Aurora Cannabis Inc. (NASDAQ: ACB) stock gained by 2.18% in the current market trading session. Aurora is a worldwide cannabis company that caters to both the medicinal and recreational sectors. Aurora Cannabis, based in Edmonton, Alberta, is a worldwide cannabis pioneer devoted to helping people better their lives.
What is happening?
Marijuana stocks were flying high on Wednesday, with Hexo up 4.4 percent, Canopy Growth up 5.4 percent, and Aurora Cannabis outperforming them all with a 7.8 percent gain. However, only one word answers why all of these equities are performing so well and that is Amazon. Amazon made a stunning declaration yesterday, stating its support for marijuana legalization in the United States.
Amazon Worldwide Consumer CEO Dave Clark stated that The Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act) will be vigorously supported by the public policy team, with the objective of marijuana legalization at the federal level and expelling records of criminal marijuana convictions. Moreover, according to Reuters, Amazon has stated that it would not be testing its job candidates for marijuana usage in any employment not controlled by the Department of Transportation.
These two factors one, Amazon’s tolerance toward employee marijuana usage and a movement to legalize marijuana on a national basis would almost certainly have been enough to lift marijuana stocks. Above all, Clark expressed the hope that other companies will join them in this endeavor, and that lawmakers will move quickly to adopt this legislation.
HEXO has set its eyes on becoming one of Canada’s top three cannabis firms. To do so, it will almost certainly have to overtake Aurora Cannabis, which generates significantly less revenue than Tilray and Canopy Growth combined. HEXO has been busy lately, making deals that will help it improve its top line and put it in an excellent position to potentially overtake Aurora.