Medical Cannabis -Australia (2 6

Sample by Avise Analytics Private Limited

` The Next Big Billion Dollar Market Investors Are Rushing To

MEDICAL CANNABIS Now Legal MEDICALin Australia CANNABIS 1 Now Legal in Australia ` OVERVIEW

Sample by Avise Analytics Private Limited Global medical marijuana market size was valued at US$11.4bn in 2015 and is projected to grow with CAGR of 17.1 % to ~US$55bn by 2025 (Grand View Research) whereas legal cannabis sales in the US reached 89% US$7.4bnSample in 2016 and byare projected Avise to growAnalytics at a CAGR of Private30% to ~US$21bn Limited by 2020 (ArcView Market 13.1mn Research). Of Americans Support People Cannabis The Legalization Of Dependent Globally Marijuana For Medical On 30 October 2016, Australia legalizes cultivation and the use of medical marijuana, although it will remain Treatment strictly controlled. The new importation rules introduced in February are making medicinal cannabis products more readilySample accessible by to Australian Avise doctors.Analytics Private Limited

9 Cannabis Stocks Soar > Cannabis products made from Australian grown medicinal cannabis crop could be in use as early as 2017. The medical cannabis 130% in Australia during governmentSample has received by applications Avise fromAnalytics 25 companies toPrivate grow and manufacture Limited medical cannabis product. companies are now Listed 1Q CY17 in ASX versus 2 in 2015.

Aussie cannabis companies can even target rapidly growing international market. As of Apr’17, Cannabis is allowed for medical use in countries including 29 US states, France, Canada, Germany, the Netherlands, Uruguay,Sample Chile, the Czech by Republic Avise andAnalytics Israel. Private Limited 8000Kg ~700 Estimated yearly demand Number medicinal use of for legalised medical Cannabis. In May, the first 2 imports of medicinal cannabis arrived in Australia. Children suffering from epilepsy and cannabis patients dealing with side effects caused by cancer treatment are most likely to benefit from these products.

MEDICAL CANNABIS 23 Now Legal in Australia ` WHAT IS MEDICAL CANNABIS? 55% THE #1 REASON PEOPLE USE CANNABIS FOR RELAXATION

The term medical marijuana refers to using the whole, unprocessed marijuana plant or its basic extracts 40% to treat symptoms of illness andSample by other conditionsAvise Analytics Private Limited. The U.S. Food and Drug Administration (FDA) has not OF PEOPLE WANT TO recognized or approved the marijuana plant as medicine. However, scientific study of the chemicals in RELIEVE STRESS OR marijuana, called cannabinoids, has led to two FDA-approved medications that contain cannabinoid ENJOY SOCIAL chemicalsSamplein pill formby. ContinuedAviseresearchAnalyticsmay lead toPrivatemore medications Limited. EXPERIENCE Because the marijuana plant contains chemicals that may help treat a range of illnesses and symptoms, 39% many people argue that it should be legal for medical purposes. In fact, a growing number of states in the OF PEOPLE WANT TO US and many other countries including Australia have legalized marijuana for medical use. REDUCE ANXIETY DIFFERENTSampleWAYS byTO AviseCONSUMEAnalyticsMEDICAL CANNABIS Private Limited 1. Smoking medical cannabis 2. Vaporizing medical cannabis 29% WANT TO IMPROVE 3. Edible medical cannabis 4. Tinctures and tonics 5. Topical Products SLEEP QUALITY HOWSampleMIGHT CANNABINOIDS by AviseBEAnalyticsUSEFUL AS MEDICINE? Private Limited The two main cannabinoids from the marijuana plant that are of medical interest are: 26% Δ9-Tetrahydro-cannabinol (THC) and Chemical Cannabidiol (CBD). USE CANNABIS FOR PAIN MANAGEMENT UNDERSTANDINGSample byTHE AviseMEDICALAnalyticsBENEFIT OF THESE PrivateCOMPOUND? Limited THC – Psychoactive Chemical CBD– Non-psychoactive Chemical 16% WANT • EASES PAIN • REDUCES DRAVET SEIZURE TO • HELPS WITH RELAXATION • KILLS CANCER CELLS STIMULATE • SUPPRESSES PAIN FROM NERVE DAMAGES • STIMULATE BONE GROWTH CREATIVITY • REDUCES RISK OF NERVE DAMAGE • ANTI-INFLAMATORY PROPERTIES • SUPRESSES MUSCLE SPASMS AND CONVULSIONS • ANTI-OXIDANT PROPERTIES 26% • ANTI-PSYCHOTIC WANT TO TREAT A MEDICAL CONDITION

