ACKRELL CAPITAL Cannabis Investment Report | December 2017 Emerging and Anticipated International Legal Cannabis Markets 2017 Estimated Projected Potential Adult Population Monthly Consumer Market Value Country GDP Rank (in millions) Spending ($) ($ millions) Select Countries with Medical or Recreational Laws Germany 4 59.0 $78 — $155 $16,518 Brazil 8 150.5 16-31 8,524 Italy 9 42.5 56 - 112 8,599 Canada 10 26.6 78 - 155 7,453 Australia 13 12.2 97 - 194 4268 Mexico 16 92.9 16 - 32 5,380 Turkey 17 58.3 20 - 40 4178 Netherlands 18 12.2 82 - 165 3,632 Switzerland 20 5.8 145 - 289 2,999 Argentina 21 23.0 21-43 1,766 Poland 24 27.4 23-45 2223 Israel 32 5.8 64 - 129 1,336 Colombia 37 35.3 11-22 1,429 Chile 44 13.0 24-48 1,124 Peru 48 23.0 11-21 878 Czech Republic 51 7.9 31-62 890 Greece 52 Ve 34-67 962 Uruguay 78 a2 27-54 211 Croatia 84 28 22-43 223 Jamaica 120 2.2 8-17 65 Macedonia 132 14 9-18 46 Lesotho 163 14 2-4 11 Certain Additional Countries United Kingdom 5 AT 5 75-151 12,908 India 6 964.1 3-6 10,379 France 7 48.2 69 - 139 12,040 Spain 14 33.1 49 - 98 5,841 Sweden 23 2 97 - 194 2,520 South Africa 35 40.3 10 - 20 1,416 Portugal 49 e2 35-71 916 Midpoint Weighted Average $28 Total $118,735 Source: Ackrell Capital The projected market value for each country shown in the preceding table is calculated assuming a 20% penetration rate and the midpoint of the projected average monthly spending range. Because each country’s penetration rate and monthly spending will vary considerably and are difficult to predict, we 114 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024750