ACKRELL CAPITAL Cannabis Investment Report | December 2017 Nasdaq ($U.S. millions, except stock price) LTM Forward Forward EV Revenue EBITDA Stock % Below . . . Price 52-Week Market Enterprise © LTM LTM ne _ ees __Muttiples Company Ticker 11/30/17 High Value Value (EV) Revenue EBITDA Revenue EBITDA 2018 2019 2018 2019 Cara Therapeutics, Inc. NasdaqgGM:CARA $1245 56.3% $406.0 $303.0 $0.9 -$65.8 NM NM NM 86.1x NM NM GW Pharmaceuticals ple NasdagGM:GWPH 12449 9.1% 3,153.2 2,847.7 1.0 -191.6 NM NM NM 11.4. NM NM INSYS Therapeutics, Inc. NasdaqGM:INSY 530 64.7% 388.6 266.9 164.1 -35.6 1.6x NM 1.7x 14. NM 64x Zynerba Pharmaceuticals, Inc. | NasdaqGM:ZYNE 13.77 46.9% 186.6 120.4 0.0 -31.2 NM NM NM NM NM NM Median 51.6% $397.3 $285.0 $6.0 -$50.7 1.6x NM 1.70 11.4x = NMG. New York Stock Exchange and NYSE American ($U.S. millions, except stock price) LTM Forward Forward Stock % Below EV Revenue EBITDA Price 52-Week Market Enterprise © LTM LTM __Muttiples __Muttiples mips Company Ticker 11/30/17 ~— High Value Value(EV) Revenue EBITDA Revenue EBITDA 2018 2019 2018 2019 22nd Century Group, Inc. AMEX:XXII $2.33 33.4% $287.9 $2732 $140 $113 19.5x NM 12.7x 10.7x NM NM India Globalization Capital, Inc. AMEX:IGC 0.58 27.6% 16.3 18.2 0.6 -16 28.8 NM NA NA NA NA Innovative Industrial ; F Presentias, line NYSE:IIPR 1815 11.5% 63.5 M3 46 12 9.0 NM 24 de GR a Median 27.6% $63.5 $41.3 $4.6 $16 — 19.5x NM 7.6x 60x 9 3.7x 16x Ancillary Constellation Brands, Inc. NYSE:STZ $217.59 4.2% $42,572.2 $51,393.3 $7,458.5 $2,709.3 6.9x 19.0x 6.7x 63x 18.3x 16.6x The Scotts Miracle-Gro Com NYSE:SMG 98.90 3.5% 5,689.7 6969.0 2,642.1 500.0 26 13.9 25 24 129 12.0 pany Median 3.9% $24,131.0 $29,181.2 $5,050.3 $1,604.7 48x 16.5x 46x 43x 15.6x 14.3x Source: S&P Global Market Intelligence. Not Meaningful (NM) used for negative multiples, and for revenue multiples greater than 100.0x and EBITDA multiples greater than 50.0x. Not Available (NA) used for information that is not available. Enterprise Va