Source: New Frontier Data MEDICAL CANNABIS 34 Now Legal in Australia ` MEDICINAL CANNABIS TREATMENTS

The table summarises the conditions which THC and CBD are known to be able to treat. This list is neither exhaustive nor Sample by Avise Analytics Private Limited definitive. It is here only to provide a snapshot of the current state of cannabis research. CONDITIONS TREATMENT SOURCE OF TREATMENT WHY PEOPLE USE CANNABIS (BY GENDER) Strength of CBD THC Both Sample by Avise Analytics Private Limited evidence 45% Stress Relief 37% Pain Reduction Sativex High Aids/HIV 38% Appetite Stimulation And Weight Gain Dronabinol (Marinol) High Reduce Anxiety 25% Alzheimer’s Disease Inhibition Of Neurodegeneration Injected (still in experimental phase) High 31% Oral Or Pain Management 23% Arthritis Sample byJoint Avise Destruction SuppressionAnalytics Private Limited High Injected Improve Sleep Nausea And Vomiting Due To 35% Reduce Nausea And Vomiting Oral: Nabilone & dronabinol (Marinol) Sativex High Quality 25% Chemotherapy Cancer Pain Reduction Smoked Nabiximols High 14% Nausea Suppression 6% Diabetic PeripheralSample Neuropathy by Pain Avise Reduction Analytics PrivateAerosolized, Limited Oral: Nabilone High Source: New Frontier Data Female Male Multiple Sclerosis Improve Spasticity Oral: Dronabinol (Marinol) & Nabilone Sativex High Anxiety And Depression Improvement In Mood Scale Dronabinol (marinol) & Nabilone Sativex High TOP 10 TRACKED CANNABIS THEREPIES (WORLDWIDE) Arthritis Symptomatic Relief Of Joint Pain. Oral Moderate Oral mucosal cannabis Chronic NonSample-cancer Pain byPain Avise Reduction Analytics Private Limited Moderate Pain 43% spray Anxiety & Depression 28% CBD-enriched Epilepsy Reduction In Seizure Frequency Moderate cannabis oil Migraines 18% Orally, intravenously, or Nausea 15% Glaucoma Ocular Therapeutic Support Moderate inhalation PTSD 14% Schizophrenia Reduced Psychotic Symptoms Oral Low Bipolar Disorder 13% Tourette Syndrome Improvement In Tic Severity Capsules: Dronabinol & Nabilone Sativex Moderate Anorexia 12% Decrease Crohn’s Disease Activity Inflammatory Bowel Disease Smokeable Low ADD/ADHD 11% Index (CDAI) Scores Sleep Disorders Improvement In Insomnia Nabilone Sativex Moderate Arthritis 6% Source: MYDX Presentation

