Cannabis Stocks Collapse After Trump Win: Major Players See Double-Digit Declines At Wednesday's Close
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 06 2024
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Source: Benzinga
Cannabis Sector Decline: Following Donald Trump's presidential election victory, the cannabis industry experienced significant stock declines, with major companies like Trulieve Cannabis and Cansortium seeing losses of over 40% and 37%, respectively.
Top Stock Losses: Key stocks and ETFs in the cannabis sector reported substantial drops, including AdvisorShares Pure US Cannabis ETF down 28.17% and Curaleaf Holdings down 28.39%, reflecting a broader downturn in the market.
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Analyst Views on SNDL
About SNDL
SNDL Inc., through its wholly owned subsidiaries, is a vertically integrated cannabis company and a private-sector liquor and cannabis retailer in Canada. Its retail banners include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds and Spiritleaf. With products available in licensed cannabis retail locations nationally, its consumer-facing cannabis brands include Top Leaf, Contraband, Palmetto, Bon Jak, La Plogue, Versus, Value Buds, Grasslands, Vacay, Pearls by Gron, No Future and Bhang Chocolate. Its liquor retail segment includes the sales of wines, beers and spirits. Its cannabis retail segment includes the sales of cannabis products and accessories through corporate-owned and franchised cannabis retail operations. Its cannabis operations segment operates as a licensed producer that grows cannabis using indoor facilities and manufactures cannabis products, providing cannabis processing services. Its investments segment includes deployment of capital to investment opportunities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SNDL Inc. Faces Investigation Amid $32.2M Retail Acquisition, Stock Drops 13.12%
- Securities Fraud Investigation: Pomerantz LLP is investigating whether SNDL Inc. has engaged in securities fraud or other unlawful business practices, which could undermine investor confidence and lead to stock volatility.
- Acquisition Agreement Revision: The amendment to SNDL's agreement with 1CM Inc. maintains a total purchase price of $32.2 million but splits the acquisition into two closings to accommodate regulatory approval timelines, indicating the company's cautious approach to compliance.
- Stock Price Reaction: Following the acquisition announcement, SNDL's stock price fell by $0.29, or 13.12%, closing at $1.92 per share, reflecting market concerns regarding the acquisition and the ongoing investigation.
- Legal Firm Background: Pomerantz LLP, a prominent securities class action law firm with over 85 years of experience, focuses on protecting investor rights, which may significantly impact SNDL's future legal liabilities.
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SNDL Inc. Faces Investigation After $32.2M Acquisition Deal Revision Leads to 13.12% Stock Drop
- Investigation Launched: Pomerantz LLP is investigating whether SNDL Inc. has engaged in securities fraud or other unlawful business practices, which could significantly impact investor rights.
- Acquisition Agreement Revision: The amendment to the agreement with 1CM Inc. maintains a total purchase price of $32.2 million but splits the acquisition into two closings to accommodate regulatory approval timelines, indicating potential delays in the transaction.
- Stock Price Reaction: Following the announcement of the revised acquisition agreement, SNDL's stock price fell by $0.29, or 13.12%, closing at $1.92 per share, reflecting market uncertainty regarding the deal's implications.
- Legal Context: Pomerantz LLP, a leading firm in securities class action litigation with over 85 years of experience, focuses on fighting for the rights of victims of securities fraud, which may influence SNDL's future legal liabilities.
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