Sundial Growers (NASDAQ:SNDL) stock is attempting to pull off a second act. Sundial, in its original mission, aimed to become a mass-market Canadian marijuana producer and brand. This effort failed in spectacular fashion, and SNDL stock crashed from $11 to as low as 14 cents at one point.
But then SNDL stock enjoyed a revival powered by Reddit. Given Sundial’s huge short interest, it was a logical pick that surged during the short squeeze excitement this past winter.
Sundial was able to use that big run in its stock price to raise a ton of capital. It paid off its debt and ended up with nearly $1 billion left over. The management team has now been putting those funds to work in a variety of new investments that are broadening and diversifying the company’s revenue streams.
However, the shareholder base may have less patience; SNDL stock has been in a downtrend for months now. So how do things look for…