SNDL Inc., formerly known as Sundial Growers, saw its stock surge 6.01% in pre-market trading on Monday, riding the wave of a broader rally in cannabis-related stocks. The uptick comes as the entire cannabis sector experiences a significant boost, with several major players posting double-digit gains.
The catalyst for this sector-wide movement appears to be a video posted by former President Donald Trump discussing the potential health benefits of cannabidiol (CBD). This unexpected endorsement from a high-profile political figure has reignited investor interest in cannabis stocks. The video's content, focusing on CBD's possible medicinal properties, is viewed as a positive signal for the industry's future prospects and regulatory environment.
Other cannabis stocks also saw substantial pre-market gains, with Canopy Growth up nearly 25%, Tilray Brands up 18%, and Aurora Cannabis up 10%. The Advisorshares Pure US Cannabis ETF, a fund tracking the U.S. cannabis industry, surged by 20%. This widespread rally underscores the potential impact of changing political attitudes on the cannabis sector, with SNDL Inc. benefiting from the renewed optimism.