ACKRELL
CAPITAL Cannabis Investment Report | December 2017 = Table of Contents
CHAPTER I EX@CUtive SUMIMANY. ss aco axe:e so 6 re ye om ee are or6 0 10 wre Wis Sew ane ae tere wo ie WS uw Bre ww aS we OS wr 1
= Global Cannabis Consumers = To Watch in 2018 ® Investment Outlook
CHAPTER II Cannabis Science 101 os isa oss ns sce vs aw awe 8 ows ws 0 ts Aw awa ow Be Ow TH Aw Aw OTE wOS 15 m The Cannabis Plant m= The Human Endocannabinoid System m Cannabinoids m Terpenes m Cannabis Formulations
CHAPTER III Cannabis Industry Segmentation. .........cccccccccccccccceccccccccccscccees 31 = Production = Distribution m Consumer Products
m= Business Solutions m Digital Media
CHAPTERIV U.S. Legal Landscape is caso cas we oe oe cw sw ewe we we oe Ow ow swe mE HE Oe Seow ew ewewES 61 m US. State Law m US. Federal Law m The Path to Federal Legalization
CHAPTERV Global Cannabis Regulation...........cccccccccccccccccccccccccccccccscccces 91 m= Global Cannabis Legalization Momentum m= United Nations Conventions
m= Global Legal Developments ® Global Outlook
CHAPTERVI _ U.S. and International Cannabis Market Estimates ...........sccccecccccccces 103 m= Global Market Overview m US. State-Legal Cannabis Market m US. Legalized Cannabis Market Forecast
© International Legal Cannabis Market Forecast
CHAPTERVII Capital Markets for Cannabis Companies .............cccccccccccccccccccccs 117 m Capital Markets Overview m Public Capital Markets m Public Capital Markets: United States m Public Capital Markets: Canada m Private Capital Markets m Final Thoughts
CHAPTERVIII Top 100 Private Cannabis Companies 2018 ...........cccccccccccccccccccccs 137 CHAPTERIX Cannabis Industry Risk Factors ........cccccccccccccccccccccccccccccccccccs 165 CHAPTER X Glossary of Terms: i sis se sis w soma wna sis tid ow arm oiwin wha Wee Baa Bis ow Gian BRE HE Be Bw ow He Oe TES 169 Disclosures, Disclaimers, Sources and Use .......ccccccccccccccccccvcccccces 175 Ackrell Capital Cannabis Team .......... cc ccc ccc cece cccccccccccccecececcccs 176
FRONT COVER Report Highlights BACK COVER _ The Green Field 2018
ii © 2017 Ackrell Capital, LLC | Member FINRA / SIPC
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