Why Sundial Growers Stock Spiked Another 16% Today
The shares of Sundial Growers Inc (NASDAQ:SNDL) spiked 16.3% in the regular session on Wednesday.
What Happened: The surge came amid the overall strength in the cannabis industry following the announcement of a merger & acquisition deal between GW Pharmaceuticals PLC (NASDAQ:GWPH) and Jazz Pharmaceuticals PLC (NASDAQ:JAZZ).
See also: How to Invest in Cannabis Stocks
Sundial also continues to remain the interest of r/WallStreetBets community on Reddit, which has been driving strength in the stock this week.
Democratic senators announcing plans to advance legislation related to descheduling of marijuana at a federal level earlier this week also boosted the cannabis stocks.
Sundial shares had dropped lower on Tuesday after the company announced pricing a $74.5 million offering.
Price Action: SNDL shares were unchanged in the after-hours session at $1.21 after the 16.3% surge during regular trading hours.
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