Why Sundial Growers Stock Jumped Today
Canadian cannabis company Sundial Growers (NASDAQ: SNDL) has been on an acquisition spree as it works to grow its business and execute a new business strategy. Investors reacted today to a statement from Sundial on one acquisition that was announced in early October. Shares jumped as much as 6.7% today, but pared about half of those gains, closing the session up 3.15%.
Sundial has restructured its business using a two-pronged approach. The cannabis cultivation and production segment is expanding through acquisition, and it now also has an investment arm. One of the operating-business acquisitions was announced as an all-stock transaction two months ago when Sundial shares were trading higher.
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Source Fool.com
