Aurora Cannabis (NYSE:ACB) is taking off on Thursday despite no new news from the company as election results continue to pour in.
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Here’s about the Aurora Cannabis news.
- Presidential candidate Joe Biden has pulled ahead of sitting President Donald Trump in the 2020 elections.
- That’s good for pot stocks, such as ACB, as Biden’s campaign has been pushing to decriminalize marijuana use at a federal level.
- On the other hand, President Trump’s campaign hasn’t given much focus to decriminalizing the drug.
- This is the same reason that many cannabis stocks were falling yesterday as Trump appeared to be in the lead.
- An expectation to that rule was GW Pharmaceuticals (NASDAQ:GWPH), which was up on strong Q3 earnings results.
- However, that doesn’t mean the current election results are all good news for Aurora Cannabis and other pot stocks.
- While Democrats were hoping to take over the Senate this year, .
- Republicans are currently ahead in the Senate race with 48 seats compared to Democrats’ 47 seats.
- While Democrats will likely maintain control of the House, it will be difficult to pass new legislation if Republicans continue to hold the Senate.
- That could spell trouble for lawmakers seeking to decriminalize marijuana in the U.S.
- Investors will just have to wait until the elections are over for more solid news.
ACB stock was up 17.5% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
