Sundial Growers dips lower as Cannabis stock tumble to close the week

  • NASDAQ:SNDL fell by 1.99% during Friday’s trading session.
  • Aurora Cannabis drops after announcing a new bought financing deal.
  • Canopy Growth plummeted after another disappointing quarter.

NASDAQ:SNDL fell further into the hole as shares dropped by a further 6.83% this week. As the Canadian cannabis company continues to fall lower, the stock faces a serious risk of delisting from the NASDAQ index unless it undergoes a reverse stock split. On Friday, shares of SNDL dropped by a further 1.99% and closed the trading session at $0.39. All three major indices rose for the third straight day as stocks busted out of their seven-week losing streak. The Dow Jones gained 575 basis points, the S&P 500 added 2.47%, and the NASDAQ soared higher by 3.33% during the session.

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One of Canada’s largest cannabis retailers, Aurora Cannabis (NASDAQ:ACB) dropped by 38.46% on Friday. The reason? Aurora completed an unusual stock sale that saw BMO Capital Markets and Canaccord Genuity purchase a total of 61.2 million shares from Aurora at a price of $2.45 per share. It’s been a difficult year for Aurora who has seen its stock fall by 82% over the past year and 71% so far in 2022.

Sundial stock price

SNDL Stock

Another Canadian cannabis giant reported earnings on Friday, and the picture was just as grim as for Aurora. Canopy Growth (NASDAQ:CGC) reported a loss of $0.28 per share compared to consensus estimates of a loss of $0.31 per share. Net revenues fell by 25% on a year over year basis which is certainly where investor concerns probably came from. Shares of Canopy Growth tumbled by 12% during Friday’s session.

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