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MORE ACT PASSAGE – SYMBOLIZING CANNABIS’ LEGALIZATION MOMENTUM Federal legalization of marijuana in the U.S. moved one step closer to reality with the House of Representatives passing the MORE Act last week. Cannabis legalization gathered more momentum as the House passed the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act on Friday by a vote of 228-164. The vote fell largely along party lines, with 6 Democrats voting against the bill and 5 Republicans voting for it. The chamber’s lone Libertarian member, Rep. Justin Amash (L-MI), voted for it. (Here is a breakdown of how each lawmaker voted.) The MORE Act aims to decriminalize marijuana at the federal level by removing it from the list of Schedule 1 controlled substances under the Controlled Substances Act – a key pillar of President-elect Joe Biden’s criminal justice reform plan. The bill was introduced in 2019 by House Judiciary Committee Chairman Jerry Nadler (D- NY) and is co-sponsored by Vice President-elect Kamala Harris. While its passage does not mean that marijuana is federally legal in the U.S., the House vote marks an important milestone in the history of marijuana law reform as it is the first time a chamber of Congress has ever voted on and approved removing marijuana from the Controlled Substances Act. The Friday vote came only two days after the United Nations took the historic step of reclassifying cannabis as a less dangerous drug. The MORE Act, if signed into law, would result in reduced low-level cannabis convictions, greater banking access for cannabis operators, and imposition of federal excise tax on marijuana products. With the enforcement of the MORE Act, federal courts would require the removal of prior or current criminal records of those with low-level marijuana-related convictions, pushing state courts to do the same and eventually undoing the damages inflicted on individuals by the decades-long war on drugs. In addition, marijuana decriminalization at the federal level would also provide cannabis businesses with greater access to banking services. The Act would end cannabis’ current tax treatment under Section 280E of the Internal Revenue Code by allowing marijuana operators to take advantage of tax benefits like companies in other industries, thus leveling the taxation playing field and accelerating the illicit to legal sales transition. The Act would also boost sustainability efforts in the cannabis industry by imposing a 5% tax on marijuana products that would be used to create an Opportunity Trust Fund which will fund three programs: 1) The Community Reinvestment Grant Program that will provide services to those most affected by the war on drugs, 2) The Cannabis Opportunity Grant Program that will provide funds for loans to assist small marijuana businesses owned by socially and economically disadvantaged individuals, and 3) The Equitable Licensing Grant Program that will provide funds to minimize barriers to licensing. While the MORE Act was approved in the House, it is unlikely to pass in the Republican-controlled Senate. The Act is likely to be blocked in the GOP-controlled Senate, especially with Senate Majority Leader Mitch McConnell (R-KY) remaining an adamant opponent of marijuana legalization. Even though its chances of passage in the current Congress are currently low, we believe the MORE Act – or other key cannabis-related legislative measures like the STATES Act and the SAFE Banking Act – are likely to become laws in the next 12 to 24 months because 1) the Biden-Harris administration is in favor of cannabis reforms, and 2) the GOP will face political pressure to soften its stance on legalization since a majority of Americans support marijuana legalization and decriminalization as evidenced by the resounding victories in the recent state votes on marijuana legalization and data from a survey by Data for Progress showing 59% of Americans support the MORE Act.

Chart 1: 59% of Americans – Including 53% of Republicans and 70% of Democrats – Support the MORE Act

DO YOU SUPPORT OR OPPOSE PASSAGE OF MORE ACT? Strongly Support Somewhat Support Don't Know Somewhat Oppose Strongly Oppose REPUBLICAN 30% 23% 20% 10% 17% INDEPENDENT 25% 22% 29% 12% 12% DEMOCRAT 40% 30% 16% 9% 4% TOPLINE 33% 26% 21% 10% 10%

Source: Intro-act, Marijuana Moment, Data for Progress, Justice Collaborative Institute

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

ETF SPOTLIGHT ETFMG Alternative Harvest ETF (NYSE Ticker: MJ)

Closing Price (12/8/20) $15.66 1 Week NAV Change 0.67 (+4.5%) NAV Change (YTD) -4.91% AUM (as of 12/8/20) $1.02 Bn Fund Inception 12/03/2015 Expense Ratio 0.75%

MJ is the first U.S. listed and world’s largest ETF to target the global cannabis industry directly. It tracks the Prime Alternative Harvest Index, designed to measure the performance of companies within the cannabis ecosystem benefitting from global and medicinal legalization initiatives. The Fund provides investors exposure to this constantly evolving sector which continues to see medicinal advancements, regulatory changes, and M&A activity, highlighting the long-term. • The first U.S. and world’s largest ETF to target the global cannabis industry. • Many other significant applications for cannabis and THC based medicines and treatments ranging from epilepsy to cancer treatment to non-opioid pain management. • The global cannabis market is expected to grow at a CAGR of around 23.9% and reach $66.3 billion by 2025.* Performance (last updated for Month on 11/30/20 and Quarter on 9/30/20) MONTH END PERFORMANCE NAV% MKT VALUE% QUARTER END PERFORMANCE NAV% MKT VALUE% Cumulative Cumulative 1 Month 47.80 47.53 1 Month -16.25 -16.38 3 Months 27.60 27.53 3 Months -17.82 -17.81 6 Months 19.50 19.54 6 Months -4.42 -6.01 YTD -3.01 -2.99 YTD -36.34 -36.39 Since Inception Cumulative -14.32 -17.33 Since Inception Cumulative -43.77 -45.79 Annual Annual 1 Year -2.23 -1.88 1 Year -46.83 -46.65 3 Year -15.51 -15.36 3 Year -27.68 -27.78 5 Year - - 5 Year - - Since Inception Annualized -3.05 -3.74 Since Inception Annualized -11.24 -11.91

Top 10 Holdings (updated as of 12/8/20) NAME % TOTAL ASSETS TICKER SHARES HELD MARKET VALUE USD APHRIA INC 10.10% APHA 12,202,105 $100,911,408.35 CANOPY GROWTH CO 8.29% CGC 2,917,343 $82,794,194.34 GW PHARM-ADR 8.10% GWPH 613,296 $80,918,274.24 AURORA CANNABIS 7.02% ACB 6,697,662 $70,124,521.14 CRONOS GROUP INC 6.25% CRON 7,377,108 $62,484,104.76 TILRAY INC-CL 2 5.65% TLRY 6,882,810 $56,507,870.10 GROWGENERATION CORP 5.46% GRWG 1,594,524 $54,580,556.52 VILLAGE FARMS IN 4.30% VFF 4,047,723 $42,946,341.03 HEXO CORP 3.85% HEXO 38,089,070 $38,469,960.70 CHARLOTTES WEB H 3.28% CWEB CN 6,316,049 $32,769,624.44

For more information on MJ visit: etfmg.com/MJ *The Fund does not invest in any U.S. or foreign company whose business activities are illegal under any applicable federal or state law. Statistic source: https://www.grandviewresearch.com/industry-analysis/medical-marijuana-market

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

CANNA NEWS COVID-19 California cannabis companies will have to pivot, again, under new stay-at-home order. Facing the prospect of a new stay-at-home order, California marijuana businesses might have to scramble yet again to stay in compliance with business restrictions designed to combat a surge in coronavirus infections. The new order takes effect December 5, and its restrictions will be implemented only if any of five specific California regions see ICU bed capacities drop below 15% – a threshold not yet met by the five regions. Five California counties – Alameda, Contra Costa, Marin, San Francisco and Santa Clara – announced they were implementing their own restrictions, effective December 6. If any of the five regions hit that 15% ICU level – and at least four total are expected to in the coming days, CNN reported – then the statewide cannabis trade will be among the industries feeling the pinch. Read More (Marijuana Business Daily) COVID-19 affects cannabis consumers’ mental health, social use practices. The pandemic and its associated effects on social and family life (as well as attendant economic disruptions and financial stress) have unsurprisingly taken some toll on most consumers. Two in 5 reported that their mental health has worsened during the pandemic, another 2 in 5 that it has stayed the same, and 1 in 5 that it has improved. The COVID-19 pandemic has also fueled widespread changes in the social consumption of cannabis among those who use it at least once a year. Nearly three-quarters (72%) of those consumers reported some change in their use of cannabis with others; of the 28% who reported no change, some likely continued sharing with others in their household (i.e., pod), or did not previously consume with others. Read More (New Frontier Data)

Chart 2: Changes in Mental Health During Pandemic

Chart 3: Cannabis Consumers & COVID-19: Mental Health and Behavior

Source: Intro-act, New Frontier Data

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Why COVID-19 was the best thing to ever happen to the marijuana legalization movement. The most important thing COVID-19 did for marijuana legalization was replacing the current conservative, Republican president with a Democrat. If Trump won re-election there would be close to 0% chance of Federal marijuana policy change until 2024 at the earliest. Second, cannabis sales during the pandemic have held strong and even skyrocketed in some legal states. Third, state funds and coffers are now tapped out due to rising unemployment costs, pandemic relief costs, stimulus check costs, and the lack of tax revenue from things like retail shopping, eating out, highway use, public transportation use, and even gasoline taxes. Fourth, without COVID-19 maybe the 5 state ballots for marijuana legalization that took place in 2020 don’t all pass. Fifth, while various studies on how THC and CBD affect the COVID-19 virus are in their infancy in professional medical terms, most of the early reports are that cannabis is good at fighting the COVID-19 virus, one way or another. Read More (Cannabis.net) STATE AND REGULATORY NEWS United Nations approves WHO recommendation to reschedule cannabis in historic vote. The United Nations Commission on Narcotic Drugs (CND) accepted a World Health Organization (WHO) recommendation to remove cannabis and cannabis resin from Schedule IV of the 1961 Single Convention on Narcotic Drugs. The historic vote in Vienna could have far-reaching implications for the global medical cannabis industry, ranging from regulatory oversight to scientific research into the plant and its use as a medicine. The vote could encourage countries to reevaluate how cannabis is classified on their own lists of narcotic drugs, potentially paving the way for more research into medical marijuana and its use as a treatment for a variety of ailments and conditions. Read More (Marijuana Business Daily) and More (Forbes) Now that UN accepts marijuana, what excuse does congress have to uphold prohibition? As it stands, the federal drug classification states that the cannabis plant is a Schedule I dangerous drug — one with a high rate of abuse and no medicinal value. But the U.N.’s latest decision challenges this ranking. And considering that more than half the nation has legalized it for medicinal and recreational purposes, it may not be necessary to learn a lot more about the cannabis plant before making it legal nationwide. All in all, it’s going to get a lot harder for prohibitionists to keep weed down and outlawed for much longer. That’s not saying that the U.S. can expect legal marijuana to unfold in the coming months. Only that the cannabis naysayers are running out of reasons for continuing to uphold a prohibition standard, and that more progressive ideas are starting to gel. Read More (The Fresh Toast) Cannabis a brighter spot in tumultuous year; 2021 may see more changes at federal level. The end of a year and the start of another is a fine opportunity to look back as well as forward to interesting topics that played a role in 2020 and will likely continue in 2021 at a state and a national level: 1) More members – The Green Rush is still running strong, and Election Day brought even more states into the “legal cannabis” community, 2) More funds – Cannabis appears to still be gaining momentum in terms of financial impact to businesses as well as states, 3) More collaboration/celebrity involvement – It didn’t come as a surprise to many that pot-friendly stars came out early to support cannabis and perhaps attach their name to a brand or strain, 4) More CBD – Even in the “legal” states, only those 21 and older can buy cannabis products and you may need. But CBD allows anyone, in any state, to get some of the benefits of cannabis without THC. Read More (The Spokesman-Review) Five cannabis industry predictions for 2021. 1) In MJBizDaily CEO Chris Walsh’s view, states that could legalize adult-use marijuana markets in 2021 include New York, Virginia, Connecticut, New Mexico and Maryland, among others. 2) Walsh expects a surge of new capital flowing into the cannabis sector starting in the second quarter of 2021. 3) In the hemp space, Walsh anticipates that new leadership at the U.S. Department of Agriculture will result in the agency taking “another look at looming rules for a nationwide hemp regulatory framework.” 4) Even though Canada’s recreational marijuana market is still growing, Walsh said he expects “a big mega- merger” in 2021 among some of the country’s largest licensed producers, some of which are grappling with the consequences of overexpansion. 5) “I hope I’m wrong on this one,” Walsh said, “but I don’t think we’re going to see a meaningful federal move next year.” Read More (Marijuana Business Daily) Why the next Congress is unlikely to legalize marijuana. Many of the Senate’s older, conservative members are still resistant to any path to legalization for marijuana. Some 49 percent of Republicans and 83 percent of Democrats support full legalization of marijuana. Despite Democratic support, their best-case scenario is a 50-50 share of the Senate after Georgia’s runoffs in January 2021, and cobbling together enough votes for a legalization bill would be a challenge. Democrats will have a slimmer majority in the House come January 2021, but advocates still anticipate that the passage of weed laws in red states means the chamber will advance a broad cannabis agenda. But the Senate is key to any major change to federal cannabis law. Without a Senate open to considering comprehensive legislation, any major bills passed by the House are likely to stall. The best chance for any cannabis legislation in the 117th Congress will be small policy changes. Read More (Politico)

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After sweeping the elections, what comes next for cannabis? Two primary bills for the industry have been the Secure and Fair Enforcement (SAFE) Banking Act and the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. The SAFE Banking Act aims to correct the financial system for cannabis, and the MORE Act aims to right the social wrongs of the War on Drugs. The next Congress will also consider other pieces of cannabis legislation. For example, some hope to see reintroduced the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act, which would protect individuals and businesses complying with state laws and regulations from federal prosecution for offenses under the Controlled Substances Act. The bill also features bipartisan support. Read More (Forbes) A deeper dive ahead of a key day in Congress for cannabis. Step one is scheduled for Wednesday, December 2—a historic hearing on the MORE Act, originally introduced by now Vice President elect Kamala Harris and recommended for passage in the House by the Committee on the Judiciary. It feels like full legalization—not just rescheduling but taking cannabis entirely off the DEA schedule of substances where it has lived since the hippie-hating Nixon administration parked it there—is at hand. A few discussions in the House on the MORE Act, which then gets voted on and pushed to and through the Senate, and voila: Open the floodgates because cannabis will join the agriculture mainstream as a just another cash crop, free and clear of all the hindrances that The Man has created to crush it. Read More (LA Weekly) Marijuana legalization opponents turn to courts to shoot down state ballot initiatives. Private citizens and public officials, sometimes joined by governors, increasingly are filing lawsuits to kill statewide marijuana legalization ballot initiatives, including some that voters approved in November 2020. The legal challenges appear to be long shots to thwart legalization efforts in Mississippi, Montana and South Dakota. Even if the lawsuits are unsuccessful, it’s unclear whether they could delay the implementation of new marijuana markets worth hundreds of millions of dollars. In the marijuana industry, unsuccessful license applicants are filing lawsuits at an increasing rate in efforts to overturn scoring results. Since the November 3 election, legal challenges have been filed to thwart successful adult-use legalization initiatives in Montana and South Dakota. Read More (Marijuana Business Daily) Cannabis industry expects a green Christmas. Mitch Baruchowitz, managing partner at Merida Capital Holdings, believes more cannabis products will be sold this holiday season than any before. Several diverse factors contribute he said. Acceptance of cannabis has continued to grow along with legalization, evidenced by recent ballot wins in both right and left-leaning states. That opens new markets to millions of potential consumers. Cannabis production and sales were deemed essential businesses in the pandemic, keeping sales from dropping. And cannabis purchases do have some seasonality, with holiday purchases growing over the past few years according to Headset, an industry research group. Read More (Forbes) South Dakota takes action to block marijuana vote. The fight for legalized medical marijuana and adult-use isn’t over in South Dakota. On November 2, 2020, state voters moved to legalize both a medical marijuana program and the legalization of recreational marijuana. That made South Dakota the first state to launch both initiatives at the same time. It is no secret that South Dakota Governor Kristi Noem (R) was against the state legalization of cannabis. The governor has not softened her stance despite overwhelming support by constituents in her state for the decriminalization of cannabis. Less than three days after the November election, Noem went on record with the following statement of opposition: “I was personally opposed to these measures and firmly believe they’re the wrong choice for South Dakota’s communities.” Read More (Marijuana Doctors) Detroit will allow adult-use cannabis sales in 2021. In late November, Detroit City Council formally approved a plan to allow adult-use cannabis sales within the city. Until then, the largest city in Michigan had joined the 1,400 or so municipalities that had opted out of an adult-use cannabis market approved by voters in 2018. The new ordinance will give licensing priority to longtime residents who have lived in Detroit for 15, 13 or 10 of the past 30 years (with other qualifying factors, such as living in a low-income household or holding a past cannabis conviction), according to the Detroit Free Press. Those residents will have the first crack at half of the 75 retail licenses. Councilman James Tate has been out in front of this cause for the past year, insisting that a legal cannabis market represents an opportunity to broaden the scope of social equity in the city’s commercial landscape. Read More (Cannabis Business Times) Virginia recreational marijuana market would need five years to mature, report says. It would take up to five years for a recreational marijuana program to become fully established in Virginia if legalization efforts there proceed, a working group set up by state legislators predicts. The group’s report follows comments earlier this month by Gov. Ralph Northam that he would push for an adult-use cannabis program during the 2021 legislative session. According to the Richmond Times-Dispatch, the working group estimates the industry could generate $698 million to $1.2 billion in economic activity. The panel – made up of four members of Northam’s cabinet and other senior government officials – is prioritizing the creation of a state agency to regulate a new cannabis market as well as collecting data on current marijuana use in the state. Read More (Marijuana Business Daily)

