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KR L PI L AC EL CA TA Cannabis Investment Report | December 2017 Stock Price Performance of Publicly Traded Cannabis-Related Companies The following chart shows the stock price performance of publicly traded cannabis-related com- panies since September 30, 2016. As shown in the chart, the stock price performance of cannabis- related companies trading on Canadian markets received a boost from the announcement of the pro- posed recreational cannabis legislation in Canada by Prime Minister Justin Trudeau and, more recently, from Constellation Brands’ investment in Canopy Growth. Similarly, the continuing positive price per- formance of cannabis-related companies trading on U.S. markets has not been slowed by the election of Donald Trump as President and the selection of Jeff Sessions as Attorney General of the United States (two events that were viewed by many as potentially having a negative impact on the U.S. cannabis industry). Global Cannabis Stock Price Performance 1500% 1300% 1100% Canadian Prime Minister ° ' ' announces plans to Sessions confirmed legalize recreational 900% as U.S. Attorney cannabis Constellation Brands’ General investment in 700% Canopy Growth Trump é elected as ah U.S. President 300% 100% -100% Sep 16 Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 —— S&P 500 Nasdaq/NYSE Cannabis Index —— OTC Cannabis Index —— TSX/TSXV Cannabis Index —— CSE Cannabis Index —— ASX Cannabis Index Source: S&P Global Market Intelligence Capital Raised by Publicly Traded Cannabis-Related Companies The following table shows the amount of capital (equity and debt) raised by cannabis-related compa- nies traded on the U.S., Canadian and Australian stock markets in the twelve months ended Septem- ber 30, 2017. While more than $1.3 billion was raised, the data indicates that relatively few companies were able to raise capital, given the aggregate number of publicly traded cannabis-related companies, and the amount raised per transaction was small, supporting the assertion that the market is still driven primarily by retail investors. 120 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024756