Why Sundial Growers Stock Jumped Today
Shares of Sundial Growers (NASDAQ: SNDL) were up 5.8% as of 3:19 p.m. EDT on Thursday after rising as much as 11.8% earlier in the day. The only new development for the Alberta-based cannabis producer was that it announced the launch of a new recreational cannabis brand on Thursday morning.
Did the launch of a new cannabis product really warrant a significant move for Sundial's shares? Not really. For now, the company's new Palmetto brand will be available only in the provinces of Saskatchewan and Manitoba. These aren't very big markets. Sundial said that it plans to introduce the new product in other provinces later this year, along with vape pens that could be used with its new recreational brand.
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Source Fool.com
