ACKRELL CAPITAL Cannabis Investment Report | December 2017 This report has been compiled for informational purposes only and is not a research report. This report is not and should not be construed as an offer to sell securities or a solicitation of an offer to buy securities. Readers should not rely on this report in making any investment decision. Readers should not assume that this report is complete and should conduct their own analysis and investigation of the cannabis industry and consult with their own financial, legal, tax and other business advisors before making any investment decision related to the cannabis industry or any company participating therein. The information in this report is ofa general nature, and this report should not be construed, relied upon or acted upon as investment, legal, medical, health or tax advice. Readers should obtain advice applying to their cir- cumstances from a qualified attorney or other investment, medical or tax professional before acting or not acting. Ackrell Capital, LLC and its affiliates and their respective directors, officers, employees, agents, representatives, consultants, attorneys, independent contractors and controlling persons (Ackrell Capital, we, us, our) expressly disclaim liability in respect of any action taken or not taken based on information in this report. Any tax-related information contained in this report is not intended as a thoroughgoing analysis and is not to be relied on for any purpose. It may fail to analyze various facts and laws important to any complete, partic- ularized analysis. Readers are urged to consult with their own tax advisors to determine the tax consequences of any planned course of action or nonaction. None of the companies referenced in the report, including those companies referenced in the Top 100 Private Cannabis Companies 2018 and The Green Field 2018, have seen this report prior to publication; the contents of this report (including a company’s inclusion in the To