Meet Tilray (TLRY 6.88%). In its own words, "Tilray's mission is to be the most responsible, trusted and market leading cannabis consumer products company in the world with a portfolio of innovative, high-quality, and beloved brands that address the needs of the consumers, customers, and patients we serve. A pioneer in cannabis research, cultivation, and distribution, Tilray's unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages."

Sounds great, right? You may be wishing that you had invested in it long ago. But hold on -- because here's how much your investment would be worth today if you'd plunked $1,000 into Tilray five years ago: $78.56. Ouch! (For context, $1,000 invested in the S&P 500 index five years ago would be worth around $2,080.)

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That might seem puzzling if you've watched state after state legalize sales of cannabis products and seen stats such as this, from Fortune Business Insights: "The global cannabis market size was valued at USD 43.72 billion in 2022 and is projected to grow from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, exhibiting a CAGR of 34.03%." (CAGR = compound annual growth rate.)

Here's the thing, though: It's still relatively early in the growth of this industry, and it's not yet clear which companies will prosper most. It won't necessarily be the ones with the best technology or the most visionary leaders or even the most money.

Tilray's stock is down for reasons such as overpaying for acquisitions. Its stock might look compelling now, with its recent price-to-sales ratio of 0.63 well below its five-year average of 1.9. But remember that the company isn't profitable at the moment, and it might be best to wait for clearer signs of success.