AuroraIt was announced this week that a group of Senators, led by Majority Leader Chuck Schumer, will soon draft reform legislation to potentially remove federal restrictions on the sale of medical and personal-use cannabis. Major cannabis stocks were up at the beginning of the week, and now’s the perfect time to consider taking a position in one of the bargains.

Aurora Cannabis Inc. (NYSE: ACB) is one of the most popular cannabis stocks and also one of the most affordable. It trades in the bargain-friendly price range today and it could generate a significant upside as the legal cannabis market grows.

This stock is sitting just above its high-end target today, but the Congressional push for federal legalization could force analysts to revise. Legalizing cannabis would bring billions in state and federal tax revenue. More than 15 states have now legalized cannabis and most have decriminalized it. Established producers, like Aurora, stand to gain big in the coming years.

The upside on this stock might not be immediate, but the long-term returns could be significant. Revenue is expected to grow by more than 23% over the next year, which could help to attract new investor attention. Stocks like Aurora won’t stay affordable forever. Now’s one of the best times to invest in the cannabis market.

Key Data:

  • 1 Year Price Growth: -50.55%
  • YTD Price Growth: 83%
  • 3 Month Price Growth: 66%

All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.