Why Sundial Growers Stock Spiked Another 16% Today

The shares of Sundial Growers Inc SNDL spiked 16.3% in the regular session on Wednesday.

What Happened: The surge came amid the overall strength in the cannabis industry following the announcement of a merger & acquisition deal between GW Pharmaceuticals PLC GWPH and Jazz Pharmaceuticals PLC JAZZ.

Shares of Aurora Cannabis ACB, Tilray TLRY, and Cronos Group Inc CRON also posted gains in the day.

See also: How to Invest in Cannabis Stocks

Sundial also continues to remain the interest of r/WallStreetBets community on Reddit, which has been driving strength in the stock this week. 

As per data compiled by SwaggyStocks, the average comment volume for Sundial on the subreddit continues to surge, standing at 451 at press time, just below Tesla Inc TSLA.

Democratic senators announcing plans to advance legislation related to descheduling of marijuana at a federal level earlier this week also boosted the cannabis stocks.

Sundial shares had dropped lower on Tuesday after the company announced pricing a $74.5 million offering.

Price Action: SNDL shares were unchanged in the after-hours session at $1.21 after the 16.3% surge during regular trading hours.

See also: How to Buy Cronos Stock