ACKRELL CAPITAL Cannabis Investment Report | December 2017 m Table of Contents CHAPTER I EX@CUtive SUMIMALY’ «axe aie 65:5 ere ays te es are are 0 io 01s wis we wie ate Sree wie we wis Be ae Se awe w ewe we T m= Global Cannabis Consumers = To Watch in 2018 m= Investment Outlook CHAPTER II Cannabis Science 101s suse osc ns sw vs awa w es owe ve te ss seaweeds eevee se ewsweseves 15 m The Cannabis Plant m The Human Endocannabinoid System m Cannabinoids m Terpenes m= Cannabis Formulations CHAPTER III Cannabis Industry Segmentation. ..........ccccccccccccccccccccccccccscccees ST © Production = Distribution m Consumer Products m= Business Solutions m Digital Media CHAPTERIV US. Legal Landscape is ssc « casos oe cs ew ew ewe we 0 oe ee ew eee wen we oe eee wows nes GT m US. State Law m US. Federal Law m The Path to Federal Legalization CHAPTERV Global Cannabis Regulations sii sisicscse ce ces cece sc scsw swe ons va sc swswswcwe nee 91 m= Global Cannabis Legalization Momentum ™ United Nations Conventions m= Global Legal Developments ® Global Outlook CHAPTERVI _ U.S. and International Cannabis Market Estimates............cccececcccceces 103 m Global Market Overview m US. State-Legal Cannabis Market m US. Legalized Cannabis Market Forecast m International Legal Cannabis Market Forecast CHAPTERVII Capital Markets for Cannabis Companies .............cccccccccccscccccccces 117 m™ Capital Markets Overview m Public Capital Markets m Public Capital Markets: United States m Public Capital Markets: Canada = Private Capital Markets m Final Thoughts CHAPTERVIII Top 100 Private Cannabis Companies 2018 ..........ccccccccccssscccccccees 137 CHAPTERIX Cannabis Industry Risk Factors .........cccccccccccccccccccccccccececcccces 1G CHAPTER X Glossary of Terms: i sis sc sses o oas aia tie ea ow ow ows tis We wea Ge Be ws wR HS Te aw owe es 169 Disclosures, Disclaimers, Sources and Use .......ccccccccccccccccccccccccces ITD Ackrell Capital Cannabis Team ........... ccc cece cc ccccccccrcccccs