SNDL Stock Forecast: Sundial Growers rises after another state legalizes cannabis

NASDAQ: SNDL gained 2.04% during Wednesday’s trading session.
The Governor of Rhode Island signed legislation to legalize cannabis in the state.
Some analysts believe Sundial could continue to grow through acquisitions.

Stocks Reporter FXStreet

NASDAQ: SNDL managed to reverse its weekly downtrend on Wednesday after the cannabis industry received a positive bit of news. Shares of SNDL added 2.04% and closed the trading session at $0.39. The markets were mostly unchanged as investors awaited the May meeting minutes from the FOMC. Sure enough, the Fed is seeking another half basis point rise in interest rates in June, which is in line with its attempted crackdown on inflation in the US economy. Following the news, the Dow Jones added 191 basis points, the S&P 500 gained 0.95%, and the NASDAQ jumped higher by 1.51% during the session.

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The major news that was moving cannabis related stocks on Wednesday was the signing of new legislation in the State of Rhode Island. Democratic Governor Dan McKee officially legalized recreational cannabis in the state, making it the 19th in the US to legalize marijuana. The legislation will allow citizens that are 21 years of age or older to partake in cannabis usage. The news comes on the heels of nearby state New Jersey, which officially legalized cannabis in April of this year. It is unclear if this will have any impact on the vote to federally legalize cannabis via the More Act when it reaches the Senate.

Sundial stock price

Some analysts in the cannabis industry believe Sundial could seek further mergers and acquisitions given its ample cash position. The company is just coming off finalizing its acquisition of Canadian liquor distributor, Alcanna, and could seek further consolidation of the Canadian cannabis industry.

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Stocks Reporter

FXStreet

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