Sundial Cannabis Hyped On r/WallStreetBets
CANNABIS CULTURE – Are they headed for a peak or a cliff?
Head-quartered in the Rocky Mountain foothills of Calgary Alberta, Canada — Sundial Cannabis Growers — has been named to the subreddit r/WallStreetBets prestige list of “meme-stocks” by popular poster Swaggy Stocks.
In the past, the company’s total assets have been listed as high as $1 billion and the stock has been called a “unicorn.” Sundial reports liquidity estimated at $610 million in cash with $61 million in convertible incoming loans and security plus a share-outlay of 1.56 common stock shares.
In 2019, Sundial Cannabis faced a class-action lawsuit from a group of investors who claimed the company had failed to disclose rubber and mold contaminants in cannabis shipments before going public.
Orthodoxy would suggest this volatile past combined with an intensely competitive and heavily regulated market they exist in would say to hold. But…
As GameStop exposed in January, chatter on r/WallStreetBets can prove enough to spark a wild price-run on a stock, even a stock with low-potential growth indicators.
This matters for Sundial because, says Antony Noto for YahooFinance, there are 8 million members in the r/WallStreetBets subgroup. The subgroup has been in the limelight for