ACB - Why Aurora Cannabis Stock Got Smoked Today
2023-09-28 10:43:20 ET
Stocks in the cannabis sector have been bid up in recent weeks thanks to some political news surrounding marijuana's legal status in the United States. Aurora Cannabis (NASDAQ: ACB) has been one of them with a 50% gain over the last month.
Today, however, Aurora stock is getting hit hard. As of 10:12 a.m. ET, its shares were down by 9.3%.
Shares plunged because the company just announced it was selling stock to raise new capital. The good news is that it will use the $25 million raised to pay down some debt. The company could also gain another almost $4 million if an over-allotment option is exercised.
For further details see:
Why Aurora Cannabis Stock Got Smoked Today