What happened Shares of Aurora Cannabis (NYSE: ACB), Canopy Growth (NYSE: CGC), and a host of other cannabis stocks moved sharply higher on Thursday, following comments by Democratic vice presidential candidate Sen. Kamala Harris and Republican Gov. Phil Scott of Vermont. By the close of trading, Aurora and Canopy's stocks were up 10.6% and 13.6%, respectively. So what Sen. Harris said during the vice presidential debate on Wednesday that if elected, former vice president Joe Biden would decriminalize marijuana. That same day, Gov. Scott announced that he would allow the legalization of marijuana to move forward in his state. Cannabis stocks caught fire on Thursday as investors grew more hopeful that legalization in the U.S. could come sooner than expected. Image source: Getty Images. Harris's comments and Vermont's move to legalize weed highlight an increasingly favorable outlook toward cannabis among lawmakers. That bodes well for a marijuana industry that's been beset by a host of challenges in recent years. Now what Aurora and Canopy have seen their stock prices sink over the past year. Regulatory delays, slower-than-expected retail store openings, and a persistently strong black market have all weighed on the cannabis industry's growth. Aurora, once a shining star, was hit particularly hard as it struggled with production overcapacity, acquisition-related writedowns, and dwindling cash reserves. However, progress toward legalization at the state and federal level in the U.S. is seen as a huge potential growth driver for the industry. Canopy has taken steps to position itself to move quickly should the U.S. federal government legalize marijuana, and the company could deliver handsome gains to investors if that were to occur in the next few years. Aurora is in a more difficult position due to its cash crunch, but legalization could be the lifeline it needs to get its business back on solid ground. Here's The Marijuana Stock You've Been Waiting ForA little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom. And make no mistake – it is coming. Cannabis legalization is sweeping over North America – 11 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018. And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution. Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks. Simply click here to get the full story now. Learn moreJoe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source