Sundial (SNDL) Stock Grows Monthly Amid Cannabis Legalization Efforts and Buying Alcanna

On Friday Sundial (SNDL) couldn’t move from $0.70 although its 169,745,697 volume was the highest among all the stocks. After the market close, it declined 0.64% due to announcing Alberta Securities Commission has granted management cease trade order (MCTO) for the company.

Sundial has been delaying the release of financial reports for the 2021 fiscal year and quarter four of 2021. Perhaps the company has been facing slow auditing of the full financial reports. Meanwhile, in the U.S cannabis legalization efforts have become active again. That’s why most cannabis stocks started gaining last Thursday.

SNDL stock is losing but the company is expanding

In Sundial’s case, active traders stopped buying SNDL shares and picked other cannabis stocks like GTBIF, CRBLF, TCNNF, CRON. The investors didn’t pay attention to Sundial’s acquiring Alcanna. In Canada the largest private-sector cannabis and liquor retailer is Sundial. How happy Sundial shareholders are for Alcanna being one of the largest private-sector retailers of alcohol in North America and the largest in Canada by number of stores. In British Columbia and Alberta it has operating locations. Alcanna also has a subsidiary NOVA (TSX: NOVC) which operates cannabis retail stores amounting to 78 units in Alberta, Saskatchewan, and Ontario.

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