Cannabis Investment Report | December 2017
U.S. Legalized Cannabis Market: Consumer Penetration Rate
25% — Path to Federal Legalization
FDA Approves Cannabis-Derived Pharmaceuticals
20% : More States Adopt Medical Cannabis Laws
More States Adopt Recreational Laws
15% FDA Routinely Approves CBD Drugs
FDA Routinely Approves THC Drugs
10% — Federal Government Legalizes Cannabis 5% -
0% - 2016 «2017 «2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Source: Ackrell Capital
Monthly Cannabis Spending
We estimated average monthly spending on cannabis using data provided by dispensaries in states with recreational laws. We then assigned spending levels (low, moderate and heavy) to each age group of eligible consumers by state. The resulting weighted averages of monthly consumer spending used in our analysis are as follows.
U.S. Legalized Cannabis Market: Weighted Average Monthly Consumer Spending
$190 $170 $150 7 Path to Federal Legalization $130 FDA Approves Cannabis-Derived Pharmaceuticals More States Adopt Medical Cannabis Laws $110 : More States Adopt Recreational Laws $90 1 FDA Routinely Approves CBD Drugs FDA Routinely Approves THC Drugs $70 _ = —— Federal Government Legalizes Cannabis $50
2016 «2017 «2018 )§=2019 9 2020. 2021 «2022, 2023) 2024 )9=— 2025. 2026 )3=— 2027 »3= 2028 )3=— 2029 = 2030
Source: Ackrell Capital
110 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC
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