In a recent Form 13-F filed with the U.S. Securities and Exchange Commission, Charlotte, North Carolina-based diversified financial holding company Bank of America Corp. disclosed that it increased a stake in Canadian cannabis producer Sundial Growers Inc. (NASDAQ: SNDL).
According to Bloomberg, “Bank of America offers saving accounts, deposits, mortgage and construction loans, cash and wealth management, certificates of deposit, investment funds, credit and debit cards, insurance, mobile, and online banking services.”
With an estimated over $962 billion in managed 13F securities in assets under management as of a recent Form ADV, Bank of America Corp.’s recent purchase of 17,496 additional shares of SNDL represents just a tiny little drop in the bucket for the firm. That being said, it is typically a bullish signal when institutions like Bank of America Corp. are buying up a particular cannabis stock. With the recent addition, Bank of America was holding a total of 20,000 shares of SNDL stock as of the latest filing.
We’ll continue to monitor 13F filings to see what institutional investors are up to. In the meantime, be sure to subscribe to updates here so you never miss an important update.
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