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Cannabis Investment Report | December 2017 Emerging and Anticipated International Legal Cannabis Markets 2017 Estimated Projected Potential Adult Population Monthly Consumer Market Value Country GDP Rank (in millions) Spending ($) ($ millions) Select Countries with Medical or Recreational Laws Germany 4 59.0 $78 - $155 $16,518 Brazil 8 150.5 16-31 8,524 Italy 9 42.5 56-112 8,599 Canada 10 26.6 78 - 155 7,453 Australia 13 IBZ 97 - 194 4,268 Mexico 16 92.9 16 - 32 5,380 Turkey 17 58.3 20 - 40 4,178 Netherlands 18 12.2 82 - 165 3,632 Switzerland 20 5.8 145 - 289 2,999 Argentina 21 23.0 21-43 1,766 Poland 24 DA 23 - 45 2,223 Israel 32 5.8 64 - 129 1,336 Colombia Si $5.) 11-22 1,429 Chile 44 13.0 24-48 1,124 Peru 48 23.0 11-21 878 Czech Republic 51 7.9 31-62 890 Greece 52 79 34-67 962 Uruguay 78 2.2 27 - 54 211 Croatia 84 2.9 22-43 223 Jamaica 120 2.2 8-17 65 Macedonia 132 1.4 9-18 46 Lesotho 163 1.4 2-4 11 Certain Additional Countries United Kingdom 5 AT5 75-151 12,908 India 6 964.1 3-6 10,379 France 7 48.2 69 - 139 12,040 Spain 14 33.1 49 — 98 5,841 Sweden 23 ee 97 - 194 2,520 South Africa 35 40.3 10-20 1,416 Portugal 49 a2 35-71 916 Midpoint Weighted Average $28 Total $118,735 Source: Ackrell Capital The projected market value for each country shown in the preceding table is calculated assuming a 20% penetration rate and the midpoint of the projected average monthly spending range. Because each country’s penetration rate and monthly spending will vary considerably and are difficult to predict, we 114 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024750