ACKRELL CAPITAL Cannabis Investment Report | December 2017 Comparison of U.S. Stock Markets U.S. stock markets vary significantly in terms of their financial, liquidity and corporate governance requirements. Most U.S. publicly traded cannabis-related companies trade on the OTC due to its less stringent requirements, as compared to Nasdaq and the NYSE. The following chart provides a com- parison of Nasdaq, the NYSE and the OTC. U.S. Stock Market Comparison NSE Nasdaq Global Select Market NYSE OTCQX Market Tiers Nasdaq Global Market NYSE American OTCQB Nasdaq Capital Market OTCPink Numibenof Total 3,200+ 2,800+ 10,300+ c pistes Cannabis- 4 3 712 ompanies related Market Total $11.3 trillion $29.6 trillion $247.7 billion 1 welts Median $334.0 million $1.5 billion $0.5 million Must meet financial and liquidity Must meet financial and liquidity OTCQX: Must meet minimum criteria under atleast one category criteria under at least one category _ financial and liquidity Listing or of Standards. Criteria include: of Standards. Criteria include: criteria Trading Stockholders’ Equity, Market Stockholders’ Equity, Market Requirements Capitalization, Operating History, Capitalization, Pre-tax Income, OTCQB and OTCPink: q Net Income, Amount of Publicly Amount of Publicly Held Shares No financial and liquidity Held Shares and Number of and Number of Shareholders. criteria Shareholders. . Nasdaq Global Select NYSE: $4.00 OTCQX: $0.10 Minimum Market: $4.00 are Nasdag Global Market: $4.00 NYSE American: $2.00 OTCQB: $0.01 Nasdaq Capital Market: $2.00 OTCPink: None * Annual audit * Annual audit OTCQX and OTCQB: Corporate + Audit committee and + Audit committee and : aE] CME Governance compensation committee compensation committee * Audit committee i * Two independent direct Requirements + Majority of independent * Majority of independent Ue NST directors directors OTCPink: No requirements Reporting Required to file quarterly Required to file quarterly Not required to make Requirements a