Why Aurora Cannabis Stock Got Smoked Today
Stocks in the cannabis sector have been bid up in recent weeks thanks to some political news surrounding marijuana's legal status in the United States. Aurora Cannabis (NASDAQ: ACB) has been one of them with a 50% gain over the last month.
Today, however, Aurora stock is getting hit hard. As of 10:12 a.m. ET, its shares were down by 9.3%.
Shares plunged because the company just announced it was selling stock to raise new capital. The good news is that it will use the $25 million raised to pay down some debt. The company could also gain another almost $4 million if an over-allotment option is exercised.
Source Fool.com
