Almost a year ago, cannabis firm Tilray (NASDAQ: TLRY) went public to much fanfare. Within just around 50 days of trading, the stock had propelled almost 800% as investors rushed in to take advantage of the possibilities weed legalization would offer.

The mad rush towards cannabis stocks seems to have ended a year since then, with the industry more stabilized today. Thanks to the rising competition and the better understanding on the challenges facing the industry, marijuana investors have become more choosy and performance-driven. 

When Calgary, Alberta-based weed firm Sundial Growers (NASDAQ: SNDL) went public on August 1, investor response was relatively muted. Priced at $11, the stock closed lower at the end of the first day at $8.48. It picked up slightly since, but is currently trading around the same level as its offer price.

With a market cap of close to $900 million, the company is bigger than Village Farms International (NASDAQ: VFF), but smaller than Hexo Corp (NYSE: HEXO).

Two weeks into its stock market debut, Sundial on Wednesday posted its second-quarter financial results. It reported net revenues of $19.3 million, essentially placing itself in the elite list of top 10 weed firms.

The company, which has operations in both Canada and the UK, said it sold 4,700 kg of marijuana in the three months ending June 30, a 14-fold sequential increase.  

Sundial also cut down its losses sequentially from $16.7 million in the first quarter to $12.4 million in the second. Adjusted EBITDA loss came in at $0.5 million, narrower than $5.5 million in the prior sequential quarter.

The company, which has an indoor growing space spanning over 300,000 square feet in Alberta, received approval from Health Canada two months back, to add extra licensed space of 115,000 square feet.

The company made two major acquisitions in the past two months, with a focus on production ramp-up. The first is a UK-based edible herbs supplier Bridge Farm Group, which is expected to boost Sundial’s CBD products sale in Europe.

The company has also bought a 50% interest in Pathway Rx, a company that uses machine learning and other advanced technology to identify treatments from cannabis strains.

The acquisitions underpin Sundial’s long-term growth plans; so if you are in search of cheaper weed stocks that have the potential to rise, you might be looking at one.