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Aurora Cannabis rockets 94% as projected Biden victory further boosts pot stocks | Markets Insider

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A team member of Aurora Cannabis works in the grow room at Aurora Sky cannabis growing greenhouse in Alberta, Canada, in this 2018 handout image.




Aurora Cannabis spiked as much as 94% on Friday as former Vice President Joe Biden’s projected election victory lifted pot stocks.

The Democratic candidate’s vote tallies in Georgia and Pennsylvania surpassed President Donald Trump’s Friday morning, leading Decision Desk HQ to call the race in Biden’s favor soon after. Democrats previously pledged to decriminalize marijuana at the federal level should Biden win the White House. Such a move provides a massive shot-in-the-arm for marijuana producers previously relegated to states where the drug is legal.

Read more: Wall Street experts are calling the Fed the single most-important driver of stock market returns after all the election chaos. Here’s why they’re bullish and how they recommend exploiting the gains to come.

Friday’s surge follows a potent, albeit smaller, rally the session prior. Aurora leaped as much as 40% on Thursday as Biden slowly emerged as the frontrunner in the presidential election. Back-to-back climbs place Aurora shares at their highest since July and mark their largest two-day rally since May.

Other Canadian pot producers gained on the news. Tilray soared as much as 55%, while Canopy Growth jumped roughly 18% at intraday highs. Aphria leaped as much as 12%. MJ, an ETF that tracks more than 30 producers and retailers, climbed as much as 14%. 

Aurora traded at $10.99 per share as of 12:30 p.m. Friday, down roughly 51% year-to-date. 

Now read more markets coverage from Markets Insider and Business Insider:

Peloton climbs 6% as tripled quarterly sales outweigh delivery issues, prompting a flurry of stock upgrades

US stocks edge lower as investors weigh a Biden victory and a strong October jobs report

Raymond James’ investment chief details why Joe Biden and Mitch McConnell are the perfect pair to drive markets upwards – and lists 4 sectors he thinks are primed for gains no matter who’s in power


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