Sundial Growers drops as cannabis stocks fall to close the week

• NASDAQ:SNDL fell by 7.55% during Friday’s trading session.
• Cannabis stocks are set to report earnings over the next couple of weeks.
• Sundial Growers adjourns its shareholder meeting to July 25th.

NASDAQ:SNDL closed out an eventful week in the cannabis industry with another loss and another losing week for the stock. On Friday, shares of SNDL dropped a further 7.55% and closed the trading day at $0.31. It was a red day all around for stocks as the rally from earlier in the week was halted by a tech sell off to close the week. Adtech related stocks tumbled after a disappointing earnings call from Snap (NYSE:SNAP) on Thursday. Overall, the Dow Jones fell by 137 basis points, while the S&P 500 and the NASDAQ dropped lower by 0.93% and 1.87% respectively during the session.

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After reports surfaced that a federal legalization bill could be heading to the Senate for a vote soon, cannabis stocks were on the rise earlier this week. After the Democrat-led bill was released, investors realized that it likely wouldn’t pass a vote in the Senate and stocks erased those gains. Now, as companies like Tilray (NASDAQ:TLRY) prepare to report their second quarter earnings next week, investor sentiment has clearly flipped back to being bearish on the sector. Other companies reporting over the next couple weeks include Canopy Growth (NASDAQ:CGC) and Sundial itself which is scheduled to report in the week of August 10th.

Sundial stock price

Sundial Growers has announced it has adjourned its special shareholder meeting due to a lack of quorum. The meeting was to vote on the consolidation of Sundial’s shares at a ratio of either 1 for 10 or 1 for 25. For now, the meeting has been adjourned to Monday, July 25th.