Sundial Growers Shares Surge on News of Joint Venture and AMC Entertainment Shares Rise on Hopes of Theater Reopening’s
On Monday, shares of Sundial Growers surged, closing up 14.08%.
Shares of the Canadian cannabis producer closed higher after the company announced a joint venture with SAF Group. The two companies have partnered to create a new corporation, SunStream Bancorp.
The joint venture will create cannabis-related debt and equity investments, seeking opportunities in Canadian and international markets. Both companies will own half of SunStream.
The long-term performance of Sundial Grower’s stock will be determined by the company’s ability to generate strong returns for shareholders. Investors appear to be optimistic about how Sundial is using their cash.
Shares of Sundial Growers are up over 230% this year.
On Monday, shares of AMC Entertainment skyrocketed, closing up 25.815
Shares of the American movie theater chain jumped after the company announced the reopening of movie theaters in California. Two theaters in Los Angeles will reopen on Monday, and the remaining 23 movie theaters in Los Angeles County will reopen starting on March 19.
Last Wednesday, AMC reported a record loss of $4.6 billion in 2020 due to theater closures caused by COVID-19. To remain alive during the pandemic, the company has aggressively raised liquidity.
Shares of AMC Entertainment have surged over 500% this year.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.