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Proposed pesticide, heavy-metal testing rules in Washington state roil marijuana cultivators. A Washington state proposal to require growers to test their recreational marijuana for pesticides and heavy metals is encountering blowback from industry officials who argue it would drive up their costs and force them to offer fewer cannabis products. Up to now, Washington state is the only adult-use market that doesn’t require growers to test for pesticides or heavy metals, situation regulators are trying to fix. The proposed rules – issued by the State Liquor and Cannabis Board (LCB) – would require growers to test each lot as well as any concentrates for pesticides starting August 1, 2021. Heavy-metal testing would kick in January 31, 2022. Read More (Marijuana Business Daily) Michigan adult-use cannabis sales exceed $400 million in first year. Adult-use cannabis sales in Michigan totaled nearly $440 million in the first full year of the program and already are on pace to nearly double in the second year. Sales have increased every month since the program launched on December 1, 2019, Crain’s Detroit Business reported. The figures were in line with estimates. Marijuana Business Factbook projected in July that first-year sales would total $400 million-$475 million. Demand in Michigan initially far outstripped supply, but cultivation capacity has increased dramatically since the launch of the program. Only a small percentage of the state’s 1,764 communities have opted to allow recreational marijuana businesses, so the market has high growth potential. Read More (Marijuana Business Daily) U.S. cannabis spot index down 3.8% to $1,534 per pound, June 2021 implied forward initially assessed at $1,600 per pound. The simple average (non-volume weighted) price decreased $12 to $1,834 per pound, with 68% of transactions (one standard deviation) in the $1,106 to $2,562 per pound range. The average reported deal size increased from 2.3 pounds to 2.5 pounds. In grams, the Spot price was $3.38 and the simple average price was $4.04. The average reported forward deal size was 32 pounds. The proportions of forward deals for outdoor, greenhouse, and indoor-grown flower were 43%, 34%, and 23% of forward arrangements, respectively. Read More (Cannabis Benchmarks)

Chart 4: Cannabis Benchmarks U.S. Spot Index Chart 5: Cannabis Benchmarks U.S. Implied Forward Curve

Chart 6: Cannabis Benchmarks U.S. Spot Price by Medical or Recreational

Source: Intro-act, Cannabis Benchmarks

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

'Reborn with cannabis': Legal high helps revitalize U.S. cities. An enormous industrial site in Cambridge, Maryland, has been permeated by a rotating cast of scents over the past century - first fruits and vegetables, then seafood, and now thousands of cannabis plants. Once one of the largest canneries in the U.S., the site had fallen into disrepair in recent decades and many of the warehouses were torn down. But today the remaining buildings are humming again, after a Maryland cannabis firm spent tens of millions of dollars refurbishing them for its operations, bringing about 125 new jobs to the area. The U.S. cannabis industry is undergoing massive growth, spurred by a spate of legal changes in recent years. That includes in the November elections, when four more states joined the 11 that have already approved the drug for adult recreational use. Read More (Bdnews24) Cannabis store counts in Canada reached nearly 1,300 in November. As of the end of November, Cannabis Benchmarks counted 1,276 licensed retailers, with an average monthly growth rate of 6.1% in 2020. This growth rate has been very consistent throughout the year, which gives us confidence that the cannabis industry will continue to grow at a stable rate in 2021. At the national level, the increase in store counts look to be growing linearly, but drilling down into each province shows a very different picture. All provinces are seeing store counts grow, but at different rates. British Columbia’s store count is growing at a steady-state, while Ontario’s has been growing exponentially. Ontario, however, is playing a bit of catch up to the rest of the provinces on this front. The more interesting story is Alberta, where the number of new store openings has decreased significantly. Read More (Cannabis Benchmarks)

Chart 7: Cannabis Retail Store Count by Province

Chart 8: Cannabis Retail Store Count in Alberta, British Columbia, Ontario, and Quebec

Source: Intro-act, Cannabis Benchmarks

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Cannabis now contributes about $14.6 billion in economic activity to GDP: StatsCan. Canada's cannabis industry now contributes $14.6 billion to the country's economy, according to Statistics Canada. StatsCan said that the Canadian cannabis industry's contribution to the country's gross domestic product was upwardly revised to $14.6 billion in September, up from previous estimates of about $8 billion. The revision was made following StatsCan's annual review process which amended all of the agency's cannabis data, which goes as far back as January 2016. In addition to the new GDP figures, StatsCan said that Canadian household spending on cannabis in the third quarter of the year came to $8.49 billion, up from $6.76 billion in the same period a year earlier. Read More (Twitter) COMPANY NEWS Cannabis MSO Acreage inks $12 million loan to expand Illinois operation. Acreage Holdings (ACRGF) agreed to a $12 million construction loan to complete the expansion of its cultivation and processing facility in the fast-growing Illinois market. The financing is from The Pelorus Fund, a cannabis-focused real estate investment trust, and carries an annual interest rate of 16% over a term of 18 months. Construction is expected to be completed in the second quarter of 2021. Acreage is building out an existing 80,000-square-foot facility that will increase its wholesale and retail capacity in dried flower, oil extracts and THC-infused beverages. The THC-infused beverage line utilizes intellectual property licensed from Canada-based Canopy Growth (CGC). Read More (Marijuana Business Daily) Aurora Cannabis in Medicine Hat “pausing operations indefinitely.” In response to the recent shifts in the industry Aurora Cannabis (ACB) announced that it is pausing operations indefinitely. The company said in the statement, it “continuously and carefully reviews its operations network to ensure it’s a fit for our business today and in the near future.” Aurora Sun has made several changes to proposed operations in the last couple of years. It had planned to scale back to six grow bays that will allow for efficient scale production on an as-needed basis as market demand grew. Medicine Hat Mayor Ted Clugston says he knew layoffs were coming at Aurora Sun as the company has been keeping him in the loop. Clugston says the reasoning for the pause is because Aurora has enough production at their other facilities to meet current demand. Read More (Lethbridge News) Curaleaf’s new CEO talks plans to leverage the company’s platform to build national cannabis brands. Curaleaf’s (CURLF) president Joseph Bayern is set to step into the CEO role at the beginning of 2021. Bayern spoke with New Cannabis Ventures about leveraging the national platform Curaleaf has built and how the company plans to go deeper within its existing footprint. Its current footprint spans 23 states. The company has 135 dispensary licenses and more than two million square feet of cultivation space. Each state brings different opportunities and challenges. The company is keeping an eye on markets like Illinois, Pennsylvania and Michigan, excited about the future prospects in these states. The company’s major drivers of growth for next year will be expanded capacity and product innovation. The company is aiming to build out more square footage of cultivation and achieve better yields. Read More (New Cannabis Ventures) Columbia Care closes $69 million California acquisition. Columbia Care (COLXF) announced that it has completed its acquisition of Project Cannabis, a cannabis cultivator, wholesaler and retailer based in Los Angeles, California. Total transaction consideration includes approximately $52.5 million in Columbia Care stock and an additional consideration of $16.5 million anticipated to be paid to the sellers from the proceeds of a subsequent sale of Project Cannabis’ real estate assets. “With Project Cannabis’ premium and exotic strains, nationally recognized brand portfolio and extensive distribution network, we will further enhance the breadth and quality of our product offerings and reach a significant portion of California’s addressable market,” said Nicholas Vita, CEO of Columbia Care. Read More (New Cannabis Ventures) C21 announces significant expansion to Nevada cultivation. C21 Investments (CXXI-CA) announced the planned expansion of its licensed cultivation and production facility in Nevada. Expansion highlights: 1) 40,000-square-foot buildout to existing operations at the Nevada facility, including 11 new flowering rooms and two new vegetative rooms, 2) this 200% of additional canopy is expected to yield an incremental 7,500 pounds of premium indoor flower and 3,000 pounds of trim/biomass annually, and 3) upon completion of the buildout, 60% of the 100,000+ square foot licensed facility will be utilized. Significant capacity remains to accommodate future growth. The company expects the expansion to be funded internally at a cost of approximately $6 million and anticipates completion of the project in the second half of 2021. Read More (Cannabis Business Times) CannTrust to resume cannabis sales in Alberta, British Columbia and Ontario. CannTrust Holdings (CTST) said it’s returning to the Canadian recreational marijuana market as the embattled company looks to open a new chapter more than a year after being censured for serious regulatory violations. The company plans to start by launching adult-use brands in December in three provinces, the company said in an emailed statement to Marijuana Business Daily. CEO Greg Guyatt said in the statement: “CannTrust will have products available in Alberta, British Columbia and Ontario in December. Additional markets and products will be added early in 2021.” The company has no near-term plans to resume medical marijuana exports, Guyatt added. “But it is under consideration for the future.” Read More (Marijuana Business Daily)

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Planet 13 announces second closing under its asset purchase agreement. Planet 13 Holdings (PLNHF) announced the purchase of cultivation and processing licenses and assumption of the lease for the 45,000 sq. ft. cultivation facility in Las Vegas, Nevada from West Coast Development Nevada, LLC (WCDN), previously announced on July 17, 2020. Planet 13 paid $1.156 million for the cannabis inventory, and $3 million for the operating assets, licenses, equipment and tenant improvements which payment is comprised of $0.5 million in cash and $2.5 million of common shares in the capital of Planet 13, resulting in the previous issuance by the company of 1,374,833 consideration shares. The consideration shares, which were held in escrow until completion of the second closing, have now been released to WCDN. Read More (BayStreet) Zenabis selling cannabis facility for half original asking price. Zenabis Global (ZBISF) reached a conditional agreement for the sale of its facility in Delta, B.C., for what appears to be half the original listing price. The conditional deal comes as large Canadian marijuana producers look to unload indoor and greenhouse cultivation properties to reel in industry wide excess supply. The gross purchase price of the Delta property is CAD $6.65 million ($5.1 million), Zenabis said in a news release. A property matching the same description had been listed for roughly CAD $12.75 million earlier this year before being lowered to CAD $11.75 million. Zenabis expects the sale to close no later than December 30. Read More (Marijuana Business Daily) Dan Bilzerian's Ignite cannabis company – Where did it all go wrong? Last July, Ignite (BILZF) declared on their annual filings that they lost $50 million, $43 million of which went to marketing and office rentals. Ignite had a $22 million allocation for marketing, which was already twice as much as its yearly sales revenue. The company threw luxurious branded parties with tons of booze and sexy women, it also seems that the Ignite funds went to paying for Bilzerian’s publicly lavish lifestyle, including his private jets, booze, women, and parties to name a few. The truth is that Ignite just didn’t bring in any sales. The only way they were able to stay afloat was to sell shares in Canada’s stock exchange, but they still ended up having to borrow money from other people. Read More (Cannabis.net) Neptune Wellness Solutions completes strategic transition from extraction to cannabis consumer packaged goods. Neptune Wellness Solutions (NEPT) provided an update on its transition and growth strategy. The company is completing its transition over Q3 fiscal 2021 and Q4 fiscal 2021 from revenue derived from hemp and cannabis extraction to revenue from consumer-packaged goods and branded products, such as Mood Ring and the recreational market with THC concentrate product. Neptune is also beginning its first commercial production of hashish (or hash) — comprised of extracted cannabis trichomes utilizing its own proprietary technologies at the company's purpose-built facility in Sherbrooke, Quebec. The hashish products are focused on the recreational market for high THC products and will be available to a footprint totaling 567 retail stores across Ontario and British Columbia. Read More (PRNewswire) Tilray adds dronabinol to German product portfolio. Tilray (TLRY) is offering dronabinol in the German medical cannabis market, according to a notice in the German trade publication Apotheke AdHoc. Tilray’s dronabinol is plant-derived – like most, if not all, of the dronabinol available in Germany and it sources the dronabinol from manufacturer Echo Pharmaceuticals in the Netherlands. The company has been offering full-spectrum extracts in Germany for a few years. The category is becoming increasingly competitive. In April, Berlin-based Cantourage started offering pharmacies dronabinol imported from Israel. Other companies offering dronabinol in Germany to pharmacies include Adrexpharma, Caesar & Loretz, and Fagron. Read More (Marijuana Business Daily) PharmaCielo gets new CEO after revenue collapses; Khiron reports loss. PharmaCielo (PHCEF) announced a leadership change at the CEO level. Henning von Koss, previously PharmaCielo’s president and director, took over as CEO on December 1. The company said it reached a mutual agreement with David Attard “under which David will step down as chief executive officer and PharmaCielo board member, effective December 1, 2020.” The company reported revenue of only CAD $25,913 ($20,000) for the quarter, down 97% from the previous quarter and 80% compared to the same period one year ago. Meanwhile, Khiron Life Sciences (KHRNF) reported a net loss of CAD $6.7 million in its latest quarter, up from CAD $5.7 million in the previous three-month period. Khiron’s revenue in the quarter was CAD $1.9 million, up 18% from the previous quarter. Read More (Marijuana Business Daily) EARNINGS Corporate Cannabis Q3: Getting back to baseline. For the cannabis industry, Q3 2020 marked somewhat of a return to normalcy. Most multi-state operators (MSOs) saw an increase in both net and gross revenue, while also reigning in costs. And while a Democratic victory in November’s election is bringing some optimism to the field, experts and industry execs agree there is still a long road ahead to market maturity. Green Thumb Industries (GTBIF) reported Q3 revenues of $157.1 million (131.1% year-over-year increase) while net income of $9.6 million. Acreage Holdings (ACRGF) reported Q3 revenues of $31.7 million (42% year-over-year increase) and $14.3 million adjusted net loss. Canopy Growth (CGC) reported Q3 revenue of $124 million and net loss of $96.6 million. Read More (Cannabis Business Times)

