Here's Why Sundial Growers Stock Jumped Thursday
Canadian cannabis company Sundial Growers (NASDAQ: SNDL) restructured its business this year to run a cannabis cultivation and production segment alongside an investment arm. It has subsequently increased its commitment to the investment business multiple times, and made a new announcement related to its future today. The market reacted positively, and Sundial stock popped 5.3% in early trading Thursday. As of 12:48 p.m. ET, Sundial shares remained up 4.5%.
In March 2021, Sundial announced a strategic partnership to form SunStream Bancorp as a joint venture. The venture was meant to create an investment arm that Sundial would use to grow alongside its cannabis operations business. Sundial has now announced it has filed for an initial public offering (IPO) of Sunstream IVXX Investment Corp. The company said the entity will be a specialty finance company and anticipates it will be legally regulated as a business development company (BDC).
Source Fool.com
