Shares of Sundial Growers (SNDL) have been on a skywalk. As of 10:47 AM EST, the seller, and producer of Cannabis products recorded $1.38 per share price with a 3.7594% gain. Let’s see what the reason behind this bullish sentiment is.
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The stock is captivating the attention of investors after wall street reported that new legalized market opportunities for cannabis and psychedelics are expanding globally. The Sundial Growers’ CEO Zach George said
“Evolving to Deliver Higher THC Potency Meeting New Consumer Demands.”
Sundial is modular and this modular nature enables the company to rapidly adapt to the new market conditions. This modular and scalable nature of Sundial makes it prominent in the whole of Canada. The company has now possessed an expanded library of genetics and expects that these genetics will make a financial impact in 2021.
In the third quarter, branded net cannabis sales increased to 77% of total cannabis sales. $12.9 million net cannabis revenue was recorded, and the principal amount of debt decreased by $23 million.
The company’s previous year’s record is not so much satisfactory as it faced a 3.6% decline in its net sales. The company bore CA$175.8 million loss at the same time which is 39% higher than the previous year.
Considering the bullish sentiment, things are now working well for SNDL with plenty of cash in hand during the evolution process, but investors need to think deeply before investing in this stock due to the decline in its net sales in the past and heavy losses with slow growth.