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ACKRELL CAPITAL Cannabis Investment Report | December 2017 Colorado Colorado implemented a medical law in 2000 and a recreational law in 2014. The following graph shows the impact of Colorado’s recreational law on the overall market in the state. State-Legal Cannabis Market: Colorado $1,600 5) Medical $1,400 Mm Recreational $1,200 $1,000 $800 ($ millions) $600 $400 $200 $0 2013 2014 2015 2016 2017E Source: Ackrell Capital Washington Washington implemented a medical law in 1998 and a recreational law in July 2014, and folded its medical law into its recreational law in 2017. The following graph shows the impact of these laws on the overall market in the state. State-Legal Cannabis Market: Washington $4,000, $929 $900 lm Medical $800 Mm Recreational $768 \ $700 — 30 $235 amy S28 = | $200 - x EZ s ae 2013 2014 2015 2016 2017E Source: Ackrell Capital 106 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024742