Why SNDL Stock Sank Today
Shares of Canadian cannabis company SNDL (NASDAQ: SNDL) -- formerly known as Sundial Growers -- dropped today after announcing a new acquisition. SNDL investors don't seem too pleased with the idea, however. SNDL shares dropped as much as 10% on the news and were still down 5.3% as of 2:25 p.m. ET.
SNDL will be acquiring Canada-based The Valens Company in a transaction worth the equivalent of about $106 million. Valens shareholders will receive about one third of a common share of SNDL in the all-stock transaction. But that didn't appear to make them happy, as Valens shares were also down by 10%.
Source Fool.com
