- NASDAQ:SNDL fell by 0.51% during Wednesday’s trading session.
- Sundial-rival Tilray welcomes the Government of Luxembourg to its facility.
- Aurora Cannabis continues to restructure with a 12% cut to its workforce.
NASDAQ:SNDL edged lower on Wednesday after having one of its best sessions of the year on Tuesday. Shares of SNDL inched lower by 0.51% and closed the trading session at $0.35. The stock performed in-line with the US markets as all three major indices closed the session slightly lower. Stocks trended downwards after Fed Chairman Jerome Powell addressed Congress with a still hawkish stance on taming inflation in the US economy. The Dow Jones edged lower by 47 basis points, the S&P 500 fell by 0.13%, and the NASDAQ dropped by 0.15% during the session.
It was an eventful day in the Canadian cannabis industry on Wednesday. Tilray (NASDAQ:TLRY) made headlines by welcoming the Government of Luxembourg to its medical cannabis facilities in Portugal. Luxembourg is one of several countries across the European Union that allows cannabis use by patients for medical purposes. With US federal legalization still in limbo, cannabis companies will likely be looking to other markets, like the EU, to further their business. Tilray has been in the European market since 2016. Shares were down by 1.83% on Wednesday, despite the news.
Sundial stock forecast
Another Sundial-rival made more negative headlines on Wednesday as Aurora Cannabis (NASDAQ:ACB) continued its corporate restructuring. The company announced it would be cutting 12% of its workforce, which is part of a broader plan to reduce costs by $70 to $90 million CAD. Earlier this year, Aurora already announced it would shut down three of its facilities, one of which was a major Edmonton site that employed over 13% of its global workforce.
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