Invest? Does Ally offer trading penny stocks, medical marijuana stocks (Aurora Cannabis, Canopy Growth, Cronos, Tilray) from Toronto Stock Exchange?

Does Ally Invest Offer Canadian Stocks?

If you’re interested in Canadian stocks, there’s no need to break out your passport and travel to the Great White North. Instead, you can open a US-based brokerage account that offers access to Canadian markets.


Trading Canadian Equities at Ally Invest

Ally Invest has a stock screener that is able to look for stocks on American exchanges. Unfortunately, it does not have the ability to look specifically on Canadian exchanges. The scanner is able to look at specific sectors. For example, we did a search for stocks in the banking industry. One of stocks returned was Bank of Montreal. This is a Canadian company with shares trading on both the Toronto Stock Exchange and the NYSE. Shares that trade in the United States are actually American Depository Receipts that are correlated with the Canadian stock price. The ticker symbol on the American exchange is BMO, and this security can be traded at Ally just like any other stock. The commission is the same, too—just $4.95, or $3.95 for high-volume traders.


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Cannabis Stocks on Ally Invest

The Ally Invest stock screener also has the ability to look for stocks in the pharmaceutical industry. When we performed this search, we found many American equities, but we also uncovered several Canadian companies that specialize in medical cannabis. These companies include Aurora Cannabis, Inc., Canopy Growth Corporation, The Cronos Group, and Tilray. As with BMO, these securities are actually ADR’s, and they carry the same trading fees at Ally as American stocks.

Aurora Cannabis trades on the New York Stock Exchange under the ticker symbol ACB. Ally’s profile page for the company has a stock report in pdf format from CFRA. The analyst currently has a neutral rating on the stock, citing positive valuation but negative financial health.


Buy Aurora on Ally Invest


Ally’s stock profile for Aurora has a lot of helpful information, including 52-week range, options volume, P/E ratio, and revenue. Because Aurora trades on the NYSE, it is required to file quarterly financial statements with the SEC, and these are shown on Ally Invest.

When we looked at the other Canadian cannabis growers cited in this article, we were hoping to find a buy rating from CFRA. But the other three companies are all rated sell.


Buy Canopy Growth on Ally Invest


The Best Way to Trade Canadian Stocks at Ally Invest

Although we were able to find Canadian companies in the search results with Ally Invest’s screener, these were just a few enterprises among hundreds of stocks. Looking through these and picking out the Canadian firms requires that you know beforehand which stocks are Canadian to begin with.


Buy Cronos on Ally Invest


Perhaps an easier method is to first do your research off of Ally Invest’s site. For example, using the stock screener at OTCMarkets.com we were able to look exclusively for Canadian equities. Ally also offers over-the-counter stocks, and we found lots of Canadian companies trading over-the-counter in the United States.

When we took the ticker symbol LXRP from the OTCMarkets screener and did a search at Ally Invest, we found Lexaria Bioscience Corporation, another Canadian company.


Cannabis Penny Stocks at Ally Invest

Canadian marijuana penny stocks are also available on Ally Financial. But these are very risky investments and are not recommended for trading.


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