Restructuring and changes in strategy are moves that businesses often deploy when they're facing challenges and headwinds. But that doesn't mean the end result will be a better, more investable company. While Aurora Cannabis (NASDAQ: ACB) has been slashing costs and changing its operations in recent years, the company isn't out of the woods by any stretch. It's not a safe buy -- and it may never be. Here's why investors should tread carefully with this beaten-down pot stock.

Among the biggest moves that Aurora has made in recent years has been to shift its business more toward medical marijuana. Margins are better there, and competition isn't as intense. For the last three months of 2022, the company's medical cannabis net revenue totaled 39.5 million Canadian dollars -- more than double the CA$14.7 million it reported in consumer cannabis net revenue. Four years earlier, in 2018, the gap was much closer, with medical net revenue for the same period totaling just under CA$26 million, while consumer cannabis net revenue was CA$21.6 million.

And the move toward medical may appear to have paid off for the company, as seen in its most recent results, Aurora Cannabis reported a profit under adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). That was an important goal for the company to hit.

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Source Fool.com