The Dec. 4 passage of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act by the U.S. House of Representatives should have been a happy occasion for Aurora Cannabis (NYSE:ACB) and ACB stock.
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After all, the act decriminalizes cannabis at the federal level, providing additional opportunities for Aurora and all the other Canadian cannabis companies south of the border.
However, in five days of trading since, it’s been nothing but downhill for Aurora’s share price. As reality set in that the House’s move represents nothing more than a symbolic gesture, investors have taken it as a cue to exit.
Aurora’s stock is up 152% since hitting a 52-week low of $3.71 on Oct. 28. For the Edmonton-based company to remain in double digits, it will have to do more than ride President-elect Joe Biden’s coattails.
It was a nice story, but that’s it.
I’m 100% behind the federal decriminalization of cannabis. Heck, if I had it my way, the U.S. federal government would decriminalize all illicit drugs, but that’s a subject for another day. However, for too long, Aurora has been overpromising and under-delivering.
It’s time for Aurora CEO Miguel Martin to step up in 2021. Symbolic gestures just won’t cut it.
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