Is Aurora Cannabis Stock a Buy Now?

During the past five years, cannabis stocks have been a major disappointment despite the enthusiasm generated by important regulatory changes in the U.S. and Canada. One need only look at the performance of the Horizons Marijuana Life Sciences ETF, an industry benchmark that is down by 68% in the past five years. However, Aurora Cannabis (NASDAQ: ACB), one of the most popular companies in the sector, has managed to perform substantially worse than that.

It's quite the accomplishment, and at current levels, some investors might think that it is worth buying shares of Aurora Cannabis. Perhaps the stock can't fall much more, and if things change in the industry, it could be one of the winners. But would that be a wise move? Let's look into what's going on with Aurora Cannabis before deciding.