Benzinga | Nov 9, 2021 10:59AM EST

Why Aurora Cannabis Shares Are Trading Higher Today

Aurora Cannabis Inc (NASDAQ:ACB) is trading higher Monday following reports of a Republican-led marijuana legalization bill.

According to reports from Marijuana Moment, the bill is a compromise between simple descheduling as proposed by other Republican lawmakers and wide-ranging legislation proposed by Democratic lawmakers.

The marijuana bill, titled the States Reform Act, is currently considered preliminary, but a final version is expected to be filed as soon as this month.

Marijuana Moment reportedly obtained a 116-page draft legislation and released some details of the bill.

Under the current draft of the bill, cannabis would be federally descheduled and treated similar to alcohol, a 3.75% tax would be imposed on cannabis sales, cannabis would be considered an agricultural commodity and there would be a mandatory age limit of 21 for recreational cannabis.

Aurora Cannabis cultivates and sells medicinal and recreational cannabis through a portfolio of brands.

See Also: Aurora Sets Up Position In The Netherlands With Significant Equity Stake in Growery B.V.

ACB Price Action: Aurora Cannabis has traded as high as $18.98 and as low as $4.87 over a 52-week period.

The stock was up 8.48% at $7.22 at time of publication.

Photo: Herbal Hemp from Pixabay.