ACKRELL CAPITAL
| December 2017
Cannabis Investment Report
Summary of U.S. Publicly Traded Cannabis-Related Companies
(As of November 30, 2017)
Average ($U.S. millions)
LTM LTM Revenue EBITDA $44.0 -$81.1 46 -1.2 (3 -6.5 14.0 0.2 $14.5 -$1.4
Number of Market Enterprise
Companies Value Value Cash Debt Nasdaq 4 $1,033.6 $884.5 $153.6 $4.5 NYSE 1 63.5 41.3 22.2 0.0 NYSE American 2 eal 145.7 78 1.4 OTC 212 46.3 65.5 5.7 25.0 United States 219 $65.5 $81.2 $8.5 $24.3
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% eee
—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
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| Member FINRA/SIPC
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