This beaten-down pot stock may have a lot of upside only if the U.S. marijuana market opens up for business.
For cannabis stock investors, April ended in absolute euphoria. The sector has skyrocketed this week. The rally came on reports that the U.S. Drug Enforcement Agency (DEA) is set to reclassify marijuana’s controlled substance status. Marijuana is currently in Schedule 1, which is the strictest level of regulatory enforcement. This planned reclassification would move marijuana from Schedule 1, alongside drugs like LSD, to Schedule 3, where less serious drugs such as ketamine and anabolic steroids
Aurora Cannabis (ACB) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road.