Shares of Sundial Growers (NASDAQ: SNDL) rocketed higher on Monday after the marijuana producer announced it was now debt-free. As of 2:25 p.m. EST, Sundial's stock price was up more than 20%.
Sundial prepaid the remaining 21.9 million Canadian dollars in principal on its credit facility. In doing so, the cannabis grower no longer has any outstanding debt, unlike many of its rivals. "While many cannabis companies have significant debt burdens, Sundial is proud to announce that we are now debt-free," CEO Zach George said in a press release.
Sundial Grower's stock surged on Monday. Image source: Getty Images.
Source Fool.com