MEDICAL CANNABIS 4 Now Legal in Australia ` DISEASES AND PATIENTS

The table summarises the total number of patients worldwide and in Australia for different diseases. Each condition and disease possess certainSample by benefitAvise Analytics Private Limitedfrom medical cannabis. NUMBER OF PATIENTS THE UNRELENTING MARCH OF DIABETES % prevalence and number of adults with diabetes by WHO region DISEASES WORLDWIDE PERCENTAGE (%)* AUSTRALIA PERCENTAGE (%)* in 1980 and 2014* DepressionSample by Avise322 millionAnalytics(2012) Private5% Limited>2 million (2011-12) 9.70% Diabetes 415 million (2015) 8.50% 1.2 million (2014-15) 5.10% Cancer (new cases) 14.1 million (2012) 0.20% 0.12 million (2012) 0.5% Neuropathic - 7-8% 1.8 million (2010) 7-8% ChronicSample Pain by Avise1.5 billionAnalytics(2011) Private21% Limited3.2 million (2007) 15% Sclerosis 2.5 million - 23.7k (2009) 0.10% Epilepsy 39 million (2015) 0.50% 0.25 million - Insomnia - 35% (2014) 2.1 million (2014-15) 12% AutismSample by Avise24.8 millionAnalytics (2015) Private0.3% Limited0.23 million (2015) 1.0% Alzheimer 46.8 million (2015) 0.6% 0.413 million (2016) 1.7% HIV/Aids 36.7 million (2015) 0.5% 25.3K (2015) 0.11% Arthritis - - 3.5 million (2014-15) 15.30% * Million of people and % of total regional population Source: World Health Organization * As a percentage of regional population Sample by Avise Analytics Private Limited NUMBER OF PEOPLE LIVING WITH HIV AND SOME IMPORTANT FACTS: ACCESSING TREATMENT GLOBALLY (MILLIONS) § By 2030, depression will be highest level of disability of any (WHO). 25mn U.S. adults had daily chronic pain, and 23mn more 35.9 36.7 33.9 34.5 35.2 physical or mental disorder. Only 35% of Australians with anxiety reported severe pain. 28.9 31.8 33.3 and depression access treatment; § The number of reported sclerosis cases is increasing by 4% each § In 2015, 1 in 11 adults has diabetes and by 2040, 1 adult in 10 will year in Australia. have diabetes (642mn) globally; whereas it is the fastest growing § Nearly 14% of people with epilepsy have used cannabis products chronic condition in Australia; as a way to manage seizures. § 21.7mn number of new cancer cases expected to be diagnosed § By 2025, the number of people with dementia is expected to reach 0.77 2.2 7.5 9.1 11 13 15 17 globally in 2030. In Australia, 134k (2017) new cancer cases 536,164 in Australia and 131.5mn worldwide by 2050; 2000 2005 2010 2011 2012 2013 2014 2015 estimated will be diagnosed in Australia and 150k by 2020; § An estimated 1.1mn people died from AIDS-related illnesses in People receiving treatment People living with HIV § Chronic disease prevalence is expected to rise by 57% by 2020 2015. Source: New Frontier Data MEDICAL CANNABIS 5 Now Legal in Australia ` GLOBAL MARKET

A new report from Grand View Research, Inc. estimates that the global medical marijuana market will reach a GROWTH OF LEGAL MEDICAL & ADULT USE MARIJUANA SALES IN US (2016-2025) value of $55.8 billion by 2025.Sample by The globalAviseindustryAnalytics Private Limitedwas valued at $11.4 billion in 2015, and the market research and consulting company projects it will grow at a compound annual growth rate of 17.1 percent 24.08 21.46 22.88 CAGR: 16% 19.89 during the forecast period. 18.36 16.02 10.55 10.86 $ in Billion 13.38 10.2 10.82 9.46 9.83 8.22 Sample by Avise Analytics Private Limited 7.97 6.5 USA 6.56 4.75 1.89 2.65 11.26 12.33 13.22 7.8 8.9 10.06 The legalisation of medical cannabis is the key force behind the increasing attractiveness of the US market and also 4.67 5.32 6.07 6.88 with direct influence on the global markets. The current size of the medical cannabis market is approximately USD 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4.67 billion (2016), while the recreational market in states that have regulated recreational cannabis is estimated at Medical Recreational USDSample1.89 billion. Forbythe Avisemarket potentialAnalyticsindication only ,Privateunofficially, the Limitedsize of the US black market for marijuana is Source: New Frontier Data estimated USD 50-65 billion. According to the latest report by New Frontier Data, medical cannabis sales in 2017 are forecast to grow to $5.3 29 LEGAL MEDICAL MARIJUANA STATES billion, which is 67% of total cannabis sales. The report projects that by 2025, medical sales in current legal states AND DC in UNITED STATED are forecast to grow to $13.2 billion, which will account for 55% of total cannabis sales. Sample by Avise Analytics Private Limited Source: New Frontier Data Research According to Green Wave Research, 730,000 patients have received medical recommendations to use cannabis in 2014-15, with the reported total over one million registered patients. Currently, there are ~2.3 million of medical marijuana patients in all states as compared to ~1.25 million in March 2016. CANADASample by Avise Analytics Private Limited Canada legalized medical marijuana in 2001. Since then, the industry has evolved in a staid way. The market for medicinal use is estimated at $144 million in 2014 is projected to grow to $3 billion by 2024 in annual sales alongside a projected $6 billion in annual sales from the recreational market. (Source: VII Capital estimates). Health Canada estimates that at the end of 2016, there were 0.13 million qualified patients in Canada and that patient population is expected to grow to 0.77 million by 2024 (24.9% CAGR). Authorised licensed producers in Canada has drastically increased in three years from 7 producers during January 2014 to 37 producers in Jan 2017. EUROPE Medical cannabis is currently importing (in small quantities) from the Netherlands and used by patients in 10 European countries. The largest markets are: France, Italy, Netherland and Romania.

