For more than a year now, the cannabis industry has been the hot topic for investors given the impending July 1, 2018, legalization date in Canada. Consequently, the current valuations for many of the cannabis stocks are high and the companies have much to prove. The top spot in the cannabis industry belongs to the incumbent Canopy Growth Corp., which has taken advantage of its branding, early Health Canada approvals for sale and export, and a first-mover position in the market. However the entry of new players has changed the competitive landscape, with the top players fighting for a share of the large opportunity with heavy investments in expanding their production capacity. One among those new players is Aurora Cannabis Inc. (TSX:ACB), which has the scope, scale, and differentiation to take on the market leader, Canopy Growth Corporation (TSX:WEED).