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Auxly Q3 revenue increases 57% sequentially to $13.4 million. Auxly Cannabis Group (CBWTF) released third-quarter earnings, revealing it has generated $13.4 million in revenue, including $12.6 million of cannabis net revenues. That’s an 85% increase from the prior period. The company posted a negative adjusted EBITDA of $6.8 million, as opposed to a loss of $11.05 million in the corresponding quarter of last year. Auxly also disclosed its selling, general and administrative expenses dropped to $11.4 million. The company also increased its cash position by $20 million, including a $12 million bought deal offering of its units it recently upsized and $8 million non- dilutive financings. Read More (New Cannabis Ventures) 4Front Q3 revenue increases 25% sequentially to $12.4 million. 4Front’s (CNXXF) IFRS sales for the third quarter of 2020 increased by 25% quarter-over-quarter to $12.4 million while adjusted EBITDA stood at $3.7 million. The company is also in the process of acquiring acreage to construct up to 210,000 sq. ft. of flowering canopy and supporting manufacturing facility in Cook County, Illinois to exponentially increase capacity in state. It also provided initial guidance for 2021 with systemwide pro forma revenue of $170-180 million and adjusted EBITDA of $40 million-$50 million. The company’s existing projects at maturity represent a long-term revenue and EBITDA opportunity upwards of $650 million and $250 million. Read More (New Cannabis Ventures) Cannabis NB celebrates 12 straight months of profitability as decision on sale looms. Crown corporation in charge of cannabis sales in New Brunswick celebrate 12-straight months of profitability. Cannabis NB president and CEO Patrick Parent said it marks an “important milestone” for the Crown corporation. It’s also a dramatic turnaround for Cannabis NB, which lost almost $12.5 million in its first fiscal year, which included five months of legal cannabis in Canada. Now, Parent says the Crown corporation has a net income of $6.1 million to date and it is forecast to finish the current fiscal year with a net profit of more than $10 million. Parent in a statement said: “As the industry continues to evolve, we are constantly working with our suppliers, and listening to feedback from our customers to ensure we offer a wide selection of products at competitive prices.” Read More (Global News) CAPITAL MARKETS Investors and acquirers show increased interest in the Biotech/Pharma cannabis sector. The percentage of YTD 2020 cannabis capital raises in the Biotech/Pharma sector is at the highest level since the launched of the Cannabis Deal Tracker in 2015. A large majority of Biotech/Pharma capital raises YTD (23/32 equity deals and 7/7 debt deals) have been completed by Canadian companies as increased R&D efforts have been directed towards Cannabis 2.0/3.0 product development and other means of mitigating the commodity pricing pressure currently occurring in the Canadian market. Although the YTD number of cannabis capital raises is down approximately 48% in 2020 from the same period in 2019, the number of Biotech/Pharma transactions has increased from 22 for the entire year of 2019 to 39 as of 2020. Read More (Viridian Capital Advisors)

Chart 9: Biotech/Pharma Sector as a % of Total Cannabis Transaction Volume

Source: Intro-act, Viridian Capital Advisors

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Hydrofarm IPO price range set at $14-$16. Hydrofarm Holdings Group announced the commencement of an initial public offering of 8,666,667 shares of its common stock. The initial public offering price is expected to be between $14.00 and $16.00 per share. Hydrofarm expects to grant the underwriters a 30-day option to purchase up to an additional 1,300,000 shares of its common stock. Hydrofarm has applied to list its shares of common stock on the Nasdaq Global Market under the symbol “HYFM.” J.P. Morgan and Stifel are acting as lead book-running managers for the offering and as representatives of the underwriters. Deutsche Bank Securities, Truist Securities and William Blair are acting as book-running managers for the offering. Read More (New Cannabis Ventures) U.S. cannabis firm Verano to go public with $2.8 billion valuation. Verano Holdings LLC is planning to go public this month with a valuation of nearly $3 billion, a sign that capital markets are warming up again to the marijuana industry following a chill in investment over the past year. According to a term sheet distributed to investors, Verano is planning to offer up to $75 million in shares through a reverse takeover of Majesta Minerals Inc. – a shell company listed on the Canadian Securities Exchange – that would value the company at $2.88 billion. If Verano completes its RTO and lists on the CSE, it would immediately become the third largest cannabis operator in the U.S. by revenue, and the fifth largest by valuation behind such rivals as Curaleaf Holdings (CURLF) and Cresco Labs (CRLBF). Read More (BNN Bloomberg) Latest hemp investor group plans to raise $100 million. Another group of investors has filed plans to create an enormous blank-check company that will invest in hemp-derived consumer goods. The latest entry is Ackrell SPAC Partners I Co., which filed with the U.S. Securities and Exchange Commission and seeks to trade on the Nasdaq. The investors tell the SEC they invest in so-called “fast-moving consumer goods” and have identified opportunities in hemp, particularly beverages and wellness products. The Ackrell filing is just the latest in a flurry of cannabis-related blank check or special purpose acquisition companies – better known as SPACs. Cannabis-related blank-check IPOs raised more than $2.6 billion last year and more than $700 million through the first half of 2020, according to Viridian Capital Advisors. Read More (Hemp Industry Daily) The uncertain future of distressed cannabis bankruptcies and the 2020 elections. Like most American businesses, COVID-19 has placed a heavy strain on cannabis-related businesses, which were already struggling due to the highly-regulated nature of the industry, overplanting by farmers and competition from black market suppliers. While bankruptcy would be a useful tool to enable such companies to restructure their financial affairs or to liquidate in an orderly fashion for the benefit of creditors, bankruptcy has generally not been available. However, this may change under a Biden Administration depending on the outcome of the Senate runoff races in Georgia in early January 2020, which will determine whether or not the Republicans maintain control of the Senate. Read More (New Cannabis Ventures) Canada invading U.S. cannabis sector: 2020 mergers and acquisitions. In 2020, the U.S. cannabis sector experienced several notable and exciting shifts but one change which nobody expected: Canadian cannabis companies began quietly breaking into the U.S. industry. Since the beginning of 2020, several companies (and not always the expected ones) have been politely making inroads into new legal markets south of the border. The new wave of Canadian mergers and acquisitions is thanks to both the COVID-19 surge in sales and expectations leading up to the federal election. As per a Financial Post report, many Canadian companies were also banking on legal reforms and new markets with the election. As November 3rd came and went, this was a bet that paid off. These two circumstances laid the groundwork for a big year of mergers and acquisitions in American cannabis. Read More (Cannabis Tech) As consolidation hits Canadian cannabis retail, more mergers and acquisitions expected. Consolidation is picking up among Canada’s regulated cannabis retailers as recreational marijuana sales continue their upward monthly trend, with industry insiders predicting more store mergers and acquisitions. The retail M&A trend appears to be driven by a market that’s growing more competitive and crowded in certain areas, large chains attempting to cement their competitive advantage and expand their brand portfolios as well as retailers seeking quick expansion in existing markets. Recent multistore purchases include High Tide (HITI-CA) acquisition of Meta Growth Corp., Fire & Flower (FFLWF) acquisition of Friendly Stranger and Delta 9 Cannabis (VRNDF) acquisitions of retail stores beyond its home province of Manitoba. Read More (Marijuana Business Daily) Marijuana MSO Jushi lists $76 million in secured notes on Canadian exchange. Jushi Holdings (JUSHF) listed $76,352,000 worth of secured debentures for trade on the Canadian Securities Exchange. The publicly traded notes were issued to some holders of that debt who swapped private notes for public notes. Senior secured notes worth $6,975,000 remain privately held. The secured debt bears 10% interest per year, payable quarterly up to the maturity date of January 15, 2023. Jushi CEO Jim Cacioppo said: “With the capital that we have raised to date, we have strategically expanded into high-quality, high-growth markets and are well positioned to accelerate our momentum as we head into 2021.” The Florida-based MSO also recently announced a major expansion in Pennsylvania. Read More (Marijuana Business Daily)

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Ayr borrows $75 million to fund marijuana acquisitions, finish facilities. Ayr Strategies (AYRSF) announced a $75 million secured loan intended to fund acquisitions and complete facilities in Arizona, Ohio and Pennsylvania. Ayr, which is based in New York with offices in Toronto, said that the senior secured notes from a group of lenders include no equity component. The $75 million worth of notes will bear 12.5% interest per year and mature in four years, with an additional $25 million over-allotment option. In a news release, Ayr CEO Jonathan Sandleman characterized the financing terms as “attractive and nondilutive,” and described Ayr as “the acquirer of choice as the U.S. cannabis market enters into another period of consolidation.” Read More (Marijuana Business Daily) Green Organic Dutchman Holdings announces approval of $50 million base shelf prospectus. Green Organic Dutchman Holdings (TGODF) filed a final short form base shelf prospectus with securities regulatory authorities in each province and territory of Canada. The shelf prospectus will enable the company to offer common shares, debt securities, convertible securities, subscription receipts, warrants, units or any combination thereof for aggregate gross proceeds of up to $50 million during the 25-month period the shelf prospectus is effective. Sean Bovingdon, interim CEO and CFO, said: "The shelf prospectus is part of our previously disclosed plans to maintain financing flexibility, enabling us to act on potential opportunities that may arise as the industry develops. It also provides access to additional capital, should any be required in the future." Read More (Newswire) Bruce Linton backed Gage Cannabis offers Reg A+ equity financing. Gage Cannabis is currently planning a Canadian listing for the first quarter of 2021. Additionally, Gage launched a Regulation A, tier 2, equity financing, also called a mini-IPO, which allows companies to raise capital without actually listing shares on a stock exchange. Gage is offering up to 28,571,400 shares of subordinate voting shares for $1.75 per Share. The Shares are being offered pursuant to Regulation A of Section 3(b) of the Securities, as amended, for tier 2 offerings, by management on a "best-efforts" basis directly to purchasers who satisfy the requirements set forth in Regulation A. Management estimates Q3 sales at roughly $13.1 million, marking a 157% growth in sales from January to September 2020, within a year of operations. Read More (Newswire) “We’re Going to Dominate”: Subversive CEO on blockbuster deal. Subversive Capital Acquisition (SVC.UN.U-CA) has ramped up its effort to become a leading player in the California cannabis market. A Special Purpose Acquisition Company (SPAC), Subversive recently purchased Caliva and Left Coast Ventures – two of California’s largest operators – and teamed with entertainment mogul Jay-Z to form TPCO Holding Corp., or The Parent Company. Under the agreement, set to close in January, Subversive Capital will acquire Caliva for $282.9 million and Left Coast Ventures for $142.2 million. Jay-Z, who is set to be compensated with about $50 million worth of the new company’s stock, will become the parent company’s chief visionary officer and lead its social equity programs. Subversive also has a healthy balance sheet of roughly $575 million that it will take into the new venture. Read More (WeedWeek) Simplifya, NatureTrak, and HDCS form alliance. Simplifya, NatureTrak, and Higher-Risk Deposit Compliance Solutions (HDCS) have formed an alliance to provide financial institutions with a comprehensive, efficient solution to implement and manage a successful, profitable cannabis banking program. Despite legal cannabis markets in 35 states, and continuing record-breaking sales growth, the financial services industry has been reluctant to bank the industry due to the risks associated with Anti-Money Laundering and Bank Secrecy Act regulations. The three companies are actively engaging with financial institutions interested in providing banking services to the cannabis industry. The alliance was formed anticipating that the number of financial institutions looking to serve the cannabis industry will rapidly increase with the advent of federal safe cannabis banking regulations. Read More (Business Wire) Curio Wellness launches 30 million fund to help women and minorities own a cannabis dispensary. The new fund, started by the Curio Wellness, aims to help underserved entrepreneurs entering the cannabis market. With $30 million to invest, the Curio WMBE Fund is looking to invest in up to 50 women, minority and disabled veterans seeking to open and operate a Curio Wellness franchise with a path to 100% ownership in three years. The fund provides two phases of support. The first provides capital to franchisees to open their Curio Wellness Center and assist them in obtaining licenses, selecting a location and hiring and training employees. Once the location is operational, the fund intends to provide ongoing support around managing, sales and marketing, store operations, and ensuring employees stay updated on product information. Read More (Tech Crunch) Israeli genetics firm CanBreed acquires San Diego hemp farm. CanBreed announced its acquisition of a 3.5-acre hemp farm in San Diego. The company is part of the Smart-Agro R&D Partnership, a publicly traded firm on the Tel Aviv Stock Exchange. CanBreed did not disclose the price of its San Diego acquisition. Construction of new facilities and greenhouses on the San Diego site is expected to begin early in the new year, with CanBreed selling stable genetics into the market by the end of 2021. Initial output, according to the company, is estimated at 12.5 million seeds annually. CanBreed’s goal runs up to 50 million seeds annually. CanBreed CEO Ido Margalot told technology news site CTech earlier this year that the company has “patented all the crucial traits in cannabis, like disease resistance.” Read More (Cannabis Business Times) and More (Hemp Industry Daily)

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Colombian cannabis producers raise fresh rounds of capital. Khiron Life Sciences (KHRNF) – a Toronto-based company with its main operations in Colombia – closed a bought deal for CAD $14.5 million ($11.5 million) that was disclosed Novemer 26. PharmaCielo (PHCEF), also headquartered in Toronto and operating primarily in Colombia, closed a private placement for proceeds of CAD $10 million. Both companies said they plan to use the added capital for general corporate purposes. PharmaCielo was down to CAD $5.1 million in cash and equivalents as of June 30 – its latest disclosed financial quarter. The company recorded a loss of CAD $7.7 million for the three-month period. In a corporate update early November, Khiron said it had CAD $14.7 million in cash and equivalents as of the end of September. Read More (Marijuana Business Daily) MEDICAL CANNABIS Arkansas reaches $187 million in medical cannabis sales. Arkansas’ slow-starting medical marijuana market is growing, with more than 80% of the state’s dispensaries now open and sales reaching a cumulative total of $187 million since the program launched in May 2019. That $187 million figure represents more than 28,674 pounds of cannabis sold since the program debuted, according to recent figures from the Arkansas Medical Marijuana Commission. According to the commission’s recent report, Arkansas currently has 31 operational medical marijuana dispensaries with another six “working toward opening,” including two in Pine Bluff and one each in Little Rock, Fayetteville, Osceola and Hardy. Average daily medical marijuana sales in Arkansas are roughly $600,000. Read More (Marijuana Business Daily) New Mexico medical cannabis industries report increase in sales during pandemic. The medical cannabis industry is one that’s actually reported to be thriving during the pandemic, while local shops adjust to COVID restrictions. Jefferson King with Everest Apothecary in Albuquerque said business has been sky high since March, picking up nearly 1,000 new customers and more than doubling sales in April and May with sales continuing to soar since summer. “From June until now we’ve seen a lot of increase like I said probably up to 60 to 75 percent overall.” Everest Apothecary isn’t the only medical cannabis dispensary in the state thriving. “In the first six months of 2020 there were $92 million in sales which is an increase in 55 percent from the same period the previous year,” said Ben Lewinger, executive director of New Mexico Cannabis Chamber of Commerce. Read More (Marijuana Retail Report) Virginia medical cannabis coalition hopes state builds on existing medical program to launch adult-use market. Virginia Gov. Ralph Northam has unveiled plans to introduce an adult-use cannabis legalization bill when the General Assembly reconvenes in January, following the release of a study on the potential impacts of legalization in the state, and the Virginia Medical Cannabis Coalition (VMCC) hopes that the state builds on its existing medical program when planning the launch of an adult-use market. VMCC is a coalition of vertically integrated cannabis operators that had won conditional approval from the Virginia Board of Pharmacy with the goal of advancing the medical market through patient education and connecting the state’s industry stakeholders with legislators. Read More (Cannabis Business Times) New Jersey court tosses medical cannabis licensing issue back to state. A New Jersey appellate panel instructed the state Department of Health to reconsider the applications of companies rejected during the 2018 licensing round. The ruling pertains only to appeals involving the state’s 2018 licensing round. The appellate panel called the scoring process during the 2018 licensing round flawed and sent the issue back to the state. New Jersey also faces litigation over a 2019 licensing round to expand the state’s MMJ program. The lawsuit led to a freeze over additional licensing. The standstill over additional medical marijuana licensing alone has led to concerns that existing operators won’t be able to meet pent-up demand when an adult-use market launches as soon as 2021. New Jersey thus far has issued only 12 vertical MMJ licenses, and only 13 dispensaries are in operation. Read More (Marijuana Business Daily) Minnesota adds two medical cannabis qualifying conditions. Minnesota regulators are adding two conditions that qualify patients to receive recommendations for medical cannabis. That brings the total to 17 conditions, which could help boost the bottom line for marijuana businesses in the state. The Minnesota health department announced that chronic vocal or motor tic disorder and sickle cell disease will be added to the list of qualifying conditions, effective August 2021, according to Minneapolis-based news site Bring Me The News. The addition of chronic vocal or motor tics allows people with either disorder to receive a recommendation for medical cannabis. Read More (Marijuana Business Daily) Arizona medical marijuana sales spike prior to new testing requirement implementation. The Arizona Department of Health Services (ADHS) recently released its monthly report on the state’s medical cannabis program for October 2020. Arizona’s spot index climbed to what was at the time an annual peak in the final week of October. Increased demand in October preceded the implementation of required quality assurance and safety testing of products at the beginning of November, the first time that such screenings have been mandated in Arizona’s medical program. As of October, Arizona’s medical cannabis program counted 287,715 patients on its rolls. That figure is up by 2.8% from the 279,760 patients registered in the program at the end of September. Read More (Cannabis Benchmarks)

