Why Aurora Cannabis Stock Slumped This Week
Shares of Aurora Cannabis (NASDAQ: ACB) were down as much as 22.1% this week, according to data from S&P Global Market Intelligence. The international cannabis producer saw its shares sink after lawmakers in the United States once again delayed taking a vote on nationwide cannabis reform. As of market close on Friday, Dec. 9, shares of Aurora Cannabis were down 19.3% for the week.
This week, the U.S. House of Representatives voted through the giant annual Department of Defense budget. Leading up to the vote, analysts were hoping to see cannabis reform added as a part of the defense package, but that didn't happen. With time running out for this current Congress, it's looking more and more unlikely that any cannabis legislation will pass and become law. Cannabis investors, who were likely disappointed to see these developments, sold off shares of Aurora Cannabis this week.
What is this cannabis bill, and why is it so important? First off, it is not about the nationwide legalization of cannabis, although that's been proposed many times.
Source Fool.com
