What's Going On With Sundial Growers Stock?

Shares of Sundial Growers Inc. SNDL closed more than 12% higher in Wednesday’s regular trading session and further gained 1% in the extended session.

What Happened: While there was no company-specific news that contributed to the surge in Sundial’s shares, the cannabis company is a frequently mentioned stock on Reddit’s r/WallStreetBets forum that has 10.6 million members.

See also: How To Buy Sundial Growers (SNDL) Stock

The retail investment forum is best known for short squeezes on companies such as GameStop Corp. GME and AMC Entertainment Holdings Inc. AMC earlier this year.

About 14.4% of Sundial’s float is short, as per the latest available data from Yahoo! Finance. The company is seeing increased interest from retail investors as more states in the U.S. pass laws and legislation to legally allow the sale and use of marijuana.

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See Also: Cannabis Legalization On the Move: Rhode Island Senate Approves, Louisiana Gov. Says Yes To Smokable Medical Marijuana

Why It Matters: Sundial Growers attracted 144 mentions on the WSB forum and was the fifteenth most-discussed stock during the last 24 hours at press time, data from Quiver Quantitative showed.

Retail investors behave differently than institutional investors, and this offers a number of opportunities for a company like Sundial, the company's CEO Zach George said at the Benzinga Cannabis Conference earlier this month.

Taking advantage of the investor interest, Sundial said in January that it is raising $100 million through a sale of stock and warrants.

Price Action: Sundial shares closed 12.2% higher in Monday’s regular trading session at $1.00 and further rose 1% in the after-hours session to $1.01.

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