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InMed announces results of initial Phase 1 clinical trial of INM-755 CBN cream in healthy subjects. InMed Pharmaceuticals (IMLFF) announced top-line results from its 755-101-HV Phase 1 clinical trial (Study 101). Results of Study 101 indicate that INM-755 was safe and well-tolerated on intact skin, caused no systemic or serious adverse effects, and there were no subject withdrawals due to adverse events. Drug concentrations in the blood were very low, as expected. Study 101 was a randomized, vehicle-controlled, double-blind, Phase 1 trial, that examined the safety and tolerability of two strengths of INM-755 cream on intact skin in 22 healthy adult volunteers over a 14-day treatment period. Read More (Extraction Magazine) Fact check: Does medical cannabis reduce need for opioid painkillers by up to 75%? The claim: “Studies have shown up to 75 percent reduction in opioid dosage for medical cannabis users.” — State Rep. Lyle Larson, R-San Antonio. Rep. Larson made the claim in a tweet as he announced legislation he has filed. If approved by more than two-thirds of both legislative chambers, a proposal would be added to the November 2021 ballot that would amend the state constitution to legalize the possession, cultivation and sale of cannabis strictly for medical use. Per the PolitiFact rating: Mostly True. Preliminary studies suggest a correlation between medical cannabis usage and a reduction in opioid dosage among chronic pain patients, but researchers note the results are inconclusive and more rigorous testing should be done to know the full effects. Read More (San Antonio Express News) CBD/HEMP UN commission rejects drug treaty exemption for CBD. The United Nations Commission on Narcotic Drugs has overwhelmingly rejected a proposal to exempt CBD preparations with less than 0.2% THC from international control. The rejection came during a landmark vote on changing the way that cannabis is scheduled in two drug treaties. The U.S., the U.K., Colombia and Germany were among the broad coalition of 43 countries that voted against proposal known as Recommendation 5.5, which would have added a footnote to the 1961 Single Convention on Narcotic Drugs that sets out a THC threshold for “predominantly” CBD preparations. Six nations voted in favor of the CBD footnote, while four others abstained. Read More (Hemp Industry Daily) European Commission reverses course, says CBD should not be regulated as a narcotic. Makers of CBD foods and supplements no longer face the prospect of a blanket ban in Europe after the European Commission revised its preliminary stance that CBD should be treated as a narcotic. The Commission sent a statement to the European Industrial Hemp Association and at least one other Novel Food authorization applicant that hemp-derived cannabidiol should not be regulated as a narcotic and therefore can qualify as a food. The decision comes as a relief to Europe’s hemp industry, reassuring processors and manufacturers that their CBD edible products will not be banned from the EU market. Read More (Hemp Industry Daily) Eight takeaways from FDA’s conference on CBD and gender. CBD businesses looking for regulatory clues from U.S. food and drug regulators were watching closely in mid-November, when the U.S. Food and Drug Administration reassured the industry and the public that the science of CBD and other cannabinoids has become a priority. Here are eight key takeaways to know about the data the FDA reviewed: 1) Consumers want input on CBD from doctors, 2) FDA is looking at CBD, but that’s not all, 3) CBD may help with anxiety, 4) CBD shows efficacy in pain management, 5) CBD may have applications for managing addiction, psychosis, 6) Hemp-CBD research on pregnant and nursing women greatly lacking, 7) women need to be included in more research, and 8) more research is needed. Read More (Hemp Industry Daily) USDA expands hemp crop insurance program for farmers in more states. The U.S. Department of Agriculture announced that it is expanding and improving a crop insurance program for hemp farmers. The Multi-Peril Crop Insurance is one of several coverage programs for which hemp qualifies. Under the new expansion, farmers in certain counties of the additional states of Arizona, Arkansas, Nevada and Texas will be eligible, as will those in new counties of states already included in the program, such as Colorado, Kentucky, Michigan, Montana, New Mexico, Tennessee and Virginia. Broker contracts for hemp grain will also be allowed for the first time, and reporting and billing dates will be adjusted to match those for similar crops. Read More (Marijuana Moment) and More (Hemp Industry Daily) Hemp fiber’s infrastructure crisis. Despite its great potential, growth of the embryonic North American hemp fiber industry is being restricted by a lack of processing infrastructure. Though fiber hemp was once a common crop throughout the continent, during its 81- year-long U.S. prohibition all the facilities capable of processing it either went out of business or transitioned to other materials. As such, nearly the entire fiber supply chain needs to be rebuilt – from scratch. The overriding gap in the supply chain exists for primary processing, which consists mainly of decortication. Fiber processing facilities can also be extremely capital intensive – ranging anywhere from $3 million to $25 million to construct – and, due to the economics of transporting raw hemp stalks, are geographically limited to processing hemp grown within a roughly 75-mile radius. Read More (New Frontier Data)

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Chart 10: Despite Potential, U.S. Lags Canada in Hemp Fiber

Source: Intro-act, New Frontier Data Hemp market participants assess impact of 2020 harvest, look ahead to 2021. Even as the oversupply of CBD biomass persists and the post-harvest storage and processing landscape remains uneven, some in the industry are already looking ahead to next year with a sense of renewed purpose. Andrew Bish, founder of Hemp Harvest Works and COO of Bish Enterprises, said: “I feel more optimistic about 2021 than I felt about 2020. The price point still sucks, however I think a lot of people are aware that some of this older material is moving its way through the market, they’re seeing some higher price points on the newer material. It’s not great, it’s hard to grow at those prices with the current farm models. People have to change how they’re doing things.” Read More (Hemp Benchmarks) Carriers, law enforcement learning the ropes for hemp transport. The chairman of a Commercial Vehicle Safety Alliance working group focused on hemp said that while interstate transport of the substance is legal, potential risks remain for motor carriers and drivers hauling it. “So many of the questions that are out there from a regulatory standpoint are the very same questions for those of us on the enforcement side,” said Capt. John Hahn of the Colorado State Patrol. While the interim law has been on the books for more than a year, Hahn said confusion surrounding hemp remains. For instance, he noted that in addition to its resemblance to marijuana, police officers stopping a truck transporting hemp sometimes find a lack of proper documentation of a load and an overall lack of validity of the load. Read More (Transport Topics) Whole Foods CEO: CBD product dosing needs improvement or consumers will walk. John Mackey, the co-founder and CEO of Whole Foods Market said that for the CBD industry to have staying power, products need to be dosed effectively or consumers will become cynical about the much-hyped commodity. Mackey said CBD is “the in, hot product” but it needs to be dosed appropriately for people to feel its effects and potency levels “can vary tremendously” based on his own experience. His comments about inconsistent and insufficient dosing levels in CBD have been proven true in several studies, mostly notably the FDA this year. In a July report, the FDA said CBD-infused products it tested were often mislabeled or contained less CBD than advertised. Read More (Hemp Industry daily) CBD skin cream mitigates chronic back pain says new study. A team of investigators from multiple universities in the U.S. recently examined data involving patients that suffer from chronic back pain in order to see if cannabis helped treat their symptoms. The researchers specifically looked at whether or not topical rub containing CBD was effective at treating chronic back pain. “CBD appears to have antinociceptive and anti-inflammatory effects on opioid-naive patients with neuro-pathic and radicular pain,” researchers stated. “Hemp-derived CBD in a transdermal cream provided significant symptom and pain relief for the patients described in this case series. Based on these results, we believe further investigation is warranted to see if CBD-containing products should have a more prominent role in the treatment of acute and chronic pain,” the researchers concluded. Read More (Cannabis & Tech Today) CBD in cannabis does not impair driving, landmark JAMA study shows. A landmark study on how cannabis affects driving ability has shown that CBD does not impair driving, while moderate amounts of the main intoxicating component THC produce mild driving impairment lasting up to four hours. The study was led the Lambert Initiative for Cannabinoid Therapeutics at the University of Sydney and conducted at Maastricht University in the Netherlands. Lead author Dr. Thomas Arkell said: "These findings indicate for the first time that CBD, when given without THC, does not affect a subject's ability to drive. That's great news for those using or considering treatment using CBD-based products." Read More (Medical Xpress)

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

RETAIL Ontario opens 250th store. On December 5, The Alcohol and Gaming Commission of Ontario (AGCO) announced that it had authorized the 250th cannabis retail store to open in Ontario. By December 9, at least eleven more had been issued, bringing the number up to 261 stores authorized to open in the province. At this rate, the province could easily break 300 stores by the end of the year. Analysts have predicted that Ontario could support as many as 1,000 retailers or more, and with many retailers anxiously waiting in the wings to open their stores, the AGCO is trying to get as many approved as possible while still sticking to the rules. If the AGCO can keep up the pace, it’s entirely possible that they could hit 1,000 stores by this time next year. Read More (Cannabis Retailer) Ontario's top cannabis retail brands. According to the AGCO, Ontario now has 204 privately operated retail brands that are "Authorized to Open". The number is expected to climb to at least 680 open stores over the next 12 months. As of now, only two stores have greater than 5% of market share (of open stores) – Tokyo Smoke and Spiritleaf. Of the 17 brands (see below chart), only seven are owned by a publicly traded company and that number may shrink to six if the High Tide (HITI-CA) and Mata Cannabis merger closes. Most retail brands are owned by individual entrepreneurs that own one or a few stores, however Fire & Flower (FFLWF) is pursuing an aggressive M&A strategy. Seven of the 17 brands operate under a franchise model: Tokyo Smoke, Spiritleaf, Dutch Love, Sessions Cannabis, Friendly Stranger, Happy Dayz, and Miss Jones. Read More (Reddit)

Chart 11: Ontario's Top Cannabis Retail Brands (Ranked by Open)

Source: Intro-act, Reddit

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Massachusetts cannabis retailers prepare to sue over state’s delivery rules. Some of Massachusetts’ existing cannabis retailers are prepared to sue over the Cannabis Control Commission’s delivery rules, which, if approved, would allow a new set of cannabis licensees to provide home delivery. The CCC initially agreed on a framework for cannabis delivery regulations in September, proposing a set of rules that would create two types of delivery licenses “limited delivery license” and “wholesale delivery license”. The delivery licenses would be available only to social equity applicants and certified economic empowerment applicants for the first three years. A bipartisan group of Massachusetts lawmakers have voiced opposition to the proposed regulations, saying in a letter to the CCC that that the wholesale delivery license is not supported by the state’s cannabis law. Read More (Cannabis Business Times) Government of the Northwest Territories selects private retailers. After issuing a call for tenders last month, the Government of the Northwest Territories (GNWT) has announced that two retailers have been chosen to open private retail cannabis stores in Yellowknife. “Since its legalization in 2018, the Government of the Northwest Territories has envisioned private retailers playing a role in the safe and legal sale of cannabis in the NWT,” said Caroline Wawzonek, Minister of Finance. “Today, the GNWT welcomes ReLeaf NT and Trailblazers Cannabis Shop as private retailers of cannabis.” Releaf NT had successfully applied through the GNWT’s public procurement process and will operate at 5123 51st Street in Yellowknife. Read More (Cannabis Retailer) Nielsen predicts Amazon entry into U.S. CBD retail. E-commerce behemoth Amazon is likely to get involved in hemp CBD U.S. retail. Earlier this year, Amazon revealed it had launched an invitation-only pilot program allowing the sale of select CBD ingestibles on its U.K. website, saying only sellers participating in the scheme were exempt from its sales ban on edible products containing CBD or other cannabinoids. According to Rick Maturo of Nielsen Global Connect, sales of hemp CBD products are expected to grow to nearly $7 billion by 2025, and a federal ruling on CBD regulation will bring bigger players like Amazon and other established brands into the CBD fray. Read More (Hemp Industry Daily) PRODUCTS Tinley's to produce second award-winning beverage brand in Canada with peak processing solutions. Tinley entered into an agreement with Peak Processing Solutions to produce Tinley’s ’27 products in Canada. Tinley’s ’27 is the second family of cannabis- infused products that Tinley’s has contracted to launch in Canada, the other being the single-serve ready-to-drink sparkling elixirs now made in California as Tinley’s Tonics. Peak’s equipment is uniquely configured to produce and pack in the 150 mL bottle format that Tinley’s will use for the Tinley’s ’27 drinks in Canada. Under the agreement, Peak holds exclusivity for the manufacture and distribution of these three Tinley’s products in Canada until Tinley’s meets certain minimum orders. Read More (Financial Post) S.F. bans tobacco smoking inside apartment buildings, allows cannabis smoking. San Francisco residents who live in apartment buildings with three or more units will no longer be allowed to smoke tobacco inside their homes — but they can still smoke cannabis, under a new ordinance the Board of Supervisors passed on December 1. The board voted 10-1, with Supervisor Dean Preston dissenting. San Francisco is now the largest city in the country to ban tobacco smoking in apartment buildings. “One should not have to live in a single-family home to be able to breathe clean air,” said outgoing President Norman Yee, who wrote the ordinance. “That right should exist for every single person and family, regardless of where they live or what their income is.” Read More (San Francisco Chronicle) SOCIAL Thanks to "Green Wednesday," pot sales jump Thanksgiving week. According to Headset, pot shops across the country saw a 40.2 percent rise in sales dollars on Green Wednesday, compared to sales averages during the previous four weeks, while Black Friday sales actually dropped 4.7 percent. While Headset didn't have data comparing Thanksgiving to previous Thursdays, it did document that Americans bought 15.2 percent more weed on Turkey Day 2020 than they did in 2019. Online sales also saw a huge increase on both Green Wednesday and Black Friday this year. According to Jane Technologies, which operates the online dispensary sales platform Jane, online orders during Green Wednesday in Colorado were 680 percent higher than they were on the same day in 2019, and 61 percent higher compared to the average Wednesday in 2020. Read More (Westword) NBA will not test players for cannabis next year. The NBA will not test its players for cannabis during the upcoming season, according to an NBC Sports report. The policy between the NBA and players union extends the drug testing rules from last season. Sports reporter Ben Dowsett suggested on Twitter that the “decision is largely based on COVID safety” as a way to limit “unnecessary contacts.” He added, though, that there’s “significant expectation from many in the league that the entire marijuana testing program is on the way out in the near future.” In an interview with Yahoo Sports last year, league Commissioner Adam Silver said cannabis use by players in the offseason is “no issue” but questioned why players would smoke “a lot of pot.” Read More (Ganjapreneur)

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

INTERNATIONAL CBD advocates embrace court decision, hold breath over UN and EC rulings. The EC has deemed that all nonmedical hemp extracts should be considered as narcotics, though the EU’s executive body is awaiting a UN decision before making that change final. The case has been closely watched by cannabis proponents touting CBD’s health benefits. The cannabinoid is legal in most EU countries before last summer, it was regulated as a novel food as a supplement or additive to infused edibles, beverages, or other food products. The ruling was made after French prosecution of the CBD e-cigarette KanaVape from Catlab. The court ruled, inter alia, that the ban contravened EU law on the free movement of goods among other EU member states. Read More (New Frontier Data)

