Why Sundial Stock Blasted 12% Higher Today

Investors were very high on Sundial (NASDAQ: SNDL) stock on Monday to the point where they sent its share price almost 12% higher. This was on the back of a third-quarter earnings release and a new stockholder-pleasing move the Canadian marijuana company announced.

For the period, Sundial's net revenue came in at 237.6 million Canadian dollars ($171.2 million), a 3% improvement over the same quarter of 2022. The weed company also managed to narrow its net loss considerably; this came in at just under CA$22 million ($15.9 million) against the year-ago deficit of nearly CA$99 million ($71.7 million).

These days, Sundial makes the bulk of its revenue as a retailer of both marijuana and alcohol. Of the two, it was the former that saw meaningful growth, with net revenue rising 14% year over year to almost CA$76 million ($55.1 million). The take for liquor was essentially flat at just under CA$152 million ($110.1 million).

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Source Fool.com