Canadian Giant SNDL Speeds Up Acquisition Of Majority Positions In Two US Cannabis Companies As Marijuana Rescheduling Looms
Portfolio Pulse from Jelena Martinovic
SNDL Inc. (NASDAQ:SNDL) is accelerating its acquisition of majority stakes in two U.S. cannabis companies, Surterra Holdings (Parallel) and Greenpeak Industries (Skymint), through its joint venture SunStream USA. This move comes as cannabis rescheduling in the U.S. appears imminent, allowing SNDL to potentially convert its contingent indirect interests into common interests upon federal legalization. The acquisitions position SNDL among the top 10 multi-state operators (MSOs), targeting a market of over 60 million consumers and $5 billion in sales. SNDL's stock rose 3.8288% to $2.305 per share following the announcement.
May 02, 2024 | 5:24 pm
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SNDL Inc. is set to acquire majority stakes in Surterra Holdings and Greenpeak Industries, positioning itself among the top 10 MSOs in the U.S. cannabis market. The company's stock rose 3.8288% to $2.305 following the announcement.
The acquisition of majority stakes in two significant U.S. cannabis companies signals SNDL's aggressive expansion in the U.S. market, leveraging the potential federal legalization of cannabis. This strategic move is likely to enhance investor confidence and attract further investment, contributing to the positive stock price movement. The direct involvement in these acquisitions and the potential market expansion upon federal legalization are critical factors driving the stock's short-term positive outlook.
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