Why SNDL Stock Was a Stinker Today
Acquisitive Canadian marijuana company SNDL (NASDAQ: SNDL) has gone shopping yet again, and investors aren't happy about it. In the wake of news about SNDL's latest planned purchase, reported after the market closed Wednesday, they traded the stock down by almost 5% on Thursday.
SNDL said it has signed an agreement to potentially acquire "substantially all" of Superette, a relatively small cannabis retailer also based in Canada.
As explained by SNDL, the somewhat complex deal will see it bid for Superette rather than purchase it directly. In the company's words, the deal is to occur "through a hybrid asset purchase and 'reverse vesting' transaction."
Source Fool.com