MEDICAL CANNABIS 6 Now Legal in Australia ` GLOBAL MARKET CONTINUED… KEY FINDINGS

USA Chronic PainSample by Patients Aviseare theAnalytics Private Limited Majority in REDUCING PRESCRIPTION DRUG USE & COSTS AS AVG. PRICE PER SINGLE GRAM FALLS, MONTHLY SALES HAVE SOARED 100 million+ MMJ Programs Annual Number of Daily Doses Prescribed $44.50 Americans suffering from 81% Per Physician CHRONIC PAIN 76% 95,672 67% Sample by Avise Analytics63% Private Limited 59% 85,148 2 million+ Americans ADDICTED to Arizona Hawaii Colorado Nevada Oregon States Without a Medical States With a Medical Cannabis prescription pain killers Cannabis Law Law Sample by AviseREDUCING OPIOIDAnalytics RELATED DEATHS Private Limited $1.96 Billion 25% 8,300 11% $220 million $12.77 Medicare Opioids top 3 pain FEWER OPIOID OVERDOSE FEWER OPIOID OVERDOSE REDUCTION IN DAILY POTENTIAL MEDICAID medication cost (OxyContin, DEATHS IN MEDICAL DEATHS IN MEDICAL PHARMACEUTICAL DOSES SAVINGS IN OPIOID CANNABIS STATES CANNABIS STATES PRESCRIBED PRESCIRPTIONS Source: New Frontier Source: Data New Hydrocodone, Fentanyl)

CANADASample by Avise Analytics Private Limited

CANNABIS FOR MEDICAL PURPOSES (IN Total number of clients registered at end Average Price per gram of Estimated Price per gram of <3 Grams Per Day KGS): DRIED MARIJUANA of quarter dried marijuana dried marijuana 10 20000 1,40,000 9.4 Medical cannabis average 1,29,876 9.3 18000 9 Canadians are authorised to take 1,20,000 9.2 16000 9.1 8 9 9.12

Sample by AviseSold AnalyticsProduced Inventory Private Limited 98,460 14000 1,00,000 8.9 7 8.8 45 License Holders Source: CannStandard Source: Canaccord Genuity 12000 8.7 6 who have been issued a licence 80,000 75,166 by Health Canada Vs 14 holders in 10000

60,000 53,649 May’14 8000 Historical ACMPR Sales ($MM) Projected ACMPR Patients 39,668 6000 40,000 $41MM 770,000 30,537

4000 23,930 18,512 15,545

~10% 20,000 12,409

2000 7,914 Physicians are prescribing 0 0 cannabis to patients 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Source: Health Canada Source: Health Canada 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 14 14 14 14 15 15 15 15 16 16 14 15 16 17 18 19 20 21 22 23 24 Source: Health Canada Source: VIII Capital

