- NASDAQ:SNDL fell by 0.95% during Wednesday’s trading session.
- The House Rules Committee votes on the passing of the MORE Act.
- Sundial’s acquisition of Alcanna is a promising sign of growth for the company.
NASDAQ:SNDL could not hold its bullish momentum from the start of the session, as downward market pressure caused the stock to close the day in the red. Shares of SNDL fell by 0.95% and closed the trading session at $0.72. The markets cooled off on Wednesday as the Dow and the S&P 500 both snapped their recent four-day winning streaks. The blue-chip index fell by 65 basis points, while the S&P 500 fell by 0.63%, and the NASDAQ retreated by 1.21%. Much of the selling pressure came as a result of a spike in oil prices as well as the ten-year treasury bond yield.
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On Wednesday, the House Rules Committee was discussing the passing of the MORE Act which would legalize cannabis on a federal level. In addition to product legalization, the Act would expunge criminals currently serving felony sentences for the possession of marijuana. It is a crucial vote that passed once already in 2020, although it failed to make it past the Senate on that occasion. While the House Rules Committee is voting on Wednesday, the full House of Representatives will be voting on Friday, so investors should expect continued volatility in Sundial and other cannabis stocks. No decision had been made at the time of this writing.
SNDL stock forecast
Sundial’s impending acquisition of Alcanna and its various liquor retail brands is a savvy move by the Canadian cannabis company. Sundial made some timely capital raises as it took advantage of its elevated stock price during the meme stock rallies, and is now allocating this in the form of a share buyback and the Alcanna acquisition. As far as growth goes, these are two popular ways amongst shareholders to reallocate capital into the business.
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