Meme stocks saw a resurgence over the past month or so, giving rise to some investors taking fresh looks at the various meme stocks out there. One cannabis industry meme stock that was a hot buy in 2021 is SNDL (NASDAQ: SNDL).
SNDL's surging share price back then helped its management take advantage and raise much-needed cash to facilitate the Canadian-based cannabis company acquiring other businesses that grew and diversified its operations. As the meme hype faded, SNDL followed the path of other cannabis stocks that saw their share prices plummet. In the past three years, the stock price fell 74%. In 2022, SNDL needed a reverse stock split to keep its share price above $1.
Investors are bullish on the stock again, although it's trading nowhere near the heights it reached back in 2021. That has some again asking where the business is right now and whether this could be a good growth stock to add to your portfolio today.
Source Fool.com