Did you know it's now been more than four years since Canopy Growth (CGC 2.41%) first announced plans to acquire multi-state marijuana operator Acreage Holdings? Needless to say, that strategy hasn't gone off smoothly -- that deal remains pending, and it's unclear whether Canopy Growth will complete it, along with other deals it has been pursuing over the years.

Below, I'll look at what a $10,000 investment in Canopy Growth would be worth today if you'd bought shares of the company after it announced plans to acquire Acreage Holdings, in what at the time was seen as a revolutionary type of deal.

What was Canopy Growth stock worth after announcing the Acreage deal?

Canopy Growth announced its plan to acquire Acreage Holdings back on April 18, 2019. The following trading day, the stock closed at $48.25. Buying $10,000 worth of Canopy Growth stock at the time would have allowed you to acquire approximately 207 shares of the cannabis company.

Today, with the stock trading at around $0.57 per share, that investment would be worth just $118. That represents a mammoth decline of just under 99% over a period of four-and-a-half years.

Nothing has gone right for the company

Canopy Growth has struggled mightily over the years. The company's plans to acquire Acreage haven't panned out, to say the least. While the deal hasn't fallen through, the company's latest efforts, which include setting up a special purpose vehicle, Canopy USA, to house its investments, is a complicated effort to close on the deals. And the Nasdaq is opposed to consolidating the financial results. Canopy Growth is still working on a way to work with the exchange so that it can make its structure work. But in the end, the results won't truly be consolidated, and the businesses will need to remain separate given the federal ban on marijuana in the U.S.

Meanwhile, the company's growth has tapered off, and Canopy Growth has gone from seeking out expansion opportunities within Canada to now transitioning to an "asset-light" model, all in an effort to curb spending. But even while doing that, the operations still aren't profitable.

In its latest earnings report, which ended on Sept. 30, Canopy Growth still incurred an operating loss of over 7 million Canadian dollars. While that was an improvement from a CA$149.2 million operating loss in the prior-year period, it also came amid a sharp 21% decline in net revenue, which totaled CA$69.6 million this past quarter.

The future doesn't look much brighter for Canopy Growth

The dangerous assumption investors can make is assuming that things can't get worse for Canopy Growth. Due to its significant decline, the stock may look cheap, tempting investor to buy it. However, it's also trading at a discount for a good reason -- the business is in dire straits.

The company's growth has stalled in Canada, and while it's trying as hard as it can to make some sort of structure work for its U.S. investments, it still won't be able to truly consolidate the results of Acreage Holdings or other U.S. companies, including Jetty Extracts and Wana Brands.

And Canopy Growth's biggest backer over the years, beer maker Constellation Brands, which invested $4 billion into the cannabis producer in 2018, appears to be distancing itself from Canopy Growth, and isn't planning to invest any more funds into the business.

Canopy Growth is a stock you should stay far away from

It's tempting to believe the hype that once the U.S. legalizes marijuana, Canopy Growth's business will take off, the stock will soar, and everything will be great again. But marijuana legalization in the U.S. isn't inevitable, and it could take years before it happens -- assuming it happens at all. Plus, Canopy Growth's cash-burning operations don't put it in a strong position to be able to fund growth initiatives in the U.S.; dilution is a real risk for investors in the long run.

Canopy Growth is a stock that's suitable for speculators more than investors these days. If you're serious about investing in the cannabis industry, you're better off simply investing in multi-state marijuana companies that are already operating in the U.S.