MEDICAL CANNABIS 7 Now Legal in Australia ` DOMESTIC MARKET

Initial demand of upto 8000kg for medicinal marijuana in Australia could top A$100 million a SUMMARY OF REFORMS year, a University of Sydney report estimated. If cannabis-derived pharmaceuticals become The following table (as published on the TGA website www.tga.gov.au/medicinal-cannabis-products- Sample by Avise Analytics Private Limited more mainstream within the decade, demand could grow to A$380 million by 2018 and A$1.3 overview-regulation) provides an overview of how the new legislative requirements regarding billion in 2026, the report’s author Michael Katz said. That’s still a tiny fraction of the U.S. medicinal cannabis work together: States & Therapeutic Goods Act Narcotic Drugs Act market, which could be worth nearly $21 billion by 2020, Morgans Financial Ltd. said, citing Process Step Territories (Tga) (Odc) ArcViewSampleMarket Research by .Avise Analytics Private Limited Involved Current Australian use of medicinal cannabis The Victorian law reform report estimates that 750,000 Australians use cannabis every week and that 35% of Australians over the age of 14 have used it within their lifeSampletime. It is difficult byto accuratelyAviseestimateAnalyticsthe total Private Limited user base of medicinal cannabis within this estimate, but the Medicinal Cannabis Users Association of Australia (MCUA), an online advocacy and an educational group, recently claimed that their membership was increasing by 150 people a weekSample. Increasing discussion by Aviseof the therapeuticAnalyticsproperties of medicinalPrivatecannabis Limitedhas created a surge of interest in Australia for its use as an alternative to conventional treatments for a range of health conditions. On top of this, recent surveys have shown that cannabis use by Australians over 50 has increased dramatically, even exceeding the use of cannabis by young Australians, and this could be due to the fact that older people tend to suffer more from conditionsSamplesuch as cancerby Aviseand chronic painAnalytics. Private Limited Flooding with new iPOs Although medicinal cannabis in Australia is still very new, several major players have already emerged including domestic and international cultivators and manufacturers such as AusCann, Bedrocan Australia, CANN Group, MGC Pharmaceuticals, MMJ Phytotech and Tilray. 2016 has seen a flurry of new share offerings, joint ventures and reverse takeovers. Some of these businesses are planning on an import-heavy strategy, allowing them to leverage already- established cultivation and manufacturing facilities overseas, while others are focusing primarily on domestic production for both local consumption and potential future export. While they wait for the regulatory green light, several firms are engaged in discussions with major Australian universities to test and develop new treatments and products. 1 These access arrangements apply unless an appropriate medicinal cannabis product is on the ARTG and available. 2 Access requirements still apply. MEDICAL CANNABIS 8 Now Legal in Australia ` FORECASTING DOMESTIC MARKET

Demand for medicinal cannabis in Australia will depend on which conditions and symptoms are approved for medicinal cannabis treatment, recommended dosages, range and type of approved medicinal cannabis productsSample by . Avise Analytics Private Limited Study conducted by “The University of Sydney Community Placement Program” in partnership with “MGC Pharmaceuticals” discussed two appropriate demand estimates based on two possible regulatory outcomes. FIRSTSampleMETHOD :byBASED AviseON NUMBERAnalyticsOF PATIENTS Private(scaling them Limitedup to the size of the Australian population)