Chart 12: EU Members States Projected Annual CBD Spending

Source: Intro-act, New Frontier Data In a global cannabis market, U.S. can no longer lead, must follow. Crippled by federal legalization, or lack thereof, the U.S. cannabis industry is losing ground in the international market. International trade is already flourishing without American federal legalization. Israel is making deals to export to France, Germany, and Australia. Meanwhile, Canada is exporting to Poland, East Africa is poised to become a major cannabis exporter, and Clever Leaves alone is exporting to Australia, Brazil, Canada, Chile, the Czech Republic, Germany, Israel, Netherlands, Perú, Poland, Spain, South Africa, the United Kingdom, and the U.S. Past the numbers, countries are supporting federal legalization. Read More (Cannabis Tech) U.K. mum as it holds up British Virgin Islands cannabis law, delaying industry’s launch. The U.K.’s representative in the British Virgin Islands (BVI) has so far declined to sign off on a new law to permit medical cannabis production and sales, causing an “unnecessary” delay in getting the medical marijuana industry up-and-running, according to the nation’s premier. The democratically elected House of Assembly passed the Cannabis Licensing Act last June, which would open up the medical cannabis sector for commercial opportunities, including cultivation, retail and manufacturing. The governor’s stamp of approval – called Royal Assent – is all that remains for the bill to become law. Read More (Marijuana Business Daily) Netherlands to draw 10 recreational marijuana growers. The Dutch government to choose 10 marijuana cultivators for the country’s upcoming pilot program, according to a letter to Parliament from the medical and justice ministers dated Friday, November 27. The winners of the draw will likely be the first in Europe to legally grow adult-use cannabis for commercial purposes. The pilot program involves 10 cultivators supplying almost 80 “coffee shops” which currently operate in a system where sales are legally tolerated but cultivation is prohibited. Ten municipalities are taking part in the program with all their coffee shops, but the growing locations do not necessarily need to be in those localities. Read More (Marijuana Business Daily) Germany is set to be one of the most lucrative cannabis markets outside of North America. Thanks in part to its huge purchasing power and progressive politics, throughout the first half of 2020, well over €75 million worth of medical cannabis products were sold in the country to what Prohibition Partners estimates is a patient population of around 120,000. Patients and doctors can now rely on an increasingly stable and diverse supply of cannabis medications being available around the country. Support for legalization of recreational cannabis has never been higher in Germany, with a majority of the general public, physicians and those in parliament supporting full legalization at least on a trial basis. Read More (Prohibition Partners)

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Chart 13: Intersection of German Cannabis Users

Source: Intro-act, Prohibition Partners Senate’s approval of cannabis bill heralds establishment of commercial operations in Mexico, but not yet. On November 19, Mexico’s Senate (upper house) approved a bill that proposes to regulate the cultivation, possession and use of cannabis. The development heralds the establishment of commercial (and legal) operations for the production and sale of cannabis in Mexico, though this is likely to be a piecemeal and protracted process. Securing Senate approval of the latest initiative was a joint effort between the ruling National Regeneration Movement (Morena) and its congressional allies. The bill now passes to the lower house for approval. This should take place before the current congressional session ends on December 15. It is unlikely to be left high and dry – Morena and co. have a legislative majority. Read More (Forbes) Brazil official sees cannabis cultivation bill making progress in December. A Brazilian bill that would legalize medical marijuana and industrial hemp cultivation could soon have its first debate on the floor of the lower house of Congress, ahead of its expected approval in that chamber before the end of this year, federal deputy Paulo Teixeira told Marijuana Business Daily. The bill, PL 399/2015, would have far-reaching implications for Latin America’s largest medical cannabis market, which currently is dependent on imported products. The current high price of imported medical cannabis has been one of the main arguments in favor of the cultivation bill, proponents say domestic growers would be able to supply the medicine at a lower cost. Read More (Marijuana Business Daily) Israel to legalize recreational marijuana by 2021. Last month, Israeli Justice Minister Avi Nissenkorn announced that cannabis will be allowed for recreational use by 9 months though they also intend to balance “liberalism and responsibility,” according to a Times of Israel article. Nissenkorn says that the 9 months’ timeline would be ample to give the government time to prepare. “It’s time to make progress and legalize cannabis in Israel,” he said. “This is a significant, holistic, and responsible reform, which shows the State of Israel isn’t ignoring reality and is going in the footsteps of developed countries. There is a majority and general consent in favor of making progress on this matter for the benefit of the Israeli public. The time has come to move ahead in a responsible manner and to find the balance between an individual’s right to use cannabis and the other considerations,” says Nissenkorn. Read More (Cannabis.net) UN reclassification of cannabis could give India’s legalization movement a boost. As a signatory to the 1961 Single Convention on Narcotic Drugs, anyone caught peddling, scoring or smoking weed could be arrested in India under the obligatory 1985 Narcotic Drugs and Psychotropic Substances Act (NDPS). But while the way forward is still foggy, experts believe this historic vote could spark social acceptance and a wider framework when it comes to policing pot users. “In India, the central government gives states the power to cultivate cannabis, and this new positive outlook will make state governments less hesitant to give permissions to growers and researchers” said Delzaad Deolaliwala, the co-founder of Bombay Hemp Company (BOHECO), an organization that retails cannabis products and is also researching the medical and industrial use of cannabis. Read More (Vice) Thailand to allow cannabis & hemp in cosmetics, food. The government of Thailand plans to allow use of most parts of cannabis and hemp plants in cosmetics and food, Kiattiphum Wongrajit, the permanent secretary for health said. He continued that the Narcotics Control Committee resolved to exclude the leaves, branches, stems, trunks, bark, fibre and roots of cannabis and hemp from the government's narcotics list. This would not include shoots, including flowers, which have high drug content. The Food and Drug Administration (FDA) would draft a new public health regulation to this effect. The public health minister would then approve it and the new regulation would take effect when the Royal Gazette publishes it. Read More (Bangkok Post)

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Zimbabwe $1.25 billion plan sees cannabis as biggest cash crop. Zimbabwe sees export earnings from cannabis outstripping those of tobacco by almost three times after last year legalizing the cultivation of the plant for medicinal use. The government has issued 44 licenses since September when it announced rules for growing cannabis, and sales are forecast to reach $1.25 billion in 2021. In his budget statement on November 26, Finance Minister Mthuli Ncube said cannabis production for medicinal purposes has “immense potential” to generate export receipts and tax revenues. A so-called cannabis levy will be introduced next year, in line with export values. Taxes of as much as 20% will be applied on oils, bulk extracts and dried cannabis flowers. Read More (Bloomberg) CANNA SCIENCE Largest cannabis extraction companies of 2020. Top three of the largest North American extraction companies of 2020: 1) WestLeaf (WSLFF) – Thanks to their exclusive partnership with the processing and extraction partnership firm Xabis in Colorado, and a 60,000 sq. ft. extraction facility, WestLeaf aims to establish itself as one of the largest vertically integrated cannabis businesses in North America, 2) Neptune Wellness Solutions (NEPT) – It is poised to be one of the biggest brands in the extraction space with facility input capacity cited at 200,000 kg of dried cannabis, 3) Valens GroWorks (VGWCF) – It is one of Canada’s largest cannabis companies. According to 2020 company catalogue, Valens processed 80,000 kg of cannabis and hemp into various extracts in a year and launched 85 new stock- keeping units. Read More (Extraction Magazine) Precision Extraction Solutions introduces the industry revolutionizing XMU hydrocarbon extractor. Precision Extraction Solutions released the new, state-of-the-art XMU extractor that is the most powerful extraction platform on the market. The feature-rich XMU is positioned to revolutionize the extraction market with its efficiency and versatility. Precision designed the XMU to tackle several problems with extractors on the market today. For one, the XMU can be used with different solvents and can reach extremely high and low temperatures, all in one machine. The result is that, unlike other extractors designed to create a specific extraction type, the XMU can produce a diverse range of high-quality extracts. Read More (Extraction Magazine) Greentank Technologies receives coveted cannabis research license. Greentank Technologies received Health Canada approval for a cannabis research license. Greentank can handle up to 10,000 grams of dried cannabis flower or 2,500 grams of cannabis extract for research purposes at the company’s headquarters in Toronto, Canada. This allows the company to comprehensively test its partners’ extracts in house for viscosity, fluidity, constituents, emissions and the various ways those extracts interact with different materials and hardware technologies to determine the best fits for each brand’s formulations. Read More (Greentank Technologies) TECHNOLOGY Metrc sees new seed-to-sale tracking markets, welcomes cannabis industry’s ‘constructive criticism’. Metrc sees fresh opportunities to extend its dominance in the seed-to-sale tracking business by winning new government contracts. The company also acknowledged its track record hasn’t been perfect – Metrc’s software has experienced occasional outages and slowdowns – but says it wants to hear from marijuana businesses with feedback on how to improve the service. “We welcome the constructive criticism and we welcome the ideas, because we’re committed over the long haul to continually reinvest back into the system and make it better and more efficient over time,” said Metrc chief operating officer Lewis Koski. Read More (Marijuana Business Daily)

Chart 14: Exclusive Seed-to-Sale Tracking Contracts

Source: Intro-act, Marijuana Business Daily

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

LEGAL & IP R&D Tax Credit: A viable option to reduce tax burdens? Licensed cannabis companies pay more than their fair share of taxes thanks to the business deduction restrictions placed on them by IRS Tax Code Section 280E. With some well-thought-out corporate structure, however, cannabis cultivators can find ways to reduce their overall tax burden. The Research and Development (R&D) Tax Credit is one such vehicle that potentially is available to cultivators, according to Jonathan Storper and Daren Shaver, attorneys with California-based Hanson Bridgett. Anyone looking to leverage the R&D tax credit also should consult with their legal and accounting team, they say, to ensure the corporations are properly structured and separated. Read More (Cannabis Business Times) SUSTAINABILITY Getting ahead of the curve: Energy rebates & incentives for cannabis operations. With cannabis science finally getting daytime acceptance, incentives for energy efficiency are coming into play. While it may be intimidating to reveal sensitive information about operations, doing so saves cultivators across the country hundreds of thousands of dollars in new programs meant to improve efficiency in the cannabis industry. While cannabis is an industry on the cutting edge of American technology, many people are slow to adopt new methods. Given this unique position as literal powerhouses in America, companies such as Solar Therapeutics can stand as real examples of sustainability for all industries across the nation. However, whether or not cultivators get hip to LEDs in time for rebates or other incentives, research is proving LEDs to be ideal for cannabis production. Read More (Cannabis Tech) CANNA FACTS

Chart 15: Premium-Priced Cannabis Products Take a Larger Share of Overall Flower Sales

Source: Intro-act, Marijuana Business Daily

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

CANNA CAPITAL MARKET TRENDS

Chart 16: Weekly Summary (November 23 – November 27, 2020)

Chart 17: Cannabis Capital Raises by Week (2020) Chart 18: Cannabis M&A by Week (2020)

Chart 19: Capital Raises by Sector

Source: Intro-act, Viridian Capital Advisors

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

CANNA PRICES – WEEKLY TREND

Chart 20: U.S. Cannabis Market Prices

Source: Intro-act, Cannabis Benchmarks Price Index

Chart 21: U.S. Implied Forward Prices (Week Ending December 4, 2020)

Source: Intro-act, Cannabis Benchmarks Price Index

Chart 22: Canada Cannabis Spot Index

Source: Intro-act, Cannabis Benchmarks Price Index

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

CANNA BRANDS AND PRODUCTS RANKING – STATE IN FOCUS: OREGON

Chart 23: Best-Selling Flower Brands and Products in Oregon

Source: Intro-act, Headset

Chart 24: Best-Selling Edibles Brands and Products in Oregon

Source: Intro-act, Headset

Chart 25: Best-Selling Vapor Pen Brands and Products in Oregon

Source: Intro-act, Headset

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Chart 26: Best-Selling Beverage Brands and Products in Oregon

Source: Intro-act, Headset

Chart 27: Best-Selling Concentrates Brands and Products in Oregon

Source: Intro-act, Headset

Chart 28: Best-Selling Topical Brands and Products in Oregon

Source: Intro-act, Headset

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

CANNA EVENTS CALENDAR

Chart 29: Cannabis Company Events Calendar – Upcoming Conference Calls Date Company Ticker Web Access Phone Dial-In 12/14/20: 08:30 A.M. ET HEXO Corp (TSX: HEXO)/(NYSE: HEXO) Webcast

Source: Intro-act, New Cannabis Ventures

Chart 30: Cannabis Company Events Calendar – Recent Conference Calls

Date Company Ticker Replay 12/01/20: 10:00 A.M. ET Khiron Life Sciences (TSXV: KHRN)/(OTC: KHRNF) Webcast 12/01/20: 10:00 A.M. ET WeedMD (TSXV:WMD)/(OTC:WDDMF) Webcast 12/01/20: 09:00 A.M. ET CB2 Insights (CSE:CBII)/(OTC: CBIIF) 1-800-319-4610 12/01/20: 08:30 A.M. ET 48North (TSXV: NRTH) 1-888-231-8191 passcode 5660299 11/30/20: 5:00 P.M. ET 4Front (CSE: FFNT)/(OTC: FFNTF) Webcast 11/30/20: 10:00 A.M. ET SLANG Worldwide (CSE: SLNG)/(OTC: SLGWF) Webcast 11/30/20: 08:00 A.M. ET PharmaCielo (TSX: PCLO)/(OTC: PCLOF) Webcast 11/30/20: 08:00 A.M. ET Organigram (TSX: OGI)/(NASDAQ: OGI) Webcast 11/26/20: 08:30 A.M. ET Indiva (TSXV:NDVA)/(OTC:NDVAF) 1-877-674-6060 passcode 059103# 11/25/20: 10:00 A.M. ET Rubicon Organics (TSXV: ROMJ)/(OTC: ROMJF) Webcast 11/25/20: 08:30 A.M. ET Vireo Health International (CSE: VREO)/(OTC: VREOF) Webcast 11/24/20: 05:30 P.M. ET The Flowr Corporation (TSXV: FLWR)/(OTC: FLWPF) Webcast 11/24/20: 05:00 P.M. ET Cansortium (CSE: TIUM.U)/(OTC: CNTMF) Webcast 11/24/20: 05:00 P.M. ET Planet 13 (CSE:PLTH)/(OTC:PLNHF) Webcast 11/24/20: 09:00 A.M. ET Jushi Holdings (CSE: JUSH)/(OTC: JUSHF) Webcast 11/23/20: 05:00 P.M. ET PLUS Products (CSE: PLUS)/(OTC: PLPRF) Webcast 11/19/20: 04:15 P.M. ET Golden Leaf Holdings (CSE: GLH)/(OTC: GLDFF) Webcast 11/19/20: 11:00 A.M. ET The Valens Company (TSX: VLNS)/(OTC: VLNCF) Webcast 11/19/20: 08:30 A.M. ET TerrAscend (CSE: TER)/(OTC: TRSSF) Webcast 11/18/20: 05:00 P.M. ET Ayr Strategies (CSE: AYR.A)/(OTC: AYRSF) Webcast 11/18/20: 05:00 P.M. ET TILT Holdings (CSE: TILT)/(OTC: TLLTF) Webcast 11/18/20: 08:30 A.M. ET Cresco Labs (CSE:CL)/(OTC:CRLBF) Webcast 11/17/20: 04:30 P.M. ET Curaleaf (CSE: CURA)/(OTC: CURLF) Webcast 11/17/20: 08:30 A.M. ET Greenlane Holdings (NASDAQ: GNLN) Webcast 11/17/20: 08:30 A.M. ET Trulieve (CSE: TRUL)/(OTC: TCNNF) Webcast 11/17/20: 08:00 A.M. ET Supreme Cannabis (TSX: FIRE)/(OTC: SPRWF) Webcast 11/16/20: 04:30 P.M. ET Schwazze (OTC: SHWZ) Webcast 11/16/20: 04:30 P.M. ET Neptune Wellness (NASDAQ: NEPT)/(TSX: NEPT) Webcast

