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ACKRELL CAPITAL Cannabis Investment Report | December 2017 Summary of U.S. Publicly Traded Cannabis-Related Companies (As of November 30, 2017) Number of Companies Nasdaq 4 NYSE 1 NYSE American 2 OTC 212 United States 219 Average ($U.S. millions) Market Enterprise LTM LTM Value Value Cash Debt Revenue EBITDA $1,033.6 $884.5 $153.6 $4.5 $44.0 -$81.1 63.5 41.3 22.2 0.0 46 -1.2 152.1 145.7 7.8 1.4 (3 -6.5 46.3 65.5 5.7 25.0 14.0 0.2 $65.5 $81.2 $8.5 $24.3 $14.5 -$1.4 Source: S&P Global Market Intelligence. Companies that are traded on more than one market are included in their primary market as determined by S&P Global Market Intelligence, based on stock price history, trading volume and availability of estimates. Enterprise Value is defined as Market Value plus Debt minus Cash and Cash Equivalents. LTM is Last Twelve Months. EBITDA is defined as Earnings Before Interest, Taxes, Depreciation and Amortization. Stock Price Performance of U.S. Publicly Traded Cannabis-Related Companies The following chart shows the stock price performance of selected publicly traded cannabis-related companies in the United States since September 30, 2016. As shown in this chart, the election of Donald Trump as President and the selection of Jeff Sessions as Attorney General of the United States have not slowed the continuing positive price performance of cannabis-related companies trading on U.S. markets. U.S. Cannabis Stock Price Performance 800% 100% Sessions confirmed as U.S. Attorney General 600% 500% Trump elected as U.S. President 400% 300% 200% 100% 0% eae -100% Sep 16 Nov 16 Jan 17 —— S&P 500 Mar 17 May 17 Jul 17 Nasdaq/NYSE Cannabis Index Sep 17 Nov 17 —— OTC Cannabis Index Source: S&P Global Market Intelligence 122 © 2017 Ackrell Capital, LLC | | Member FINRA/SIPC HOUSE_OVERSIGHT_024758