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Ackrell Capital 2018 Cannabis Investment Report

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2018 CANNABIS INVESTMENT REPORT GLOBAL CANNABIS CONSUMERS Contents The United Nations recently estimated that more than 180 million people Foreword globally between the ages of 15 and 64, or more than 4% of this age group, consume cannabis annually. I Executive Summary II Cannabis Science 101 At least 20 countries have implemented medical cannabis laws, including III Cannabis Industry Segmentation Australia, Canada, Colombia and Germany; countries without such laws IV U.S. Legal Landscape include China, Japan, Russia and the United States. V Global Cannabis Regulation VI U.S. and International Cannabis Market Estimates Although federally illegal in the United States, 46 states and the District of Columbia have passed at least one law that permits the manufacture, VII Capital Markets for Cannabis Companies distribution, dispensing or possession of cannabis. While most of these laws VIII Top 100 Private Cannabis Companies 2018 are medical cannabis laws, 8 states have enacted recreational laws. IX Cannabis Industry Risk Factors X Glossary of Terms Across all medical cannabis laws in the United States, cannabis is legally Disclosures, Disclaimers, Sources and Use recognized as a form of therapy or medicine for more than 50 qualifying Ackrell Capital Cannabis Team conditions, including Alzheimer’s disease, anorexia, arthritis, cancer, chronic pain, epilepsy and post-traumatic stress disorder. Inside Back Cover: The Green Field 2018 California is poised to become the largest recreational cannabis market About Ackrell Capital in the world with the implementation of its recreational law in January Founded in 2003, Ackrell Capital is a leading 2018—a watershed moment for the industry. independent investment bank focused on emerging growth companies. Ackrell Capital’s The illegal cannabis market in the United States is estimated to be more expertise includes: than $45 billion annually. (We estimate that the 2017 U.S. state-legal cannabis market was $8.0 billion.) If federal legalization occurs, we believe Private Equity that the legal market could be more than two times the size of the current Mergers and Acquisitions illegal market, ultimately exceeding $100 billion annually. Private Placements Corporate Development The cannabis industry provides a broad range of investment opportunities Cannabis, Consumer, Technology, Digital in both the public and private markets for sophisticated investors who are and Other Emerging Growth Industries willing to take signicant risks. Ackrell Capital is based in San Francisco, CA. Ackrell Capital is a member of FINRA and SIPC. This report has been compiled for informational purposes only, and is not a research report. This report is not and should not be construed as an offer to sell securities or a solicitation of an offer to buy securities. The information in this report is of a general nature, and this report should not be construed, relied upon or acted upon as investment, legal, medical, health or tax advice. Ackrell Capital has made investments in and conducted investment banking services for companies mentioned in this report, and may do so in the future. Readers should be aware that Ackrell Capital may have a conflict of interest that could affect the objectivity of this report. Ackrell Capital, LLC is a member of FINRA and SIPC. © 2017 Ackrell Capital, LLC. REPORT HIGHLIGHTS Select Countries with Legalized Cannabis Access (January 2018) Recreational Law* Medical Law State/Province Conflict with Federal Law *Canada currently has a medical law. Assumes Canada enacts a proposed recreational law in mid-2018. U.S. State Cannabis Laws (January 2018) Recreational Law Medical Law CBD/Limited Law © 2017 Ackrell Capital, LLC | Member FINRA / SIPC Progression of U.S. State Cannabis Laws 1996 2004 2008 2012 2014 TODAY Recreational Law Medical Law CBD/Limited Law © 2017 Ackrell Capital, LLC | Member FINRA / SIPC U.S. Legalized Cannabis Market $140,000 Path to Federal Legalization 70 M FDA Approves Cannabis-Derived Pharmaceuticals $120,000 60 M More States Adopt Medical Cannabis Laws $100,000 50 M Number of Consumers More States Adopt Recreational Laws $80,000 FDA Routinely Approves CBD Drugs 40 M FDA Routinely Approves THC Drugs $60,000 30 M ($ millions) Federal Government Legalizes Cannabis $40,000 20 M $20,000 10 M $0 0 M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Legalized Cannabis Market Size Consumers Source:Ackrell Capital. Assumes cannabis will be legalized federally by 2027. Cannabis may never be legalized federally in the United States. Cannabis Industry Segments Production Business Solutions Production Production and Business Business Cultivation Equipment and Testing Services Software Services Supplies