Sundial Growers (NASDAQ:SNDL) stock is on a wild ride Tuesday as the stock trends with a fair amount of trading taking place today.
Starting off, more than 176 million shares of SNDL stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is 492 million shares. SNDL still has a ways to go to reach that, but it’s still early in the trading day.
So how exactly is this movement affecting SNDL stock? The shares started off this morning up from their previous close. It reached a roughly 9.6% gain before starting to fall again. Now, as of Tuesday morning, the stock is down 3.5%.
The volatility around Sundial Growers stock today is likely due to a couple of factors. First off, it’s April 20 today, or 4/20. While the day of celebration among weed lovers isn’t likely to have a major effect on SNDL stock, it’s still worth mentioning.
Secondly, SNDL stock got a boost yesterday from the SAFE Banking Act being voted on yesterday. This opens the way for banks to do business with cannabis companies without facing legal backlash from the government.
Keeping all of those factors above in mind, let’s take a look at how Twitter users are reacting to SNDL stock’s movement today.
— The Stoned Buddah (@Budmanthegreat) April 20, 2021
$SNDL #SAFEBANKINGACT WAS PASSED YESTERDAY. REALLY GREAT NEWS FOR $SNDL. THEY WILL EXPAND ALL OVER THE WORLD AND BE A LEADER IN THE CANNABIS INDUSTRY. PT: $10 . $4.20 EOD. #DOGEDAY #DOGECOIN #SAFEMOON
— Smart Money Trait (@SmartMoneyTrait) April 20, 2021
4/20 not being friendly to the weed sector. I guess no one is getting high today nor going green today…..even with some good $GWRG news, bummer!
— Shark of Traders 📈🦈📉 (@SharkofTraders) April 20, 2021
— Al Bundy (@mr_albundy) April 20, 2021
Today is 4/20, but weed stonks are down!
— HmoobDude (@DudeHmoob) April 20, 2021
Investors high on weed stocks today need look no further for snacks.
We’ve been covering marijuana stocks, including SNDL, to offer up the best coverage of the sector to investors. That includes Medical Marijuana (OTCMKTS:MJNA), Tilray (NASDAQ:TLRY), and others. Investors can check out the latest cannabis news below.
More Pot Stocks News
- Cannabis Stocks: One Big Reason ACB, APHA, TLRY, SNDL Stock Are Getting High on 4/20
- 7 Cannabis Stocks That Offer Much More Than Just Pot
- Catalysts Aside, Tilray Stock Remains a Cannabis Name to Avoid
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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