The situation with cannabis stocks has improved somewhat due to optimistic sentiments about the sector among investors and one of the stocks to have come into considerable focus so far this year is that of Sundial Growers (NASDAQ:SNDL).
On Wednesday, the Sundial stock came into sharp focus among many investors and ended up clocking gains of as much as 12%. The latest rally in the stock was triggered by bullish messages about Sundial Growers on Reddit and other social media platforms. As is well known, these platforms have grown in influence as far as performance of a stock is concerned in recent times.
Retail investors are now quite interested in the enormous potential of the cannabis industry and the projections paint a pretty rosy picture. Studies conducted by the research firm MarketsandMarkets suggest that the global cannabis industry is expected to be worth as much as $90 billion in 2026 and that represents considerable growth from $20.5 billion in 2020.
Hence, investors are now looking into companies that could end up being winners in the long term and Sundial Grower has emerged as a candidate for many retail investors. Anyone interested in the cannabis space at this point could do well to keep this stock in their watch lists.
Market Reaction:
On Wednesday, SNDL stock jumped by 12% to $1 with more than 230.98 million shares, compared to its average volume of 217.32 million shares. The stock has moved within a range of $0.9100 – 1.0400 after opening the trade at $0.91. Over the past 52-week, the stock has been trading within a range of $0.1380 – 3.9600.
 Stock Moves Back To $1: Is it a Bullish Sign?){kind=link}