SNDL Stock Price: Sundial Growers gives up early gains on Friday

NASDAQ:SNDL fell by 2.53% during Thursday’s trading session.
The Alcanna deal caused the stock to spike but SNDL still closed lower.
All eyes are on the House floor vote taking place on Friday.

Stocks Reporter FXStreet

Update: Shares of Sundial Growers shot up to $0.7245 at Friday's open but have since subsided to $0.7033 an hour into the last trading day of the week, up about half a percentage point. Though all three major indices are in the green on Friday, at the moment they can best be described as flat. Counterparts like Tilray, the biggest player in Canadian cannabis, are down 0.6% at the same time.

NASDAQ:SNDL had another whipsaw session as the volatility in the cannabis industry continued to hit the once popular meme stock. On Thursday, shares of SNDL fell by a further 2.53% and closed the trading session at $0.70. The first quarter of 2022 was a bad one, in fact, it was the worst quarter for the US markets in two years. All three major indices closed the month of March on a down note as the selling pressure from Wednesday carried over into Thursday’s session. The Dow Jones dropped by 550 basis points, the S&P 500 fell by 1.57%, and the NASDAQ tumbled by 1.54% during the session.

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Thursday also marked the completion of Sundial’s acquisition of Alcanna, a major Canadian retail liquor company. The merger gives Sundial a major foothold in the liquor industry, one that is mostly controlled by the government across the country. Alcanna is Canada’s largest private retail liquor company so it is definitely a valuable addition to Sundial’s portfolio. Investors seemed to agree as the stock spiked by more than 4% out of the open today, but evidently it wasn’t enough to move the needle further as the stock retreated quickly after.

SNDL stock forecast

On Thursday, the House Rules Committee forwarded the MORE Act to a floor vote on Friday with support from House Speaker, Nancy Pelosi, as well. Investors will recall that this is just the first step towards federal legalization, although it is a crucial one. The vote still needs to make its way through the Senate as well where the MORE Act failed to pass back in 2020.

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