Aurora leads cannabis sector rally fueled by hopes for reform under President-elect Joe Biden

Aurora Cannabis Inc. led a rally in the weed sector Tuesday, that was fueled by hopes President-elect Joe Biden, finally cleared to move ahead with his administration’s transition, will push for reforms that will let companies access banks and capital markets.

There was further excitement about the news that Mexico’s Senate has approved a cannabis bill that would create the world’s biggest single market if it also passes the lower House of Congress.

Aurora
ACB,
+26.04%
,
ACB,
+24.60%
the most widely held stock on trading app Robinhood, soared 21% after Biden was cleared by the General Services Administration to begin the formal transition process, the first move by the Trump administration acknowledging Biden’s election victory. The Cannabis ETF
THCX,
+5.06%
rose 6%.

Media called the election for Biden on Nov. 7, but incumbent President Donald Trump has refused to concede, has made unsubstantiated claims that there was election fraud and attempted to sue state electoral officials and others. The GSA move now clears the way for Biden to start to coordinate his pandemic response with current administration officials and to receive security briefings.

See also: Aurora Cannabis plans to sell more stock

Biden and his Vice President Kamala Harris are widely held to be…

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