Cannabis Stocks On The Move Amid DEA Reclassification Indication

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, April 30, 2024

Shares of multiple cannabis and cannabis-adjacent companies are rallying strongly during Tuesday’s session following an indication by the DEA that the agency is moving to reclassify marijuana as a less dangerous drug, according to numerous press releases.

SNDL Inc. (Nasdaq:SNDL) in particular put on quite a show, with shares of the Calgary-based company reaching $2.52/share (+25.37%) at the late session high. For this stock in particular, this massive move came just sessions following the company’s announcement that they have scheduled their Q1 financial results reporting for May 9th, setting up yet another potential catalyst for traders to get excited about!

Sundial Growers Inc is engaged in producing and marketing 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). some of its brands include Sundial, Top Leaf, Palmetto, and Grasslands. Its three reportable segments: are cannabis operations, retail operations and investments.

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