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

11/16/20: 04:15 P.M. ET Halo Labs (NEO: HALO)/(OTC: AGEEF) 1-877-227-1074 passcode 9456385 11/16/20: 12:00 P.M. ET Alcanna (TSX: CLIQ) 1-800-408-3053 passcode 3883793 11/16/20: 08:30 A.M. ET MediPharm Labs (TSX: LABS)/(OTC: MEDIF) Webcast 11/13/20: 10:00 A.M. ET VIVO Cannabis (TSX: VIVO)/(OTC: VVCIF) Webcast 11/13/20: 08:30 A.M. ET Village Farms (NASDAQ: VFF)/(TSX: VFF) Webcast 11/12/20: 04:30 P.M. ET IntelGenx (TSX-V:IGX)/(OTC:IGXT) Webcast 11/12/20: 04:30 P.M. ET Columbia Care (NEO: CCHW)/(CSE: CCHW)/(OTC: Webcast CCHWF) 11/12/20: 10:30 A.M. ET Sundial Growers (NASDAQ: SNDL) Webcast 11/12/20: 09:00 A.M. ET GrowGeneration (NASDAQ: GRWG) Webcast 11/12/20: 09:00 A.M. ET Delta 9 Technologies (TSX: DN)/(OTC: VRFNDF) Webcast 11/12/20: 08:30 A.M. ET Akerna (NASDAQ: KERN) 1-844-512-2921 passcode 13713080 11/12/20: 08:30 A.M. ET Charlotte's Web (TSX: CWEB)/(OTC: CWBHF) Webcast 11/12/20: 08:30 A.M. ET Acreage Holdings (CSE:ACRG.A.U)/(OTC: ACRHF) Webcast 11/11/20: 05:00 P.M. ET Green Thumb Industries (CSE: GTII)/(OTC: GTBIF) Webcast 11/11/20: 09:00 A.M. ET Green Organic Dutchman (TSX: TGOD)/(US: TGODF) Webcast 11/11/20: 08:30 A.M. ET Aleafia Health (TSX: AH)/(OTC: ALEAF) Webcast 11/10/20: 05:00 P.M. ET Harvest Health & (CSE: HARV)/(OTC: HRVSF) Webcast Recreation 11/10/20: 03:00 P.M. ET POSaBIT Systems (CSE: PBIT)/(OTC: POSAF) Webcast Corporation 11/10/20: 10:00 A.M. ET MariMed (OTC:MRMD) Webcast 11/10/20: 08:30 A.M. ET Indus Holdings (CSE: INDS)/(OTC: INDXF) Webcast 11/09/20: 05:00 P.M. ET Tilray (NASDAQ: TLRY) Webcast 11/09/20: 10:00 A.M. ET Canopy Growth (TSX: WEED)/(NYSE: CGC) Webcast 11/09/20: 09:00 A.M. ET Canopy Rivers (TSX: RIV)/(OTC: CNPOF) Webcast 11/09/20: 08:30 A.M. ET Aurora Cannabis (TSX: ACB)/(NYSE: ACB) Webcast 11/06/20: 04:30 P.M. ET Terra Tech (OTC:TRTC) Webcast 11/05/20: 04:30 P.M. ET CV Sciences (OTC:CVSI) Webcast 11/05/20: 08:30 A.M. ET Cronos Group (NASDAQ: CRON)/(TSX: CRON) Webcast 11/05/20: 08:00 A.M. ET 22nd Century Group (NYSE American: XXII) Webcast 11/04/20: 04:20 P.M. ET Aphria (TSX: APHA)/(NASDAQ: APHA) 1-888-231-8191 passcode 5094492 11/04/20: 09:00 A.M. ET The Scotts Miracle-Gro (NYSE SMG) Webcast Company 11/03/20: 08:30 A.M. ET GW Pharmaceuticals (NASDAQ: GWPH) 1-877-481-4010 passcode 38272 11/02/20: 04:30 P.M. ET 48North (TSXV: NRTH)/(OTC: NCNNF) 1-888-231-8191 passcode 6988003

Source: Intro-act, New Cannabis Ventures

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Chart 31: Cannabis IPO Pipeline S. No Company Filing Market Description 1 Clever Leaves SEC NASDAQ Global Cannabis Operator 2 CWE European Holdings SEDAR TSX-V German Hemp Operator 3 Eden Empire SEDAR CSE North American Integrated Cannabis Operator 4 Embark Health SEDAR TSX-V Canadian Extraction LP 5 HempFusion Wellness SEDAR TSX American CBD 6 Hydrofarm SEC NASDAQ Hydroponics Supplier 7 Innovate Phytotechnologies SEDAR CSE Canadian Hemp Services Provider and ACMPR Applicant 8 Magical Brands SEDAR TSX-V DIY Extraction 9 The Parent Company SEDAR NEO California Cannabis Operator

Source: Intro-act, New Cannabis Ventures

Chart 32: Cannabis SPAC Pipeline S. No Company Filing IPO Size ($ million) Market/Symbol Pending Deadline 1 Ceres Acquisition Corp SEDAR 120 NEO: CERE.U 12/03/22 2 Collective Growth Corp SEC 150 NASDAQ: CGRO 10/31/21 3 Greenrose Acquisition Corp SEC 150 NASDAQ: GNRS 08/13/21 4 Mercer Park Brands SEDAR 402.5 NEO: BRND.A.U 02/21/21 Acquisition Corp 5 Merida Merger Corp I SEC 120 NASDAQ: MCMJ 05/07/21 NEO: MMK.U 6 Schultze Special Purpose SEC 130 NASDAQ: SAMA Clever 09/30/20 Acquisition Corp Leaves 7 Silver Spike Acquisition Corp SEC 250 NASDAQ: SSPK 02/12/21 8 Stable Road Acquisition Corp SEC 172.5 NASDAQ: SRAC 05/13/21 9 Subversive Capital SEDAR 575 NEO: SVC.A The Parent 01/16/21 Acquisition Corp OTC: SVBCF Company 10 Tuscan Holdings Corp SEC 276 NASDAQ: THCB 09/07/20 11 Tuscan Holdings Corp II SEC 172.5 NASDAQ: THCA 01/16/21

Source: Intro-act, New Cannabis Ventures

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

Chart 33: Cannabis Industry Events Calendar

S. No Event Name Place Date 1 Hemp Happy Hour - Featuring Dan Herer & Jack Herer Harvest Ale VIRTUAL December 9, 2020 2 USA CBD Expo CHICAGO, IL Dec 11 - 13, 2020 3 Cannabiziac University VIRTUAL December 16, 2020 4 Cannabiziac Libro Del Mes - Serie de Chat Virtual VIRTUAL December 18, 2020 5 Cannabiziac Book of the Month Virtual Event! VIRTUAL December 18, 2020 6 Cannabis Meets Healthcare VIRTUAL Jan 26 - 27, 2021 7 Cannabis World Congress & Expo LOS ANGELES, CA March 3 - 4, 2021 8 Women Grow Strong VIRTUAL March 25 - 26, 2021 9 NoCo Hemp Expo DENVER, CO March 25 - 27, 2021 10 Lucky Leaf Expo ALBUQUERQUE, NM March 26 - 27, 2021 11 CannaGROW Harvest: Operations VIRTUAL April 21 - 22, 2021 12 Food+Beverage Cannavation VIRTUAL May 19 - 20, 2021 13 10th Annual Cannabis Industry Lobby Days WASHINGTON, D.C. May 25 - 27, 2021 14 Cann-Expo ATHENS, GR May 26 - 27, 2021 15 NECANN Vermont Hemp and Cannabis Convention ESSEX, VERMONT May 29 - 30, 2021 16 USA CBD Expo MEDELLIN, CO May 29 - 30, 2021 17 CannaOne BizCon + Expo (Virtual) LAS VEGAS, NV June 17 - 18, 2021 18 CannaOne BizCon+Awards VIRTUAL June 17 - 18, 2021 19 NECANN Cannabis & Hemp Convention SPRINGFIELD, MA June 19 - 20, 2021 20 CannaVest EUROPE VIRTUAL Aug 25 - 26, 2021 21 Midwest Cannabis Business Conference DETROIT, MI Aug 25 - 26, 2021 22 NECANN Cannabis & Hemp Convention ATLANTIC CITY, NJ Sept 10 - 11, 2021 23 Grow Tradefest LAKE OZARK, MO Sept 16 - 19, 2021

Source: Intro-act, Cannabis Business Times

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

CANNA INDEX

Chart 34: U.S Cannabis Index

Source: Intro-act, The Marijuana Index

Chart 35: Canada Cannabis Index

Source: Intro-act, The Marijuana Index

Intro-act.com | [email protected] | 617-454-1088 | Volume 73 | 12.9.20

COMPARABLES & COMPANY PROFILE LINKS

Price Performance Sales EBITDA Book Value EV/ Share Mkt Cap Ent Val % to % from % YTD CY19 CY20 EV/Sales CY19 CY20 Book/ P/ 12/8/2020 Price (Mns) (Mns) High Low EBITDA Share Book Peer Set

Canadian LP - Cultivation, Processing (and Dispensing)

1 CANOPY GROWTH CORP CGC 28.82 10,729 10,130 2% -69% 37% 173 379 26.7 x (432) (263) - 9.90 2.9 x

2 APHRIA INC APHA 8.42 2,436 2,487 5% -77% 61% 179 445 5.6 x (68) 27 92.1 x 4.81 1.8 x

3 TILRAY INC TLRY 8.29 1,198 1,560 177% -71% -52% 167 210 7.4 x (201) (37) - 1.40 5.9 x

4 TERRASCEND CORP TRSSF 10.69 829 1,659 -2% -89% 415% 64 148 11.2 x (44) 43 38.9 x 0.50 21.4 x

5 HARVEST HEALTH & RECREATION HRVSF 1.90 251 997 92% -76% -40% 117 229 4.4 x (125) 21 47.3 x 1.03 1.8 x

6 AURORA CANNABIS INC ACB 10.60 1,947 2,213 210% -65% -59% 186 215 10.3 x (231) (106) - 12.09 0.9 x

7 CRONOS GROUP INC CRON 8.64 3,077 1,784 6% -54% 13% 24 43 41.5 x (112) (122) - 4.97 1.7 x

8 HEXO CORP HEXO 1.03 497 422 123% -66% -35% 36 82 5.1 x (92) (9) - 0.86 1.2 x

9 ORGANIGRAM HOLDINGS INC OGI 1.46 339 373 149% -31% -40% 61 63 6.0 x (46) (22) - 1.18 1.2 x

10 AUXLY CANNABIS GROUP INC CBWTF 0.27 169 241 119% -70% -38% 6 45 5.4 x (41) (30) - 0.25 1.1 x

11 RUBICON ORGANICS INC ROMJF 2.76 130 134 23% -65% 90% 0 11 12.2 x (9) (10) - 0.40 6.9 x

12 SUPREME CANNABIS CO INC SPRWF 0.14 73 118 278% -45% -71% 32 45 2.6 x (31) (13) - 0.29 0.5 x

13 ALEAFIA HEALTH INC ALEAF 0.42 127 139 46% -53% -8% 12 (25) 0.92 0.5 x

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14 ZENABIS GLOBAL INC ZBISF 0.04 33 125 293% -97% -70% 50 (63) 0.10 0.4 x

15 FLOWR CORP (THE) FLWPF 0.35 44 119 402% -31% -77% 4 9 12.8 x (31) (16) - 0.53 0.7 x

16 VIREO HEALTH INTERNATIONAL VREOF 1.20 46 139 19% -83% 12% 30 47 2.9 x (38) (6) - 0.72 1.7 x

17 SUNDIAL GROWERS INC. SNDL 0.51 224 130 659% -73% -31% 57 55 2.4 x (61) (19) - 0.26 2.0 x

18 CANSORTIUM INC CNTMF 0.50 48 117 30% -90% 12% 29 57 2.0 x (33) 13 9.0 x 0.36 1.4 x

19 GREEN ORGNC DUTCHMN HLD TGODF 0.22 96 115 202% -31% -57% 8 26 4.5 x (50) (27) - 0.27 0.8 x

20 WEEDMD INC WDDMF 0.25 52 86 211% -31% -63% 16 34 2.5 x (22) (18) - 0.55 0.4 x

21 AGRAFLORA ORGANICS INTL INC AGFAF 0.02 37 61 439% -49% -68% 0 (43) 0.04 0.6 x

22 DELTA 9 CANNABIS INC VRNDF 0.46 42 64 36% -51% -19% 24 (14) 0.28 1.6 x

23 EMERALD HEALTH THERAPEUTICS EMHTF 0.17 36 55 90% -60% -28% 15 (36) 0.30 0.6 x

24 HERITAGE CANNABIS HLDGS CORP HERTF 0.10 45 41 157% -38% -49% 0 (5) 0.11 0.9 x

25 SPEAKEASY CANNABIS CLUB LTD SPBBF 0.34 37 38 273% -98% 25% 0 (10) 0.12 2.8 x

26 VIVO CANNABIS INC VVCIF 0.13 42 42 207% -33% -22% 18 (12) 0.41 0.3 x

27 CANADA HOUSE WELLNSS GRP INC SARSF 0.03 20 32 55% -66% 45% 4 (5) 0.02 1.9 x

28 CANNAPHARMARX, INC. CPMD 0.33 15 25 688% -90% -74% 0 (3) 0.02 15.2 x

29 EVE & CO INC EEVVF 0.04 11 25 462% -24% -72% 3 (8) 0.08 0.5 x

30 INDIVA LTD NDVAF 0.18 19 23 92% -29% 10% 1 (7) 0.12 1.4 x

31 SPROUTLY CANADA INC SRUTF 0.04 11 17 412% -36% -74% 0 (6) 0.01 3.2 x

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32 JAMES E. WGNER CLTIVION CORP JWCAF 0.00 0 16 9288% -89% -98% 0 (6) 0.11 0.0 x

33 THC BIOMED INTL LTD THCBF 0.07 11 14 162% -32% -41% 1 (8) 0.07 1.0 x

34 GTEC HOLDINGS LTD GGTTF 0.11 14 19 82% -49% -29% 0 (8) 0.19 0.6 x

35 CANNTRUST HLDGS INC CTST 0.33 46 25 312% -100% -65%

36 BEVCANNA ENTERPRISES INC. BVNNF 0.36 23 24 30% -65% 22% 0 (7) 0.18 2.0 x

37 GROWN ROGUE INTL INC GRUSF 0.10 11 13 41% -69% 20% 0 (0.01) -15.5 x

38 BELEAVE INC BLEVF 0.00 2 11 1200% -97% -61% 0 (8) 0.01 0.3 x

39 48NORTH CANNABIS CORP NCNNF 0.12 25 21 183% -76% -50% 4 (10) 0.20 0.6 x

40 LOTUS VENTURES INC LTTSF 0.11 9 10 366% -100% 64% 0 (2) 0.13 0.8 x

41 SUGARBUD CRAFT GROWERS CORP SUGR-CA 0.03 13 10 83% -37% 13% 0 (7) 0.02 1.6 x

42 TERRANUEVA CORP. TEQ-CA 0.07 4 7 375% -46% -77% 0 (1) 0.01 5.1 x

43 MATICA ENTERPRISES INC MMJFF 0.02 7 7 71% -52% -31% 0 (1) 0.03 0.6 x

44 MYM NUTRACEUTICALS INC MYMMF 0.10 23 19 32% -70% 57% 0 (9) 0.05 1.9 x

45 EXPERION BIOTECHNOLOGIES INC. EXPFF 0.07 8 6 50% -61% -10% 1 (4) 0.11 0.7 x

46 EPHS HOLDINGS, INC. STNN 0.34 3 5 1356% -85% -92% 0.06 5.3 x

47 VODIS PHARMACEUTICALS INC VDQSF 0.04 3 4 13% -59% 42% 0 (2) (0.02) -2.5 x

48 NORTH BUD FARMS INC NOBDF 0.12 8 7 67% -100% -12% 0 0 0.09 1.3 x

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US - Cultivation, Processing (and Dispensing) - MSO & SSO

