Why an Acquisition Helped SNDL Stock Rise Today
Canadian cannabis stock SNDL (NASDAQ: SNDL) (formerly Sundial Growers) jumped more than 5% Tuesday morning after the company started a new chapter in its growth. The stock held onto a gain of 2.9% as of 3:05 p.m. EST.
SNDL announced the finalization of its acquisition of The Valens Company today, marking the start of its new strategy forward. SNDL first announced it took a 10% stake in the Canadian cannabis products and processing-services company in late 2021. It then said it planned to buy the balance of Valens it didn't already own in August 2022. The acquisition is the culmination of a pivot in SNDL's two-year-old business strategy to create an investment platform alongside its cannabis segment.
Source Fool.com
