Aurora Cannabis stock extends rally as industry executive becomes C3 president

Aurora Cannabis Inc (TSE: ACB) is up another 35% on Wednesday after an industry executive became president of the Cannabis Council of Canada.

What does it mean for $ACB?

C3 picked Paul McCarthy as its president today. McCarthy has previously served as the head of corporate policy and international implementation at peer Canopy Growth.

According to Rick Savone – a senior vice president of Aurora Cannabis who also chairs the Cannabis Council of Canada:

Aurora Cannabis stock that does not currently pay a dividend yield has now well over doubled in less than a month.

What else is helping Aurora Cannabis stock?

$ACB has been flying high in recent weeks on the back of other positive developments as well.

Notably, the Supreme Court of Florida allowed recreational marijuana legalisation to be placed on the ballot – and then Germany moved to partially legalise cannabis as well.

In February, Aurora Cannabis revealed to have bought MedReleaf Australia for about $32 billion after reporting a more than 5.0% year-over-year increase in its revenue for the third financial quarter (read more).  

Note that Aurora Cannabis shares are not the only ones celebrating this morning. Others in the cannabis industry including Tilray Inc and $WEED are in the green at writing as well.