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Traders are ramping up their bets on the popular marijuana stock. What happenedShares of Sundial Growers (NASDAQ:SNDL) soared 79% on Wednesday, as the torrid rally in the highly traded cannabis stock's price continued. So whatSundial's shares are up a staggering 555% so far in 2021. The marijuana company has become a trendy investment among traders on Reddit and other social media sites. In recent days, Sundial has seen a surge in call option volumes. Call options give buyers the right to buy a stock at a specified price within a specific period of time. It's a form of leverage, one that traders used to drive up the price of stocks like GameStop and AMC Entertainment earlier this year. Sundial Growers extended its gains on Wednesday. Image source: Getty Images. Sundial has used the steep rise in its stock price as an opportunity to strengthen its balance sheet. Following its recent share offerings, Sundial is now debt-free and cash-rich, with roughly $615 million in unrestricted reserves. Now whatInvestors should note that Sundial is not yet profitable. However, the pot producer has reduced its cash burn rate by slashing costs and focusing its efforts on higher-margin premium cannabis products. CEO Zach George says this strategy has the weed maker on the "verge of profitability." If he's right, Sundial's stock price could continue to ascend. All data is taken from the source: http://fool.com Article Link: https://www.fool.com/investing/2021/0... #SNDLstock #newsheadlines #newsworldabc #newstodaycnn #newstodayupdate #newstodaylocal #