SNDL Stock Price: Sundial Growers Inc drops for seventh straight session
- NASDAQ:SNDL fell by 3.78% during Tuesday’s trading session.
- Lawmakers have rejected a new cannabis bill on locally legalizing adult-use marijuana sales.
- Cannabis stocks continue to struggle on Tuesday as the losing streak continues.
NASDAQ:SNDL saw its recent winless streak extend to seven straight sessions as the once popular meme stock dips below its 200-day moving average. On Tuesday, shares of SNDL fell by a further 3.78% and closed the trading session at $0.65. Stocks pulled back on Tuesday after a bullish start to the week as all three major indices closed lower on rising fears of the impacts of the Fed’s rate hikes. Each index erased their gains from the previous session, with the Dow Jones dropping by 280 basis points, the S&P 500 shedding 1.26%, and the NASDAQ falling the hardest, losing 2.26% during the session.
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Washington DC lawmakers rejected a new bill that would legalize adult-use marijuana sales to adults who self-diagnose themselves for medical marijuana rather than requiring doctor’s recommendation. The Democrat-proposed bill was shot down by members from both parties, particularly the Republican side. The bill’s rejection comes on the heels of the MORE Act passing its vote last week on the floor of the House of Representatives. This Act is now awaiting a Senate vote to officially legalize cannabis on a federal level.
SNDL stock forecast
Sundial was not the only cannabis stock to struggle on Tuesday as most of the sector was trading below water. Other major brands like Tilray (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC), and Aurora Cannabis (NASDAQ:ACB) were also trading lower as the stocks extended their declines following the passing of the MORE Act vote.
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