- NASDAQ:SNDL gained 0.48% during Wednesday’s trading session.
- Sundial’s share buyback announcement hasn’t yet had a positive effect on the stock.
- Germany is the latest country to look towards legalizing cannabis.
NASDAQ: SNDL bucked its recent downtrend on Wednesday as the ten-year treasury bond yields cooled after surging for two straight sessions. Shares of SNDL inched higher, gaining 0.48% and closing the trading session at $0.68. The stock has more or less been trading sideways for months now after a record surge that coincided with the meme stock frenzy from Reddit investors. Growth sectors managed to bounce back on Wednesday after a brief sell off to start the week. The NASDAQ and S&P 500 eked out marginal gains during the session, gaining 0.44% and 0.23% respectively, while the blue-chip Dow Jones closed the day 0.03% lower.
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Sundial investors have experienced a large amount of share dilution this year following the stock’s massive runup. The company had over 1.6 billion outstanding shares, which does point toward the stock price more or less staying flat. A recent share buyback program is just one of a handful of positive catalysts that could be seen as bullish signs from the company. Sundial also had a positive earnings report, and recently acquired Canadian liquor retailer Alcanna.
SNDL stock news
With a new government coalition coming into power in Germany, discussions have already started about the country legalizing cannabis. As of now, it seems as though it will be for adults who are only allowed to use it at licensed premises, although earlier this year medical marijuana was also introduced to the country for the first time in its history. While this does not necessarily have an impact on Sundial, it speaks to the growing awareness cannabis is receiving around the world.
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