Aurora Cannabis (NYSE:ACB) is taking off on Thursday despite no new news from the company as election results continue to pour in.

Source: Jarretera / Shutterstock.com

Here’s what investors in ACB stock need to know about the Aurora Cannabis news.

• Presidential candidate Joe Biden has pulled ahead of sitting President Donald Trump in the 2020 elections.
• That’s good for pot stocks, such as ACB, as Biden’s campaign has been pushing to decriminalize marijuana use at a federal level.
• On the other hand, President Trump’s campaign hasn’t given much focus to decriminalizing the drug.
• This is the same reason that many cannabis stocks were falling yesterday as Trump appeared to be in the lead.
• An expectation to that rule was GW Pharmaceuticals (NASDAQ:GWPH), which was up on strong Q3 earnings results.
• However, that doesn’t mean the current election results are all good news for Aurora Cannabis and other pot stocks.

• While Democrats were hoping to take over the Senate this year, it doesn’t look like that’s going to happen.
• Republicans are currently ahead in the Senate race with 48 seats compared to Democrats’ 47 seats.
• While Democrats will likely maintain control of the House, it will be difficult to pass new legislation if Republicans continue to hold the Senate.
• That could spell trouble for lawmakers seeking to decriminalize marijuana in the U.S.
• Investors will just have to wait until the elections are over for more solid news.

ACB stock was up 17.5% as of Thursday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.