Why Aurora Cannabis Stock Popped Friday

Shares of Canadian cannabis company Aurora Cannabis (NYSE: ACB) closed up 3.8% on a slow day for Wall Street. The reason for the stock's rise, however, seems to have less to do with happenings in Canada than with what's going on in the U.S. Congress.

Specifically, in the U.S. House of Representatives, it was reported that Judiciary Committee Chairman Jerrold Nadler is planning to introduce the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act for consideration by legislators next week. Such a move would not only "deschedule" marijuana (i.e., legalize it on the federal level), but do so retroactively, permitting persons previously convicted of marijuana drug offenses to have their records expunged, fulfilling a campaign pledge made by Vice President Kamala Harris last year.

Meanwhile, similar legislation is expected to be taken up in the U.S. Senate "very soon," reports MarijuanaMoment.net.

Source Fool.com