49 CURALEAF HOLDINGS INC CURLF 11.69 6,612 5,863 7% -78% 187% 221 637 9.2 x (88) 148 39.6 x 2.10 5.6 x

50 GREEN THUMB INDUSTRIES INC GTBIF 21.50 3,763 3,971 2% -83% 200% 216 546 7.3 x 11 171 23.3 x 4.12 5.2 x

51 TRULIEVE CANNABIS CORP TCNNF 29.46 1,057 2,886 5% -81% 149% 253 513 5.6 x (31) 250 11.6 x 3.43 8.6 x

52 CRESCO LABS INC CRLBF 10.12 1,775 2,529 7% -81% 48% 129 478 5.3 x (130) 114 22.1 x 2.82 3.6 x

53 COLUMBIA CARE INC. CCHWF 4.60 1,195 1,413 15% -83% 85% 77 197 7.2 x (79) (5) - 1.34 3.4 x

54 AYR STRATEGIES INC. AYRSF 22.50 404 655 1% -85% 140% 75 155 4.2 x (31) 57 11.5 x 6.16 3.6 x

55 VILLAGE FARMS INTL INC VFF 10.45 690 673 11% -80% 68% 145 198 3.4 x (21) 13 51.1 x 2.83 3.7 x

56 ACREAGE HOLDINGS INC ACRHF 3.82 272 427 18% -50% 74 (170) 3.54 1.1 x

57 4FRONT VENTURES CORP. FFNTF 0.82 103 220 15% -79% 82% 31 112 2.0 x (28) 6 35.5 x 0.13 6.5 x

58 IANTHUS CAPITAL HOLDINGS INC ITHUF 0.31 53 237 474% -85% -79% 78 (54) 0.60 0.5 x

59 ITEM 9 LABS CORP INLB 2.01 104 301 16% -95% -26% 1 (1) 0.18 11.3 x

60 FLOWER ONE HOLDINGS INC FLOOF 0.11 31 132 706% -28% -83% 9 50 2.6 x (21) (17) - 0.43 0.3 x

61 LIBERTY HEALTH SCIENCES INC LHSIF 0.39 135 147 49% -42% -18% 8 (11) 0.32 1.2 x

62 MARIMED INC MRMD 0.42 125 181 107% -76% -33% 46 (38) 0.00 178.9 x

63 TERRA TECH CORP TRTC 0.18 34 61 45% -72% 12% 28 (22) 0.15 1.2 x

64 SUNNIVA INC SNNVF 0.07 3 46 373% -100% -66% 14 (19) 1.03 0.1 x

65 AMERICAN HEMP VENTURES, INC. AMHV 2.60 33 33 82% -62% -33% 14 2 (0.11) -23.8 x

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66 DECIBEL CANNABIS COMPANY INC. DBCCF 0.06 19 28 211% -54% -65% 0 29 1.0 x 0.46 0.1 x

67 BODY AND MIND INC BMMJ 0.35 38 38 72% -57% -14% 2 (2) 0.33 1.1 x

68 CHEMESIS INTERNATIONAL INC CADMF 0.55 19 22 150% -60% 64% 7 (18) 0.13 4.3 x

69 KAYA HOLDINGS INC KAYS 0.04 8 13 108% -63% -20% 1 (2) (0.13) -0.3 x

70 CITATION GROWTH CORP CGOTF 0.14 18 24 30% -65% 13% 1 (16) 0.08 1.7 x

71 LUFF ENTERPRISES LTD. PGTMF 0.00 1 1 1043% 79% -91% 1 (8) 0.02 0.1 x

72 KOIOS BEVERAGE CORP KBEVF 0.05 4 3 258% -37% -51% 0 (3) 0.00 10.2 x

Medical Cannabis

73 ARENA PHARMACEUTICALS INC ARNA 69.27 4,029 2,908 30% -52% 53% 806 1 3,469.1 x 501 (416) - 20.16 3.4 x

74 GW PHARMACEUTICALS PLC GWPH 126.27 3,937 3,488 14% -46% 21% 313 522 6.7 x (114) (27) - 23.55 5.4 x

75 CARA THERAPEUTICS INC CARA 14.89 742 625 29% -40% -8% 20 28 22.5 x (111) (96) - 2.73 5.5 x

76 PREMIER HEALTH GROUP INC PHGRF 1.79 293 190 46% -89% 821% 0.26 6.8 x

77 XPHYTO THERAPEUTICS CORP. XPHYF 1.53 95 73 65% -66% 166% 0 (5) 0.06 27.5 x

78 ZELDA THERAPEUTICS LTD ZLDAF 0.06 75 74 16% -72% 43% 0 (3) 0.02 2.6 x

79 AXIM BIOTECHNOLOGIES INC AXIM 0.42 52 57 247% -76% 14% 1 (6) 0.02 22.7 x

80 SOL GLOBAL INVESTMENTS CORP SOLCF 2.37 129 179 0% -96% 417% 0 (11) 2.29 1.0 x

81 IMPRESSION HEALTHCARE LIMITED IHL-ASX 0.13 133 130 -9% -87% 198% 0 (1) 0.00 41.7 x

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82 CURE PHARMACEUTICAL HLDG COR CURR 1.70 90 92 77% -44% -43% 1 (11) 0.48 3.5 x

83 MEDICAL MARIJUANA INC MJNA 0.02 83 91 64% -51% 4% 76 1 0.02 1.1 x

84 BOTANIX PHARMA LTD BOT-ASX 0.10 97 81 10% -86% 74% 0 (22) 0.02 5.6 x

85 GENEREX BIOTECHNOLOGY CORPORATION GNBT 0.23 25 51 625% -27% -40% 6 (24) (0.26) -0.9 x

86 INDIA GLOBALIZATION CAPITAL, INC. IGC 1.85 76 73 143% -86% 194% 5 (5) 0.57 3.2 x

87 BOD AUSTRALIA LTD BDA-ASX 0.49 44 40 13% -85% 130% 1 (8) 0.04 12.5 x

88 MEDLAB CLINICAL LTD MDBBF 0.12 34 29 139% -9% -58% 4 (8) 0.03 4.2 x

89 RHINOMED LTD RHNMF 0.13 33 28 42% -100% -10% 2 (4) 0.03 4.4 x

90 AVICANNA INC. AVCIF 0.64 18 25 354% -30% -68% 0.37 1.7 x

91 TETRA BIO-PHARMA INC TBPMF 0.15 43 34 297% -38% -56% 0 (9) 0.09 1.7 x

92 CORBUS PHARMACEUTICALS HLDGS CRBP 1.39 116 60 606% -34% -75% 36 5 12.7 x (80) 0.36 3.9 x

93 ZYNERBA PHARMACEUTICALS INC ZYNE 4.42 130 66 69% -42% -27% 0 0 (34) (52) - 2.26 2.0 x

94 MGC PHARMACEUTICALS LTD MGCLF 0.02 27 27 336% -81% -36% 0 (6) 0.00 11.8 x

95 MYDECINE INNOVATIONS GROUP INC. NLBIF 0.23 37 37 296% -85% 96% 0.05 4.9 x

96 PIVOT PHARMACEUTICALS INC BETRF 0.71 26 28 304% -65% -39% 0 (4) 0.10 7.1 x

97 CANNABICS PHARMACEUTICALS CNBX 0.32 43 43 89% -80% 163% 0 (3) 0.01 24.7 x

98 IDT AUSTRALIA LIMITED IDT-ASX 0.15 35 29 5% -69% 56% 12 (3) 0.07 2.0 x

99 PHARMACYTE BIOTECH, INC. PMCB 0.01 13 11 1178% -26% -87% 0 0.00 1.6 x

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100 REVIVE THERAPEUTICS LTD RVVTF 0.32 41 39 55% -95% 702% 0 (1) 0.03 10.9 x

101 AUSCANN GROUP HLDGS LTD ACNNF 0.15 49 36 62% -57% -9% 0 (5) 0.08 2.0 x

102 FSD PHARMA INC HUGE 1.85 35 23 657% -31% -66% 0 (25) 2.15 0.9 x

103 PREVECEUTICAL MED INC PRVCF 0.03 13 15 270% -79% 170% 0 (3) (0.00) -6.0 x

104 CANNTAB THERAPEUTICS LTD CTABF 0.54 18 18 63% -61% 26% 0 (2) 0.07 7.6 x

105 CRESO PHARMA CPH-ASX 0.17 120 122 -17% -90% 98% 4 (10) 0.01 13.1 x

106 LEXARIA BIOSCIENCE CORP LXRP 0.27 24 23 111% -37% -29% 0 (4) 0.03 9.6 x

107 INMED PHARMACEUTICALS INC IMLFF 3.20 17 12 232% -6% -46% 0.80 4.0 x

108 EMERALD BIOSCIENCE INC EMBI 0.03 8 5 638% -18% -75% 0 (7) 0.01 4.5 x

109 ONE WORLD PHARMA, INC. OWPC 0.11 5 7 4329% -42% -96% 0 (6) (0.02) -4.3 x

110 RELEVIUM TECHNOLOGIES INC RLLVF 0.02 5 7 199% -91% 3% 3 (2) 0.02 1.2 x

111 PHARMADRUG INC. LMLLF 0.05 10 11 200% -98% 96% 0 (3) 0.04 1.4 x

112 CANNPAL ANIMAL THE CP1-ASX 0.15 14 12 5% -72% 76% 0 (2) 0.01 11.6 x

113 WIZE PHARMA LTD WIZP 0.14 2 8 188% -55% -25% 0 (3) (0.40) -0.3 x

114 BLUEBERRIES MEDICAL CORP BBRRF 0.05 7 7 164% -46% -44% 0 (4) 0.03 1.7 x

115 INTEC PHARMA LTD NTEC 3.46 14 (2) 357% -36% -65% 0 0 (34) 4.58 0.8 x

116 TREE OF KNOWLEDGE INTL CORP TOKIF 0.01 3 3 385% -53% -58% 5 (6) 0.02 0.7 x

117 PHARMAGREEN BIOTECH INC. PHBI 0.01 1 1 10900% -47% -98% 0 (0) (0.02) -0.5 x

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118 THERAPIX BIOSCIENCES LTD TRPX 4.25 1 1 -67% -94% 281% (3.45) -1.2 x

119 ABATTIS BIOCEUTICALS CORP ATTBF 0.02 8 6 360% -82% 272% 0 (13) 0.02 1.0 x

120 VERITAS PHARMA INC VRTHF 0.11 2 2 52% -59% 12% 0 (3) (0.05) -2.3 x

121 NANOSPHERE HLTH SCIENCES INC NSHSF 0.01 1 1 814% -15% -84% 0 (2) (0.01) -0.6 x

122 PHIVIDA HLDGS INC PHVAF 0 (7) 0.04

123 OPIANT PHARMACEUTICALS, INC. OPNT 8.49 36 5 85% -20% -41% 41 29 0.2 x 11 8.35 1.0 x

CBD/Hemp

124 CHARLOTTES WEB HLDGS INC CWBHF 5.05 702 852 85% -58% -34% 95 96 8.9 x (22) (23) - 1.92 2.6 x

125 CBDMD INC. YCBD 2.99 156 150 37% -83% 32% 0 43 3.5 x (2) (6) - 1.63 1.8 x

126 BETTER CHOICE COMPANY INC. BTTR 0.96 47 100 182% -75% -64% 16 (34) (0.34) -2.8 x

127 CV SCIENCES INC CVSI 0.57 57 58 135% -56% -41% 54 26 2.2 x (16) (10) - 0.19 2.9 x

128 CARDIOL THERAPEUTICS INC. CRTPF 1.86 61 36 106% -42% -33% 0 0 135.4 x (11) (11) - 0.51 3.6 x

129 GREEN HYGIENICS HOLDINGS INC. GRYN 0.70 29 35 200% -57% -66% 0 (2) (0.11) -6.3 x

130 HEMP INC HEMP 0.01 2 28 89% -68% -10% 2 (10) 0.00 2.6 x

131 KONA GOLD SOLUTIONS, INC. KGKG 0.02 14 18 315% -20% -57% 2 (2) (0.00) -4.2 x

132 CBD UNLIMITED, INC. EDXC 0.13 34 38 9% -76% 37% 1 (1) (0.02) -5.6 x

133 GL BRANDS, INC. GRLB 0.02 10 14 407% -20% -74% 0 (3) 0.01 1.7 x

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134 VERITAS FARMS INC VFRM 0.23 10 13 561% -52% -76% 7 (11) 0.22 1.0 x

135 ELIXINOL GLOBAL LTD ELLXF 0.22 53 44 235% -59% -37% 19 (15) 0.11 1.9 x

136 CANNABIS SATIVA, INC. CBDS 0.62 17 19 149% -48% 14% 1 (2) 0.03 24.0 x

137 EMPOWER CLINICS INC EPWCF 0.21 46 42 21% -95% 921% 2 (3) (0.02) -12.7 x

138 NATURALLY SPLENDID ENTPRS NSPDF 0.03 7 8 245% -58% -41% 2 (4) (0.00) -69.5 x

139 AUSTRALIAN PRIMARY HEMP LTD. APH-ASX 0.28 21 21 7% -89% 120% 1 (0) 0.03 9.6 x

140 MAPLE LEAF GREEN WORLD INC MGWFF 0.04 7 8 162% -29% 17% 0 (1) 0.02 1.8 x

141 ISODIOL INTERNATIONAL INC ISOLF 0.02 1 5 1077% -41% -81% 15 (17) (0.01) -3.8 x

Downstream - Distribution/Brand/Marketing/Retail/Delivery

142 PLANET 13 HLDGS INC PLNHF 5.85 714 920 9% -89% 250% 64 73 12.5 x 4 14 65.3 x 0.51 11.5 x

143 ALCANNA INC LQSIF 4.64 186 442 6% -79% 36% 604 815 0.5 x 26 70 6.3 x 1.68 2.8 x

144 NEW AGE BEVERAGES CORP. NBEV 3.23 318 365 8% -70% 77% 254 266 1.4 x (31) (20) - 0.87 3.7 x

145 JUSHI HOLDINGS INC. JUSHF 4.24 378 464 15% -85% 207% 10 101 4.6 x (30) 10 46.0 x 0.61 6.9 x

146 GREEN GROWTH BRANDS GGBXF 0.02 4 205 4248% -76% -97% 0 0.19 0.1 x

147 MEDMEN ENTERPRISES INC MMNFF 0.17 57 243 354% -44% -69% 120 148 1.6 x (210) (67) - 0.40 0.4 x

148 FIRE & FLOWER HOLDINGS CORP. FFLWF 0.66 108 143 40% -72% -5% 0 118 1.2 x (0) (3) - 0.11 5.9 x

149 GREENLANE HOLDINGS INC GNLN 4.41 58 91 13% -77% 35% 185 139 0.7 x (21) (19) - 1.41 3.1 x

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150 PLUS PRODUCTS INC PLPRF 0.51 17 68 164% -45% -60% 14 22 3.0 x (24) (4) - (0.82) -0.6 x

151 HIGH TIDE INC HITIF 0.14 54 63 45% -68% 68% 7 97 0.6 x (3) 15 4.2 x 0.04 3.2 x

152 IGNITE INTERNATIONAL BRANDS, LTD. BILZF 0.60 64 83 126% -60% -43% 7 (33) (0.04) -14.2 x

153 NATIONAL ACCESS CANNABIS CORP. NACNF 0.10 23 39 254% -65% -51% 2 (6) 0.01 8.2 x

154 SLANG WORLDWIDE INC. SLGWF 0.28 82 88 43% -73% -18% 22 25 3.5 x 11 (5) - 0.17 1.7 x

155 INNER SPIRIT HLDGS LTD INSHF 0.12 25 37 27% -57% 35% 6 (4) 0.00 26.1 x

156 CHOOM HOLDINGS INC CHOOF 0.07 20 36 175% -29% -35% 0 (9) 0.01 5.6 x

157 DRIVEN DELIVERIES INC DRVD 0.55 43 46 313% -57% -60% 3 (12) 0.02 27.3 x

158 WILDFLOWER BRANDS INC WLDFF 0.11 16 27 84% -55% -30% 1 (4) 0.23 0.5 x

159 DIXIE BRANDS INC. DXBRF 0.14 149 19 121% -50% -20% 11 (18) (0.04) -3.4 x

160 BC CRAFT SUPPLY CO. LTD. CRFTF 0.08 9 13 1119% -74% -90% 0 (0) 0.01 11.7 x

161 SMART CANNABIS CORP. SCNA 0.01 34 35 200% -83% 54% 0 (0) (0.00) -43.8 x

162 ROCKY MTN HIGH BRANDS INC RMHB 0.04 12 13 54% -70% 14% 0 (4) (0.02) -2.0 x

163 DIEGO PELLICER WORLDWIDE INC DPWWD 0.01 1 7 331% -31% -74% (0.05) -0.1 x

164 GABY INC. GABLF 0.05 13 15 137% -75% -26% 8 (11) 0.00 14.8 x

165 BHANG INC. BHNGF 0.04 4 4 352% -29% -63% 5 (8) 0.00 283.1 x

Extraction, Genetics, Canna Science, etc.

