So, Sundial delayed their earnings and I’d think that this is a bearish event (but TTCF flashbacks), but I want to ask for others’ opinions, especially since other weed stocks have been up today bigly, which is beyond my understanding. I can’t see any news that would cause other stocks to go up, and if this is indeed bearish for SNDL (and possibly indicative of the sector as a whole), then wouldn’t other stocks fall in sympathy?
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There’s a big vote on legislation tomorrow which would hopefully provide a catalyst.
Weed stocks are running due to this news: Discussion on Marijuana legalization Bill (related stocks / ETF's)
However, you are correct, delaying earnings is typically a bearish event. In this case, it was delayed due to their acquisition of Alcanna (a bearish event in itself): Sundial Announces Anticipated Closing Date of Alcanna Acquisition and Late Filing of Annual Financial Statements and MD&A under Canadian Law
So, is the move up like pricing-in the passage of the bill? I was thinking it won’t actually matter until after the vote because if it doesn’t pass, then that’d bring all the stocks right back down, right?
Yes. Weed stocks popped on the initial news, may pop again if the House passes the bill, and will likely fall when/if the Senate rejects it.
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SNDL is a POS weed company that only runs because it’s extremely cheap and retail will buy it because they can buy a lot of it and shout that it’s being shorted heavily. Given how shit this company is, it’s amazing short interest isn’t over 50%.
SNDL doesn’t sell anything but shares. I would be very careful entering a bear position on this though, you will be fighting GME/AMC retail level logic.
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