This year many cannabis stocks came back in favor among investors due to the overall optimism about the sector and the Sundial Growers (NASDAQ:SNDL) stock has emerged as one of the more popular cannabis penny stock plays in recent times.
Moreover, the company’s financial results in the first fiscal quarter indicate that more upside might be on the way for the stock. In the first quarter, the company earned $1.7 million by way of its operations, which reflected a strong turnaround from the $32.7 million loss in the year-ago period.
On the other hand, the company also managed to generate adjusted positive EBITDA of $3.3 million and that is the first time in its history that Sundial managed to achieve that. In addition to that, investors need to note that as of the end of the first quarter, Sundial had $1.08 billion in cash and that represents a remarkably strong position. Investors could do well to keep an eye on the stock this week.