EPILEPSY CANCER HIV / AIDS MS

PharmacoresistantSample Epilepsyby Avise AnalyticsPain Private Limited Wasting • A 15 year longitudinal study from • Forecast for the likely demand for • Estimated demand has not been • In 2009, 23,700 Australians were France showed the rate of epilepsy medicinal cannabis by Australians forecast. living with MS per 1,000 people aged 16 and older living with severe cancer pain has not was 5.4 = 101,520 Australian been attempted here. Pain • In 2011, 84.3% of MS patients live Sample by Avise Analytics Private Limited with muscle spasticity = 83% of • Of these, 22.5% were classified as Nausea • Chronic pain currently presents in 39- 23,700 or 19,979 patients having ‘pharmacoresistant epilepsy’= 85% of people living with HIV/AIDS. 22,842 Australians • In 2013-2014, there were 621,239 • In 2004, it was found that of those MS treatment sessions (or ‘events’) for • Assuming, 39% of people living with patients living with muscle spas city, • SampleOf this group, 16 .by7% had Avisetried at leastAnalyticsradiation Privateoncology in AustralianLimited HIV/AIDS experience severe pain. 53% exhibited moderate to severe 4 epileptic medicines without relief = hospitals. THIS IS 10,588 PEOPLE. spas city= 53% of 19,979 or 10,588 3,814 Australians • In 2012-13, Australian patients • On an average, 67% of MS patient Severe Childhood Epilepsy underwent a total of 374,588 experience chronic pain = 67% of ‘treatment days’ for chemotherapy. 23,700 • 18.8% of Australians are aged 0-14. Of these .00324% children having This Is 995,827 TREATMENT DAYS This is 15,879 Severe childhood epilepsy = 135.2 PER ANNUM. Australians. This is 3,957 patients (3,814+135).

MEDICAL CANNABIS 9 Now Legal in Australia ` FORECASTING DOMESTIC MARKET CONTINUED… CONCLUSION

Combining the aggregate amounts for these three conditions gives us a total annual demand of 166.6 kg THC and 404.7 kg CBD. Sample by Avise Analytics Private Limited CONDITION HIV/AIDS MS EPILEPSY CONDITION CANCER

Patients 10,588 15,875 3,957 Dosage per treatment session 3 mg (THC)

DossageSample per day, per by patient Avise10 Analyticsmg THC 20 mg PrivateCBD 21.6 mgLimited THC 300 mg CBD Treatment sessions per annum 995,827

Demand per annum 38.6 kg THC 115.9 kg CBD 125.1 kg THC 288.8 kg CBD Demand per annum 2.9 kg THC

SECONDSampleMETHOD by: BASED AviseON CASEAnalyticsSTUDY COUNTRIES Private Limited

ISRAEL THE NETHERLANDS CANADA Based on a rough numbers, if Australia were Number of patients 22,000 25,000 30,537 to emulate the medicinal cannabis regulations AverageSample daily consump by on Aviseper patient Analytics1.4 Private g Limited0.68 g 1.1 g of the Netherlands or Canada, it would initially National daily consumption 31 kg 17 kg 33.5 kg need to provide at least 8,000 kg of cannabis to patients per annum. Patient numbers in all National annual consumption 11,242 kg 6,205 kg 12,260 kg of the given countries have been growing and PopulationSample of country by Avise Analytics84,00,000 Private Limited1,68,00,000 3,51,00,000 are likely to grow further. Any more accurate Per capita, per annum consumption 1.33 g 0.369 g 0.349 g estimate would have to be on the basis of a Projected Australian demand 31,450 kg 8,679 kg 8,208 kg specific proposed regulatory framework.

THE EFFICIENCY AT WHICH THESE PURE CANNABINOIDS COULD BE EXTRACTED FROM HERBAL CANNABIS WOULD VARY GREATLY AND BE DEPENDENT ON THE QUALITY AND COMPOSITION OF THE PLANTS AND THE METHOD OF EXTRACTION AND PURIFICATION USED.

MEDICAL CANNABIS 10 Now Legal in Australia ` METHODOLOGY OF EXTRACTION COST ESTIMATES FOR AUSTRALIAN MEDICAL CANNABIS PRODUCERS

