Iweb won't let me buy GWPH stock?

BrockStoker

So I've tried to buy GWPH listed on the NASDAQ, and it says I'm not allowed to (or words to that effect). Also looked for it on our home market, but can't find it - I thought it was listed here?


Anyone know why this might be the case?


Apart from that I'm able to buy most stocks I'm interested in, but there have been a few which I can't find like MRNA (US listed).

wmb194

I don't know about your issue with iWeb but GW Pharma delisted from Aim on 5th December 2016 to trade exclusively on the Nasdaq.

BrockStoker

wmb194 wrote: »

I don't know about your issue with iWeb but GW Pharma delisted from Aim on 5th December 2016 to trade exclusively on the Nasdaq.

Thanks. That would explain why I can't find it here!

LobsterMemory

https://www.iweb-sharedealing.co.uk/getting-started/financial-markets.asp

Trading US shares
Before you can buy US shares, you need to complete a US tax form and return it to us.

Have you?

BrockStoker

LobsterMemory wrote: »

https://www.iweb-sharedealing.co.uk/getting-started/financial-markets.asp

Trading US shares
Before you can buy US shares, you need to complete a US tax form and return it to us.

Have you?

Yes. Got a few US stocks in my portfolio now. Also had to answer some questions so I could trade on the NYSE. As far as I know I can trade all US stocks now - at least on the major exchanges.

bowlhead99

BrockStoker wrote: »

Yes. Got a few US stocks in my portfolio now. Also had to answer some questions so I could trade on the NYSE. As far as I know I can trade all US stocks now - at least on the major exchanges.

So when they said you couldn't trade it, what was the answer when you asked them why?

If you haven't done that, do that?

BrockStoker

bowlhead99 wrote: »

So when they said you couldn't trade it, what was the answer when you asked them why?

If you haven't done that, do that?

I didn't ask them directly. That was just the automated "answer" I got when I found the stock and tried to trade it on the Iweb platform.



They actually say (I just tried again): "This equity is ineligible for the selected account".


My account is a stocks and shares ISA.


I'll certainly contact their help desk if I can't find an answer here.

bowlhead99

BrockStoker wrote: »

They actually say (I just tried again): "This equity is ineligible for the selected account".

My account is a stocks and shares ISA.

They're not eligible for an ISA because the shares don't trade on a recognised stock exchange.

What trades on the NASDAQ is their ADRs: American Depositary Receipts representing an interest in the underlying ordinary shares. You can't hold ADRs in an ISA unless the underlying shares actually trade on an ISA-allowable exchange.

BrockStoker

bowlhead99 wrote: »

They're not eligible for an ISA because the shares don't trade on a recognised stock exchange.

What trades on the NASDAQ is their ADRs: American Depositary Receipts representing an interest in the underlying ordinary shares. You can't hold ADRs in an ISA unless the underlying shares actually trade on an ISA-allowable exchange.

Thanks bowlhead. A bit weird, but fair enough. Will have to look into this a bit more.

bowlhead99

BrockStoker wrote: »

Thanks bowlhead. A bit weird, but fair enough. Will have to look into this a bit more.

S&S ISAs have HMRC restrictions on what they can hold. You wouldn't have that same restriction in a SIPP pension account or an unwrapped trading account.

As an FYI, as it's a UK company and the ADRs represent a synthetic position in the ordinary shares, you should expect to pay an extra market/dealing fee equivalent to stamp duty, which you may not have seen in your other 'US traded' stocks. Still, the recent results and forward statements didn't seem too bad so the price drop since yesterday might be seen with hindsight as a good buying opportunity. Plenty of risk though. I opened a small position today, time will tell.

BrockStoker

bowlhead99 wrote: »

S&S ISAs have HMRC restrictions on what they can hold. You wouldn't have that same restriction in a SIPP pension account or an unwrapped trading account.

As an FYI, as it's a UK company and the ADRs represent a synthetic position in the ordinary shares, you should expect to pay an extra market/dealing fee equivalent to stamp duty, which you may not have seen in your other 'US traded' stocks. Still, the recent results and forward statements didn't seem too bad so the price drop since yesterday might be seen with hindsight as a good buying opportunity. Plenty of risk though. I opened a small position today, time will tell.

Thanks again bowl.


I have not yet managed to open a SIPP, but will do so ASAP.


It's worth a punt IMO, although (as I'm sure you're aware) it's a Cannabis focused stock, so you'll be subject to the huge swings that sector experiences at this point in time. I think it's a good time to buy (obviously) though, and it's probably the safest stock in the sector.


I already own the stock in my funds, but wanted to overweight it a bit, and take advantage of the dip. I suspect it'll be an almost "V" shaped recovery.. but as you say, time will tell!