Thus far, 2024 has been an exceptional year for Aurora Cannabis (NASDAQ: ACB) stock. Up more than 40%, it's been generating some impressive returns for investors. And recent developments involving rescheduling marijuana in the U.S. has gotten investors even more bullish about the stock and its long-term prospects.

Could the Biden Administration's latest move, to reclassify marijuana as a Schedule III substance, from its current Schedule I status, lead to even greater returns for Aurora Cannabis investors?

News relating to marijuana reform often generates excitement in pot stocks. And with Aurora being one of the more recognizable names in the industry, it can attract the lion's share of the interest. On April 30, the day investors learned about the Biden Administration's plans to reschedule cannabis, Aurora's stock closed a mammoth 46% higher than the previous day. Since then, it has given back a lot of those gains, but it's a good gauge of how popular the stock can be when there's positive news related to cannabis.

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Source Fool.com