ACKRELL CAPITAL Cannabis Investment Report | December 2017 ($U.S. millions, except stock price) ce Forward onward ° EV Revenue EBITDA “9 hay Market — Enterprise LTM LTM ___ Multiples __Muttiples __Muttiples Company Ticker 11/30/17 High Value Value(EV) Revenue EBITDA Revenue EBITDA 2018 2019 2018 2019 Aphria Inc. TSX:APH $8.91 9.9% $1,350.2 $1,281.7 $77 $3.8 72.4x NM 37.7x 9.9K NM 27.5x Aurora Cannabis Inc. TSX:ACB 6.21 7.6% 2,483.5 2,406.8 18.6 -47 NM NM 48.6 13.6 NM 304 CanniMed Therapeutics Inc. | TSX:CMED 15.15 10.9% 347.8 315.8 12.0 2.0 26.3 NM 10.6 54 485x = 13.3 Canopy Growth Corporation TSXWEED 14.30 15.1% 2,720.6 2,641.7 46.3 1.9 57.1 NM 39.7 11.7 NM NM MedReleaf Corp. TSX:LEAF 12.66 13.7% 1,146.2 1,094.8 32.9 97 Beg) NM 30.8 9.4 NM 27.0 Neptune Technologies 8 TsvNEPT «1.54 18.0% ©=— 1208 174-324 37 39° NM 60 43 NM NM Bioressources Inc. ($U.S. millions, except stock price) LTM Forward Forward Stock % Below EV Revenue EBITDA Price 52-Week Market — Enterprise LTM LTM ___Muttiples Multiples __Multiples Company Ticker 11/30/17 High Value Value(EV) Revenue EBITDA Revenue EBITDA 2018 2019 2018 2019 ABcann Global Corporation = TSXV:ABCN $1.13 19.9% $152.7 $129.7 $0.7 -$8.7 NM NM 11.2x 2.6% NM 9.2x Cannabis Wheaton Income TSXV:CBW 0.68 56.5% 157.2 157.0 0.1 =G2 NM NM NA NA NA NA Cronos Group Inc. TSXV:MJN 3.38 9.0% 503.2 494.0 2.3 25 NM NM 16.1 5.8 NM 17.6 Delta 9 Cannabis Inc. TSXV:NINE 237 23.8% 143.9 145.5 0.4 alt NM NM NA NA NA NA Emblem Corp. TSXV:EMC 1.26 64.6% 117.1 108.0 18 -75 59.4x NM 10.5 2.0 NA 5.6 Emerald Health Therapeutics TSXV:EMH 2.27 4.8% 213.8 195.6 0.6 -43 NM NM 46.6 NA NA NA Harvest One Cannabis Inc. TSXV:HVST 071 18.6% 63.7 54.1 0.2 -4.5 NM NM 17.0 18 NA 9.2 Hempco Food and Fiber Inc. TSXV:HEMP 166 31.6% 5 774 47 = 13 16.5 NM NA NA NA NA ICC International Cannabis. — TSXV:ICC 0.76 44.3% 104.6 102.5 0.1 -45 NM NM 6.4 14 NM 4.0 Invictus MD Strategies Corp. TSXV:IMH 142 33.6% 89.6 66.7 18 -10.3 37.6 NM 27.3 3.6 NM 13.3 LGC Capital Ltd. TSXV:L