Why Aurora Cannabis Stock Is Giving Back Some Gains Today

Shares of Aurora Cannabis (NYSE: ACB) rushed ahead to close up 28.5% on Tuesday, but as Wednesday unfolds, the Canadian cannabis company is giving back some of those gains and is down 7.3% in 11:30 a.m. EST trading. Aurora gathered up its gains yesterday as investors responded to news that the General Services Administration has begun the transition to a Biden administration, despite President Trump still not having actually conceded that Joe Biden won the election earlier this month. Because, during the presidential campaign, Biden running mate and soon-to-be-Vice President Harris promised to "decriminalize marijuana, and ... expunge the records of those who have been convicted of marijuana," investors have high hopes that the transition in administration will soon lead to the federal legalization of weed.