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Why Sundial Growers Stock Grew 12% Today

Shares of Sundial Growers (NASDAQ: SNDL) grew 12.3% taller on Tuesday (as of 1:30 p.m. ET) after the Canadian cannabis company announced that it has submitted a "stalking horse bid" to acquire insolvent Hexo (NASDAQ: HEXO) subsidiary Zenabis Global for an undisclosed sum. Hexo owns Zenabis, having acquired the company last year for $235 million Canadian dollars ($181.87 million). Prior to that happening, however, Sundial had loaned Zenabis CA$58.9 million in December 2020, the bulk of which remains outstanding.