Robinhood Adds Trulieve, Curaleaf and Green Thumb in Read-Only Mode
HOOD•Robinhood has added three top U.S. cannabis firms to its app in read-only mode this week, including Trulieve, Curaleaf and Green Thumb Industries. A DEA hearing on June 29 could reclassify recreational cannabis to Schedule III and prompt full trading of these stocks, potentially boosting user engagement and fee revenue.
1. Platform Update
This week Robinhood introduced read-only access to Trulieve, Curaleaf and Green Thumb Industries, three of the largest U.S. cannabis companies by revenue. Users can now view live quotes and charts for these over-the-counter names, signaling initial support ahead of full trading capabilities.
2. Regulatory Outlook
On June 29 the DEA will debate expanding the reclassification of recreational cannabis to Schedule III, following the April reclassification of medical cannabis. Approval would remove IRS code 280E restrictions, lower firms’ cost of capital and pave the way for U.S. exchange listings.
3. Business Implications
Full trading of cannabis stocks could drive new account openings and increase transaction and referral fees for Robinhood. Cannabis issuers stand to benefit from greater liquidity and may push for Nasdaq or NYSE listings, further diversifying Robinhood’s tradable asset lineup.
