SNDL Stock in 2023: Skyrocket or Crash?
It has not been a great year for SNDL (NASDAQ: SNDL), formerly known as Sundial Growers. At least, it hasn't been a great year for the stock, which has fallen 57.5% on the year and a stunning 98% from its all-time highs.
A tough macroeconomic environment and pricing erosion in the oversupplied Canadian cannabis market have been disastrous not only for SNDL, but also for all Canadian cannabis stocks. And disappointment on legalization in the U.S. has also caused similar declines in the U.S. cannabis space.
And yet, SNDL could actually be the one company poised to take advantage of the widespread destruction across the industry, since it's flush with cash after raising money from stock sales during the meme stock craze of 2020 and 2021. In the words of CEO Zach George, "In a sense, things in the Canadian cannabis industry are so bad that they're good."
Source Fool.com
