- NASDAQ: SNDL found support heading into the Thanksgiving long weekend.
- Sundial Growers is expanding into other markets, which is a good thing for investors.
- German Cannabis companies surge on Thursday in the European markets.
NASDAQ: SNDL has certainly had a year to remember for investors and the company itself. Shares of Sundial are up over 22% year to date, and an impressive 83% over the past 52-weeks. Such is life for penny stocks which often see wild volatility and massive swings in either direction. Sundial had a stint as one of the top meme stocks for social media traders earlier in the year. This coincided with a moonshot to an all-time high price of $3.96. Since then, shares have tumbled back to Earth, as Sundial has not traded above $1.00 since mid-June. Sundial halted its recent fall on Wednesday as the stock found support under its key 50-day moving average price, which could be a bullish sign for the short-term.
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The Canadian cannabis industry has not been as lucrative as investors first believed when the country legalized the drug back in 2018. Indeed, the market has been oversaturated with competition which explains why we have seen so much consolidation up North over the past couple of years. Sundial obviously has some plans for expansion as it recently acquired Canadian liquor retailer Alcanna for a price of $364 million in Sundial stock. Perhaps expanding its market will provide Sundial with a nice boost to its revenues moving forward.
SNDL stock news
While U.S. markets were closed on Thursday for the Thanksgiving holidays, German cannabis companies were surging on the European markets. The move comes off the news that the new government coalition in power will be looking to legalize cannabis for adult usage in the near future.
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