Better Cannabis Stock: Aurora Cannabis or Canopy Growth?

Cannabis stocks have been on fire since the November election. The Horizons Marijuana Life Sciences ETF is up more than 45% since the start of last month, significantly outperforming the S&P 500, which is up just 13% during that time. Pot investors are more bullish on the future of the industry after four new states legalized marijuana for recreational use: Arizona, Montana, New Jersey, and South Dakota.

Investors are also bullish on Joe Biden, the Democrat who won the presidential election and who has expressed a more favorable view on marijuana than President Donald Trump. While full legalization may not be in the cards under a Biden Administration, the President-elect supports federal decriminalization.

All this positive news has made many pot stocks hot buys again. Even stocks of Canadian cannabis giants Canopy Growth (NASDAQ: CGC) and Aurora Cannabis (NYSE: ACB) got big boosts, rising 51% and 154%, respectively, since November. The two rivals are both eyeing the U.S. market and chomping at the bit for marijuana to become legal at the federal level so they can tap into the lucrative opportunities. Let's take a closer look at which stock is in a better position to enter the U.S. and which one is the better buy right now.

Source Fool.com