There are three main ways in which medicinal-grade cannabis can be grown: outdoors, greenhouses, and indoors. The variation in costs is largely because of Sample by Avise Analytics Private Limited SHARE OF ANNUALISED COSTS BY CULTIVATION REGIME material cost for cultivation. The share of individual components for material and 0% Broadacre 2% Greenhouse 2% Indoor 0% 1% utilities costs are detailed below 1% 4% 0% 10% 6% 5% 6% Materials & Utilities Sample by Avise Analytics Private Limited Broadacre Greenhouse Indoor 7% Components Seeds/cultivars 70.6% 2.9% 1.2% Utilities 1.5% 79.3% 92.3% 46% 37% 44% 51% Insurance 23.5% 0.9% 0.4% Nutrients/pesticides 4.4% 16.8% 6.2% Sample by Avise78% Analytics Private Limited Most Of The Medical Cannabis Cultivator Capital, land and infrastructure Security design and infrastructure Labour for cultivation Materials for cultivation Costs of compliance Direct fees and charges Prefer Either Greenhouse Or Indoor Source: Deloitte Access Economics Cultivation As Shown Below: ANNUALSampleCOST OF byCULTIVATION Avise &AnalyticsOUTPUT Private Limited Australian Companies Cultivation Method Cost Of Cultivation Crops Yields Startup Costs for CANN Group Greenhouse Cultivation Harvest per $ per Kg Dried flowers per Cultivators ($ per MGC Pharmaceuticals Greenhouse Methods $ per sqm annum Dried Flower sqm (in grams) Sqft) AusCann Group Greenhouse + Indoor MMJ Phytotech Greenhouse Broadacre 75 888 84 1 10 Sample by Avise Analytics Private Limited Hydroponics Greenhouse Greenhouse 1108 1539 180 4 50 Canadian Companies Cultivation Method Indoor 2291 1909 300 4 75 Canopy Growth Corp. Greenhouse + Indoor Source: Deloitte Access Economics Aurora Cannabis Inc. Greenhouse + Indoor OrganiGram Holdings Indoor WHY GREENHOUSE CULTIVATION? Aphria Greenhouse Supreme Pharma Hybrid Greenhouse Most applications to grow medical cannabis are for greenhouse growing in Australia, rather than as a broad acre Emblem Corp Indoor crop out in the open like sunflowers. The main reason for using greenhouses is security whilst protecting in-house crops from adverse weather events.

MEDICAL CANNABIS 11 Now Legal in Australia ` COMPETITIVE ENVIRONMENT: CANADIAN COMPS COST ESTIMATES FOR CANADIAN MEDICAL CANNABIS PRODUCERS

COMPARISON OF EXTRACTION COSTS FOR CANADIAN MEDICAL CANNABIS LICENCED PRODUCERS Sample by Avise Analytics Private Limited Cash Costs Per Market Area Under Grams Production All-in Costs Per FY17F Revenue FY17F Gram (C$)(most Company (Ticker) Capitalisation Cultivation Produced Costs (C$) Gram (C$) (Consensus EBITDA(Consensus Recent (C$m Eqv.) In Sqft (Cumulative) (Cumulative) (Cumulative) Estimates) Estimates) Quarterly) CanopySample Growth Corp. by(TSX:WEED) Avise Analytics1,264 Private472,000 8,067,045Limited29,012,000 3.60 2.66 39.5 (4.0)

Aurora Cannabis Inc. (TSXV:ACB) 822 55,200 441,000 725,852 1.77 1.67 33.9 13.8

Aphria Inc. (TSX:APH) 753 100,000 2,338,798 4,402,376 1.88 1.23 22.5 6.3

OrganiGramSampleHoldings by (TSXV:OGI Avise) Analytics287 Private227,500 1,018,303Limited2,210,220 2.17 1.29 16.0 4.3

Acquired by Canopy Mettrum Health Corp. Growth - 3,102,718 8,040,221 2.59 2.00 23.0 (2.2) Source: CapitalIQ, Company reports PRICINGSample OF ALL STRAINS by Avise AND BLENDSAnalytics OF DRIED CANNABIS Private FROM LICENSED Limited PRODUCERS IN THE MMPR 12 10.9 11 10.5 10.0 10.2 9.9 10 9.2 9.1 9 8.3 8.0 8.3 7.9 8.1 7.8 7.5 7.8 Sample8 by7.1 Avise Analytics Private Limited 7 5.9 6 5 9 - Tilray Aphria Aurora Broken Delta Emblem Emerald Redecan MariCann Canntrust AB CANN Tweet MS CanniMed MedReleaf Organigram Avg. Selling Price per gram (in C$)

