Aurora Cannabis Inc. [NYSE: ACB] shares traded up 20.32% in the pre-market trading session as Joe Biden maintained the lead and gets 264 electoral votes. He is on the brink of becoming the 46th President of the US.
What’s the link between Joe Biden’s win and Aurora Cannabis? Well, Well Joe Biden Presidency is advantageous for the Drug Manufacturers Specialty and Generic company.
Unlike President Donald Trump, Biden and his camp have focused on decriminalizing marijuana on a federal level in his Democrat’s presidential campaign.
Biden is very close to winning as he won Michigan and Wisconsin. He needs 6 more electoral votes to win the race. Cannabis has suffered a sharp decline in Wednesday’s session over the projection that the Republican-controlled Senate might postpone the federal legalization.
Shares of Cannabis Inc. [NYSE: ACB] soared 25.51% at $5.560 during the pre-market trading session. It has exhibited a trading volume of 2.27 million in the pre-market hours.
This company’s stock has changed between the 52-weeks low and high range of $3.71 and $47.04, respectively. It has traded up 19.41% from its 52-weeks low and moved down -90.58% from its 52-weeks high.
Furthermore, this company has total market capitalization of $538.37 million at the time of writing.
It is expected that if Biden and Kamala won the race they will adopt more pro-cannabis legalization agenda. New Jersey is considered to be the biggest and most important state on the East Coast to legalize marijuana.
Additionally, authorities have earlier left the decision on the voters of New Jersey about the legalization of marijuana earlier this year.