Why Sundial Growers Stock Is Trading Lower Today

Sundial Growers SNDL shares are trading lower after the company announced a $74.5 million offering of $65 million series A units and 14 million series B units.

The stock surged nearly 50% in Monday's trading session.

Sundial Growers is engaged in producing and marketing of cannabis for the adult-use market. Some of its products are Lemon Riot, Daydream, Zen Berry, Twilight, Tropical Bliss, Pillow Talk, Citrus Punch, and others. The company's primary focus is on producing and distributing inhalable products and brands (flower, pre-rolls, and vapes). It operates in two segments: Cannabis segment and Ornamental Flowers segment. Its Cannabis segment derives majority revenue.

Sundial Growers shares were trading down 13.21% at $1.05. The stock has a 52-week high of $1.70 and a 52-week low of 14 cents.