Distribution Digital Media Distribution Online Content Online Dispensaries E-Commerce Services and Networking Directories Consumer Products Vaporizers and Flower Concentrates Infused Products Pharmaceuticals Accessories Involves “touching the plant” Does not involve “touching the plant” © 2017 Ackrell Capital, LLC | Member FINRA / SIPC Cannabis Investment Report | December 28, 2017 Foreword Ackrell Capital is pleased to present our 2018 Cannabis Investment Report. Much has happened in the nearly two years since we published our inaugural report: the cannabis industry grew significantly, com- panies in the industry raised large amounts of capital and their stock prices performed well, and the legal- ization movement continued worldwide as more countries and U.S. states implemented a framework for legal cannabis access. There was also a presidential election in the United States; its ultimate impact on the cannabis industry remains uncertain. What did not happen since we launched our inaugural report? Federal legali zation: “marijuana” continues to be classified as a Schedule I controlled substance under the Controlled Substances Act in the United States. In this new edition, we introduce an outlook on global cannabis markets, analyze capital markets for cannabis companies and present updated market estimates. We also expand on the first edition by providing more in-depth analyses of the various market segments within—and analyzing the legal issues pertinent to—the cannabis industry. The Top 100 Private Cannabis Companies list has been updated and our industry landscape, The Green Field, has been updated and expanded to include more than 500 companies. Cannabis legalization has accelerated domestically and internationally. In the 2016 U.S. elections, four states, including California, legalized recreational cannabis (bringing the total number of states with recre- ational laws to eight) and an additional four states legalized medical cannabis. Cannabis use is now state- legal in some form in 46 states. In January 2018, California will implement its recreational law, making it the largest market globally for the recreational use of cannabis. Similarly, Canada is expected to pass its recreational law in mid-2018. And in 2017, Germany became the most populous country in the world to pass a medical cannabis law. Cannabis has mass consumer appeal around the world. (According to the United Nations, more than 180 million people per year use cannabis and it is the most-consumed drug worldwide). While it is clear that there is significant demand for cannabis, less clear is how quickly illegal markets will transition to legal markets, as well as the extent to which legalization may increase overall demand. We continue to believe that it is a question of when—not if—the U.S. federal prohibition on cannabis will end. We believe that a path toward federal legalization exists and we believe this process has com- menced. According to Gallup, 64% of Americans today believe that cannabis use should be legal. Who is the cannabis consumer? It is the 80-year-old cancer patient ingesting cannabis to treat side effects of chemotherapy. It is the 12-year-old child using cannabis extracts on a doctor’s recommendation to reduce epileptic seizures. It is the 30-something mother or father seeking to relax after a full day. It is a group of 20-year-olds on a Friday night heading to a concert. It is the millions of people suffering from anxiety and depression. It is the millions of people treating chronic pain and nausea. It is the millions of people using cannabis recreationally. Our team has met with more than 1,000 companies in the cannabis industry. We understand the oppor- tunities and challenges facing the industry, and we are happy to provide our insights. Sincerely, The Ackrell Capital Cannabis Team © 2017 Ackrell Capital, LLC | Member FINRA / SIPC Cannabis Investment Report | December 2017 n Table of Contents CHAPTER I Executive Summary ......................................................... 1 n Global Cannabis Consumers n To Watch in 2018 n Investment Outlook CHAPTER II Cannabis Science 101 ....................................................... 15 n The Cannabis Plant n The Human Endocannabinoid System n Cannabinoids n Terpenes n Cannabis Formulations CHAPTER III Cannabis Industry Segmentation. 31 n Production n Distribution n Consumer Products n Business Solutions n Digital Media CHAPTER IV U.S. Legal Landscape ....................................................... 61 n U.S. State Law n U.S. Federal Law n The Path to Federal Legalization CHAPTER V Global Cannabis Regulation. 91 n Global Cannabis Legalization Momentum n United Nations Conventions n Global Legal Developments n Global Outlook CHAPTER VI U.S. and International Cannabis Market Estimates . 103 n Global Market
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