SNDL (NASDAQ: SNDL) is a cannabis company that has been aggressively expanding in the past few years. It acquired liquor company Alcanna in 2022, and it has made acquisitions to expand its marijuana operations, including the purchase of Spiritleaf nearly two years ago. Most recently, in January, it also closed on cannabis extraction company Valens.

But while SNDL has gotten bigger and its operations more diverse, that has failed to sway investors. In the past year, shares have fallen more than 66%, and the pot stock is down 80% from its 52-week high of $8.91. Are investors overlooking what could be an underrated growth stock, or is SNDL likely to head even lower in value?

Thanks to the company's acquisitions, SNDL's revenue has been skyrocketing. In its most recent earnings report, released in November 2022, the cannabis company reported revenue totaling 230.5 million Canadian dollars, for a year-over-year increase of 1,501%. That was for the period ending Sept. 30, 2022, and the numbers look incredible because a year earlier, SNDL's results didn't involve liquor retail, which today makes up the bulk of its revenue -- due to the Alcanna acquisition.

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Source Fool.com