ACKRELL CAPITAL Cannabis Investment Report | December 2017 U.S. Legalized Cannabis Market: Consumer Penetration Rate 5% e 0% - : 2016 «©2017 «2018 )§9=. 2019) 2020 2021 9 2022) 2023) 2024 )9= 2025 2026 )3=— 2027. Ss 2028 )3=— 2029'S 2030 Source: Ackrell Capital Monthly Cannabis Spending We estimated average monthly spending on cannabis using data provided by dispensaries in states with recreational laws. We then assigned spending levels (low, moderate and heavy) to each age group of eligible consumers by state. The resulting weighted averages of monthly consumer spending used in our analysis are as follows. U.S. Legalized Cannabis Market: Weighted Average Monthly Consumer Spending $190 $170 : _ $70 SSS $50 2016 «2017 «2018 §=62019 9S 2020) 9.2021. 0 2022) 2023.) 2024 )9=— 2025 2026 )9= 2027 = 2028 39 2029'S 2030 Source: Ackrell Capital 110 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024746