Aurora Cannabis Inc (NYSE: ACB) stock is screaming for the top in the market this morning, and for good reason. Excitement is brewing in the cannabis sector after the Trump Administration announced that it was ready to begin the transition which will bring Joe Biden into the White House. Here’s what’s going on:
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ACB Stock Rockets On Trump Transition News
As mentioned above, Aurora Cannabis is climbing in the market this morning after the Trump Administration said it was ready to begin its transition out of the White House. Since it was announced that Joe Biden won the United States Presidential Election, President Trump and his administration have been in court, trying to fight the transition of the Presidency.
Nonetheless, this morning, the Trump Administration announced that it was ready to begin the transition that will bring Biden into the White House.
What does that have to do with ACB stock? EVERYTHING!
Aurora Cannabis is a massive player in the Canadian and global cannabis sector. However, it hasn’t been able to tap into the largest market in the world, the United States market. Unfortunately, because cannabis is illegal on a federal level in the United States, ACB simply can’t get its product over the border.
A Joe Biden Presidency may change all that.
Biden has big plans for the United States, and those plans will be expensive. To cover this cost, he plans on raising taxes for consumers with incomes over $400,000. However, states that have leagalized cannabis on a recreational level have been glowing examples of the tax revenue that cannabis can result in.
With that said, many suggest that the Joe Biden Administration will legalize recreational cannabis across the United States. Should this take place, major cannabis players in Canada like ACB, will have the opportunity to tap into the largest economy in the world, greatly expanding revenues.
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The Bottom Line
The bottom line here is simple. Aurora Cannabis stands to benefit greatly from a Biden Presidency. However, the stock has been held down by fears that the transition into the Presidency would be halted by President Trump.
With the Trump Administration’s announcement that it is ready to begin the transition, those fears have subsided, taking the lid off of ACB stock and sending it through the roof.
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