Could a cannabis stock become the next meme stock?

The so-called "meme stick" revolution is just around the corner. Small investors and social media trading "gangs" team up with institutional hedge fund shorts and bears with massive effects on the publicly traded stock market. We have seen this take undeniable forms over the past few weeks and months in stocks like GameStop Corp (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE: AMC). We have also seen signs of the same phenomenon in the cannabis industry. One could also point out the popularity of a number of stocks in this space on Reddit platform r / WallStreetBets, which was something of the ground zero for meme stocks momentum. We would also like to note that the notion of the "underdog growth issue" is some sort of spiritual touchstone that appears to underlie this phenomenon. And you could say that the cannabis field resonates strongly with this idea. The entire industry is growing rapidly and has been for years. Experts continue to place him at or near the top of the industry's growth rankings. Grand View Research recently released a new analysis that said the global legal marijuana market was valued at $ 9.1 billion in 2020 and had a compound annual growth rate (CAGR) of 2021-2028 It will grow 26.7%, suggesting the market could be worth over $ 60 billion at this point. This has a strong impact on stocks in the space including Aurora Cannabis Inc (NYSE: ACB), Canopy Growth Corp (Nasdaq: CGC), Tilray Inc (NASDAQ: TLRY), GrowGeneration (NASDAQ: GRWG), Sugarmade Inc (OTCMKTS: SGMD ) and Sundial Growers (NASDAQ: SNDL). Below we take a closer look at some of the most interesting players. Sundial Growers Inc. (NASDAQ: SNDL) is a licensed producer that makes cannabis in state-of-the-art indoor facilities. The stock was a momentum favorite earlier in the year but has fallen sharply and is now targeting some key support levels. Sundial's brand portfolio includes Top Leaf, Sundial Cannabis, Palmetto and Grasslands. Our experience with packaged consumer products enables us not only to grow high quality cannabis, but to create extraordinary consumer and customer experiences. Sundial Growers Inc. (NASDAQ: SNDL) recently announced together with Inner Spirit Holdings Ltd. (OTCQB: INSHF) announced that the two companies have entered into an agreement whereby Sundial will acquire all of the issued and outstanding common stock of Inner Spirit for a total of approximately $ 131 million. According to the announcement, the combined company will continue to focus on delivering quality cannabis to consumers through a responsible and disciplined approach while creating lasting value for shareholders. "With the acquisition of Inner Spirit and the Spiritleaf retail network, Sundial will become a stronger and more diverse cannabis company," said Zach George, Sundial's chief executive officer. "Inner Spirit has successfully built a franchise-based retail network that has grown from coast to coast, providing consumers with a differentiated, high-quality in-store experience. Our shared Alberta roots and commitment to data-driven consumer intelligence make us an ideal partnership . Sundial's capital base will enable us to support further expansion and deepen the capabilities of the Spiritleaf retail brand. " It will be interesting to see if the stock can break out of its recent sideways move. For the past week the stock has been flat on net and is looking for something new to add to things. The stock has risen sharply last month, gaining around 54% over that time. Sundial Growers Inc. (NASDAQ: SNDL) posted total revenues of $ 7.8 million in its most recently reported quarterly figures - a figure that represents a growth rate of -54.4% compared to the previous year's data. In addition, the company has a strong balance sheet, with cash and cash equivalents far exceeding current liabilities ($ 721.7 million versus $ 77.1 million). Sugarmade Inc. (OTCMKTS: SGMD) is in a prime position to become an increasingly visible player in the cannabis space in the coming months as the company this year through its primary stake in BudCars, one of the fastest growing vertically integrated cannabis suppliers in California, has become a rapidly growing force in the cannabis delivery market.