SNDL Stock Forecast: Sundial Growers rises as Senate legalization talks heat up

NASDAQ:SNDL gained 8.82% during Wednesday’s trading session.
Investors buy in on reports of a Senate meeting as early as this week.
Sundial investors still need to deal with the reverse split that is on the horizon.

Stocks Reporter FXStreet

NASDAQ:SNDL saw its best trading day in weeks as some federal legalization reports helped give the stock a boost ahead of its reverse split vote. On Wednesday, shares of SNDL rose by 8.82% and closed the trading session at $0.35. Stocks were on the rise again, although it was more of a day of consolidation rather than a continuation of Tuesday’s relief rally. All three major averages closed higher once again as big tech stocks led the way with another strong day of trading. The Dow Jones added 47 basis points, the S&P 500 gained 0.59%, and the NASDAQ posted a 1.58% rise during the session.

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Reports of a Democrat-led bill to legalize cannabis on a federal level has been gaining steam. The CAOA Act or the Cannabis Administration and Opportunity Act is yet another attempt to legalize the drug across the country. Cannabis sector stocks flew higher as reports surfaced that the meeting to introduce the bill could come as early as this week. While the actual vote might not take place until August, it is certainly a positive step for cannabis investors and stocks were reflecting that on Wednesday.

Sundial stock price

Sundial’s stock might have been climbing higher on Wednesday, but the reality is that the company is still facing a reverse split vote on Thursday. New investors might not be aware of the vote that is taking place at a special virtual meeting. If approved, the stock will split at either a 1 for 10 or 1 for 25 ratio, and is intended to allow the stock to continue to trade on the NASDAQ exchange.

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Stocks Reporter

FXStreet

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