Sundial Growers (NASDAQ:SNDL) Stock Continues to Witness Sell-Off At Higher Level

Earlier on this year, the meme stock mania had propelled many little known stocks in considerable prominence and one of those was the Sundial Growers (NASDAQ:SNDL) stock.

Market Stats

On Monday, SNDL stock moved down 9.77% to $0.83 with more than 360.76 million shares, compared to its average volume of 99.02 million shares. The stock has moved within a range of $0.8300 – 0.9490 after opening trading at $0.90.

Major Trigger

In addition to that, it also remains a cannabis stock that has got a bit of traction in recent times. In this regard, it is important for investors to remember that the company has made the news quite frequently in recent times as well but experts believe that there was nothing concrete in any of it that might actually excite investors. At the end of the day, many cannabis stocks continue to struggle and are down from the highs that they had hit after the legalisation of cannabis in Canada.

That is understandable considering the fact that federal level legalisation in the United States still remains uncertain and that is the market that could ultimately open up a lot of value for companies like Sundial Growers. In addition to that, it has not been smooth sailing for cannabis companies like Sundial Growers in Canada either due to some recent developments. One of those is the decision from the different provinces in Canada to introduce their own tax plans with regards to cannabis.

Traders Corner

SNDL stock is trading above the 20-Day and 50-Day Moving averages of $0.71 and $0.69  respectively. However, the stock is trading below the 200-Day moving average of $0.94. The stock is up 11% in the past 3-month.