Why Sundial Growers, Hexo, and OrganiGram Stocks Jumped Today
There's been some good news in the Canadian cannabis sector recently, but it hasn't been reflected in several of the stocks. Shares of three Canadian growers are rebounding some today, however. The stocks of Hexo (NYSE: HEXO) and OrganiGram Holdings (NASDAQ: OGI) were up 9.3% and 7.3%, respectively, as of 2:05 p.m. EDT. Shares of Sundial Growers (NASDAQ: SNDL) didn't bounce quite as much, but were 4.1% higher than Friday's closing price at that same time.
Over the past two weeks, Sundial and OrganiGram shares are down 12.2% and 7.3%, respectively, even with today's jump. Investors hit Hexo even harder after it announced it would further dilute existing shareholders to raise new capital. Hexo shares are down more than 32% just since Aug. 9. Today, investors are shifting sentiment in these names, at least for the time being, as the cannabis companies are experiencing a recovery from closures and restrictions related to the pandemic.
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Source Fool.com
