- NASDAQ: SNDL fell by 3.18% during Friday’s trading session.
- The cannabis industry has potential, but legalization hasn’t been easy.
- Meme stocks have a tough week as market volatility continues.
NASDAQ: SNDL could not hold its recent support level as it gave into the broader market sell off that hit in the abbreviated session after the Thanksgiving holiday. Shares of SNDL fell by 3.18% and closed the trading week at $0.65. Despite some indications of growth following a stronger than expected quarter, Sundial still fell by nearly 14% this week, and is now flat for the month. Sundial’s dip on Friday came as no surprise as the sudden breakout of the Omicron Variant of the coronavirus sent the markets reeling. The Dow Jones tumbled by over 900 basis points, while the NASDAQ and the S&P 500 fell by 2.23% and 2.27% respectively. At the session lows the Dow was down over 1,000 basis points, making it the single largest drop by the blue-chip index in 2021.
Cannabis legalization in the United States hasn’t been an easy hill to climb, even after the Biden administration entered the Oval Office. South Dakota’s Supreme Court recently overturned a legalization ballot for cannabis, and other states are not gaining much traction either. For the states that have legalized cannabis, pandemic revenues soared as many people had the ability to safely use cannabis products in their homes. Cannabis remains a volatile industry, although given that cannabis stocks are currently beaten down, it may offer a nice buying opportunity moving forward.
SNDL stock news
A highly volatile week on the markets led to some more pain for meme stock investors. After a recent surge, GameStop (NYSE:GME) and AMC (NYSE:AMC) both closed in the red, losing 4.50% and 6.58% respectively over the past week. Other meme stocks falling on Friday included Sundial Growers, ContextLogic (NASDAQ:WISH), and Vinco Ventures (NASDAQ:BBIG).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.