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166 NEPTUNE WELLNESS SOLUTION IN NEPT 1.63 211 178 120% -41% -31% 19 68 2.6 x (9) (29) - 1.04 1.6 x

167 VALENS GROWORKS CORP VLNCF 1.51 194 197 107% -31% -42% 0 90 2.2 x (10) 21 9.6 x 0.84 1.8 x

168 MEDIPHARM LABS CORP MEDIF 0.45 69 46 650% -12% -85% 97 35 1.3 x 8 (19) - 0.64 0.7 x

169 22ND CENTURY GROUP, INC. XXII 1.89 262 238 -5% -71% 72% 26 27 8.9 x (21) 0.36 5.2 x

170 ENWAVE CORP NWVCF 1.02 114 104 42% -61% -21% 18 32 3.3 x 2 (3) - 0.19 5.5 x

171 BIOHARVEST SCIENCES INC. CNVCF 0.12 53 53 112% -58% 19% 0 (2) (0.00) -359.1 x

172 HALO LABS INC AGEEF 0.04 42 56 547% -49% -80% 28 (22) 0.07 0.6 x

173 WILLOW BIOSCIENCES INC. CANSF 0.49 48 41 50% -56% 1% 0 0 (8) 0.03 14.3 x

174 APPLIED DNA SCIENCES, INC. APDN 6.80 35 26 141% -63% 62% 4 3 8.7 x (11) 1.77 3.8 x

175 RADIENT TECHNOLOGIES RDDTF 0.08 25 33 417% -31% -73% 0 (20) 0.04 1.8 x

176 CLS HOLDINGS USA INC CLSH 0.14 17 34 82% -71% -37% 8 (7) (0.05) -2.7 x

177 GB SCIENCES INC. GBLX 0.06 16 22 4% -74% 43% 3 (13) (0.01) -6.8 x

178 NEXTLEAF SOLUTIONS LTD OILFF 0.15 18 16 151% -45% -54% 0 (1) 0.06 2.5 x

179 NEUTRISCI INTERNATIONAL INC NRXCF 0.09 14 14 27% -89% 290% 0 (1) 0.00 75.5 x

180 WORLD-CLASS EXTRACTIONS WCEXF 0.01 6 10 862% -89% -74% 0 (6) 0.01 1.2 x

181 CANNAPOWDER INC CAPD 0.45 6 6 161% -79% -40% 0 (3) (0.02) -20.4 x

182 MICRON WASTE TECHNOLOGIES IN MICWF 0.08 5 4 176% -69% 13% 0 (2) 0.09 1.0 x

183 AREV NANOTEC BRANDS INC. AREVF 0.09 2 2 487% -99% -55% 0 (2) (0.02) -4.1 x

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Input Materials - Nutrients, Hydroponic Equipment, etc.

184 SCOTTS MIRACLE-GRO CO SMG 177.30 9,883 11,554 2% -57% 67% 3,156 4,331 2.7 x 515 785 14.7 x 12.49 14.2 x

185 GROWGENERATION CORP GRWG 34.17 1,674 1,627 9% -92% 733% 80 190 8.6 x 3 20 80.4 x 2.32 14.7 x

186 MARRONE BIO INNOVTIONS MBII 1.29 197 215 16% -53% 28% 29 40 5.4 x (19) (14) - 0.15 8.5 x

187 SHARC INTL SYS INC INTWF 0.25 16 20 30% -86% 258% 0 (2) (0.05) -5.5 x

188 GROWLIFE INC PHOT 0.14 6 10 349% -29% -70% 8 (4) (0.14) -1.0 x

189 SURNA INC SRNA 0.05 11 10 112% -67% -34% 15 (1) (0.01) -7.7 x

190 AFFINOR GROWERS INC RSSFF 0.03 4 4 93% -78% 50% 0 (1) 0.00 11.0 x

191 ROTO-GRO INTL LTD RGI-ASX 0.06 12 10 82% -57% -33% 0 (3) 0.11 0.5 x

Testing

192 PSYCHEMEDICS CORP PMD 5.00 28 35 114% -28% -45% 38 6 2.34 2.1 x

193 EVIO INC EVIO 0.00 0 14 3100% -71% -94% 3 (7) (0.16) 0.0 x

194 FLUROTECH FLURF 0.12 6 5 166% -73% -8% 0 (3) 0.02 5.9 x

Technology, Ancillary Products and Services

195 NEXTECH AR SOLUTIONS CORP NEXCF 5.14 382 209 44% -90% 515% 5 14 15.4 x (4) 0.24 21.3 x

196 KUSHCO HOLDINGS INC KSHB 0.90 115 131 142% -67% -45% 149 108 1.2 x (46) (14) - 0.69 1.3 x

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197 NAMASTE TECHNOLOGIES INC NXTTF 0.18 57 47 207% -8% -25% 15 (25) 0.09 2.0 x

198 MEDICINE MAN TECHNOLOGIES IN SHWZ 1.33 56 54 138% -21% -50% 12 (12) 0.62 2.2 x

199 CB2 INSIGHTS INC CBIIF 0.73 118 72 11% -95% 1422% 10 (3) 0.03 23.4 x

200 VEXT SCIENCE INC. VEXTF 0.58 13 64 72% -78% 0% 22 4 0.32 1.8 x

201 AKERNA CORP. KERN 3.66 72 93 254% -41% -57% 11 14 6.8 x (13) (14) - 2.54 1.4 x

202 CANNABIX TECHNOLOGIES INC BLOZF 0.69 72 22% -67% 141% (3) 0.06 11.6 x

203 HELIX TCS INC HLIX 0.33 42 44 100% -74% -28% 15 (5) 0.17 2.0 x

204 LEAFBUYER TECHNOLOGIES INC LBUY 0.14 11 14 23% -64% 20% 2 (5) (0.00) -55.8 x

205 EUROLIFE BRANDS INC. CANVF 0.48 21 18 45% -90% 39% 0.04 12.5 x NOVUS ACQUISITION AND DEVELOPMENT

206 CORP. NDEV 0.08 8 8 149% -94% 106% 0 0 0.01 5.5 x

207 AUSTRALIS CAPITAL INC AUSAF 0.14 25 14 156% -61% -59% 0 (0) 0.24 0.6 x

208 GLOBAL HEALTH CLINICS LTD LRSND 0.20 2 2 405% -96% 62% (0.04) -5.6 x

209 NUGL INC NUGL 0.08 3 4 147% -60% -48% 0 (1) 0.00 277.8 x

Real Estate & Investors

210 INNOVATIVE INDUSTRIAL PPTYS IIPR 156.02 3,460 2,999 6% -74% 106% 45 119 25.3 x 34 104 28.9 x 56.64 2.8 x

211 COMPASS DIVERSIFIED HOLDINGS CODI 19.81 1,286 2,174 33% -46% -20% 1,450 1,512 1.4 x 182 236 9.2 x 12.57 1.6 x

212 RED WHITE & BLOOM BRANDS TDRYF 0.52 79 189 687% -39% -34% 0.39 1.4 x

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213 C21 INVTS INC CXXIF 1.15 112 142 -9% -86% 103% 3 (11) 0.15 7.4 x

214 CANOPY RIVS INC CNPOF 0.88 136 140 48% -58% 0% 4 (7) -19.1 x 8 (53) - 0.86 1.0 x

215 NABIS HOLDINGS INC. NABIF 0.00 1 28 1233% -29% -90% 1 (9) (0.11) 0.0 x

216 CANNABIS STRATEGIC VENTURES NUGS 0.07 12 34 200% -61% 106% 1 (21) (0.02) -2.6 x

217 GENERAL CANNABIS CORP. CANN 0.54 32 37 39% -52% -14% 4 (9) (0.02) -34.4 x

218 WEED, INC BUDZ 0.26 29 30 122% -35% -18% 0 (27) 0.01 29.3 x FIRST COLOMBIA DEVELOPMENT CORP. /

219 REDWOOD GREEN CORP. FCOL 0.20 19 19 250% -75% -67% 0.05 4.0 x

220 ELIXXER LTD. ELIXF 0.01 8 12 264% -64% -60% 0 (10) 0.01 0.8 x

221 CORDOVACANN CORP LVRLF 0.22 16 21 72% -84% 45% 0 (4) 0.06 3.5 x

222 CANADABIS CAPITAL INC CANB-CA 0.11 6 10 63% -43% 1% 0 (5) 0.02 5.4 x

223 INVICTUS MD STRATEGIES CORP IVITF 0.03 3 10 486% -100% -69% 2 (12) 0.61 0.0 x

224 MJ HARVEST INC MJHI 0.40 9 9 650% -75% -53% 0 (1) (0.03) -14.1 x

225 LIBERTY LEAF HOLDINGS LTD LIBFF 0.24 15 14 10% -84% 48% 0 (1) 0.08 2.9 x

226 FINCANNA CAPITAL CORP FNNZF 0.05 5 8 94% -49% -44% 1 (1) 0.06 0.8 x

227 REDFUND CAP CORP PNNRF 0.05 3 3 819% -100% -64% 0 0.01 4.2 x

228 ACACIA DIVERSIFIED HLDGS INC ACCA 0.03 1 2 290% -93% -73% 1 (1) (0.02) -1.5 x

SPACs

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229 TUSCAN HOLDINGS CORP. THCBU 15.40 436 25% -37% 71% 0 (1)

230 SILVER SPIKE ACQUISITION CORP. SSPKU 13.00 325 -5% -27% 28% 0 (0)

231 GREENROSE ACQUISITION CORP. GNRSU 10.48 229 1% -14% 0 0

232 STABLE ROAD ACQUISITION CORP. SRACU 19.51 347 22% -52% 90% 0 (0)

233 COLLECTIVE GROWTH CORP. CGROU 14.82 226 8% -36% 0 0 SCHULTZE SPECIAL PURPOSE ACQUISITION

234 CORP. SAMA 12.60 148 148 0% -24% 24% 0 (1) 8.16 1.5 x

235 CANNABIS GROWTH OPPORTUNITY CORP. CGOC-CA 0.34 8 (18) 79% -61% -36% 3 1.06 0.3 x

Diversified

236 ALTRIA GROUP INC MO 42.23 78,481 103,335 23% -27% -15% 19,796 20,746 5.0 x 10,785 11,664 8.9 x 1.69 25.0 x

237 CONSTELLATION BRANDS STZ 213.01 36,106 52,497 1% -51% 12% 8,116 8,335 6.3 x 3,100 3,070 17.1 x 61.05 3.5 x

238 TILT HOLDINGS INC TLLTF 0.29 94 188 109% -69% 5% 153 216 0.9 x (110) 15 12.7 x 1.03 0.3 x

239 MJARDIN GROUP INC MJARF 0.04 3 101 637% -26% -79% 20 (44) (0.62) -0.1 x

240 CANN GROUP LTD CNGGF 0.60 161 166 90% -70% 35% 2 (8) 0.29 2.0 x

241 ALTHEA GROUP HOLDINGS LTD. AGH-ASX 0.40 95 90 23% -78% 50% 1 (8) 0.15 2.6 x

242 INDUS HOLDINGS, INC. INDXF 1.65 55 96 8% -90% 96% 37 57 1.7 x (40) (8) - 0.64 2.6 x

243 STEM HLDGS INC STMH 0.53 36 49 106% -73% -37% 1 (7) 0.40 1.3 x

244 PHARMACIELO LTD PCLOF 1.08 106 104 172% -73% -54% 1 4 27.1 x (24) 0.26 4.1 x

245 THC GLOBAL GROUP LTD HDRPF 0.17 29 27 58% -19% -37% 3 (7) 0.11 1.5 x

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246 1933 INDUSTRIES INC TGIFF 0.05 15 31 271% -29% -65% 14 (7) 0.05 1.1 x

247 KHIRON LIFE SCIENCES CORP KHRNF 0.31 35 26 188% -31% -61% 7 8 3.4 x (26) (19) - 0.33 1.0 x

248 NEXT GREEN WAVE HLDGS INC NXGWF 0.27 44 45 23% -87% 286% 0 (5) 0.08 3.2 x

249 GOLDEN LEAF HOLDINGS LTD GLDFF 0.02 20 30 16% -69% 43% 16 (10) 0.00 6.3 x

250 MCIG INC MCIG 0.05 25 25 80% -59% 132% 0.01 4.6 x

251 HARVEST ONE CANNABIS INC HRVOF 0.06 13 9 188% -45% -47% 5 (13) 0.10 0.6 x

252 LEVIATHAN CANNABIS GP INC LVCNF 0.15 12 19 576% -70% -51% 0 (5) (0.01) -21.9 x

253 MPX INTERNATIONAL CORP. MPXOF 0.06 9 13 650% -52% -76% 0 (1) 0.33 0.2 x

254 NUTRITIONAL HIGH INTL INC SPLIF 0.01 3 13 740% -34% -77% 5 (6) (0.02) -0.3 x

255 MJ HOLDINGS INC MJNE 0.25 16 19 104% -71% -12% 0 (5) 0.13 1.9 x

256 TARGET GROUP INC CBDY 0.02 9 19 73% -60% -24% 0 (5) 0.00 5.0 x

257 RADIKO HOLDINGS RDKO-CA 0.01 5 11 179% -41% 52% 7 (10) (0.01) -2.0 x

258 THE YIELD GROWTH CORP. BOSQF 0.07 10 10 259% -34% -57% 2 (5) 0.02 4.2 x AMERICAN CANNABIS INNOVATIONS

259 CONGLOMERATED PURA 0.01 8 9 272% -47% -66% 3 0 (0.00) -8.6 x CANNABIS ONE (METROPOLITAN ENERGY

260 CORP) CBIS-CA 0.07 4 8 88% -44% -38% 0 (1) 0.05 1.5 x

261 FUTURE FARM TECHNOLOGIES INC FFRMF 0.06 10 12 4% -82% 121% 0 (12) (0.00) -13.3 x

262 GSRX INDUSTRIES INC GSRX 0.03 2 4 471% -56% 51% 11 (22) 0.06 0.4 x

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Important Disclosures

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