After experiencing a riotous run-up during the meme stock mania of 2021, 's (NASDAQ: SNDL) shares are now down about 70%. However, there's reason to believe that shareholders are on the brink of getting a much-needed reversal of the Canadian cannabis company's fortunes.

While it's still unprofitable, SNDL is now potentially within a few quarters of changing that, and its shares look cheap, too. Is the turnaround finally here and the stock ripe for purchase, or is there more to the story?

Originally, SNDL's focus was on serving the Canadian recreational marijuana market. That model brought it fame among retail investors, which enabled it to issue a tremendous amount of stock and gain access to a significant amount of capital. In Q2 of 2021, it boasted nearly 1 billion Canadian dollars ($750 million) of cash and investments. But soon thereafter, cannabis prices in the Canadian market imploded amid an excess of supply, and hard times descended on the company.

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Source Fool.com