18-Nov'16 16-Dec'16 11-Jan'17 Canna Farms 22-Feb'17 17-Mar'17 22-Apr'17 Linear (22-Apr'17)

Source: Cannstandard PeaceNaturals As the nearest comparable market to Australia with respect to regulation and demographics, Canada’s publicly-listed peers provide data points regarding how the Australian market, and its participants, may evolve and perform over time

MEDICAL CANNABIS 12 Now Legal in Australia ` COMPANIES IN FOCUS MEDICAL CANABIS COMPANIES IN AUSTRALIA

Australia is quickly becoming a home base for cannabis companies looking to take advantage of recently legalized medical marijuana. Coupled with favorable opportunities for listing on the Australian Securities Exchange (ASX), and Australia is rapidly becoming a hot spot for cannabis innovation and investment. Sample by Avise Analytics Private Limited MARKET COMPANY (TICKER) BUSINESS MODEL CAPITALISATION Sample by Avise Analytics Private Limited (A$M EQV.) • Nutraceutical products businesses that also engages in pharmaceutical research Medlab Clinical • Develops biotherapeutics for chronic kidney diseases, pre-diabetes/obesity, depression, musculoskeletal muscle loss associated 75.6 (ASX:MDC) with ageing and non-opioid pain management MGC Pharmaceuticals • RTO of MGC into Erin Resources in December 2015 43.2 (ASX:MXC)Sample by •AviseMedicinal andAnalytics cosmetics cannabis Private company with licenses Limited to grow, extract and sell Cannabis Sativa in Slovenia AusCann Group • RTO of AusCann into TW Holdings in December 2016 51.1 (ASX:AC8) • Focus on the cultivation, manufacture and sale of cannabis medicines for a range of conditions and symptoms MMJ Phytotech • Cultivations limited to Canada and clinical development limited to Israel. Attempting to develop and control all processes from 69.5 (ASX:MMJ)Sample by Avisefarming throughAnalytics to pharmacy sales, Private however focus Limitedis entirely on the Canadian market (incl. recreational) Creso Pharma • Swiss-domiciled company seeking to sell products into Slovakia and The Czech Republic with a focus on the food supplements 24.5 (ASX:CPH) market for humans and animals Zelda Therapeutics • RTO of Zelda into Gleneagle Gold in November 2016 24.7 (ASX:ZLD) • Research-focused company in partnership with AusCann Sample by •AviseCultivator, processorAnalytics and manufacturer Private of medicinal Limited cannabis products in Australia CANN GROUP • Experienced Board and team who partnered with experts across the value chain (AgVic, etc) to create true Australian “blue chip” 40.1 (ASX:CAN) offering

Botanix Pharmaceuticals • Dedicated to develop next generation therapeutics for the treatment of serious skin diseases. 17.0 (ASX:BOT) • Preparing for the first human trials delivering synthetic cannabidiol to the skin.

• Secured strategic alliance with US-based pharmaceutical company, Phoenix Life Sciences, to develop, manufacture and sell Hydroponics medicinal cannabis in Australia and internationally 14.4 (ASX:THC) • Acquired Australia’s leader in breeding and technology for Cannabis, Canndeo Ltd

Source: Company

MEDICAL CANNABIS 13 Now Legal in Australia ` COMPANIES IN FOCUS CONTINUED… ASX LISTED MEDICAL CANABIS STOCKS IN AUSTRALIA – KEY STATS

ASX listed Medical Marijuana players, each at different stages of development and offering various risk/return profiles, are attracting investors’ attention. Sample by Avise Analytics Private Limited KEY STATISTICS & STOCK PERFORMANCE SINCE ASX LISTING AusCann CANN Group Medlab Clinical MGC MMJ Zelda Botanix Hydroponics Group Creso Pharma Limited Limited Pharmaceuticals Phytotech Therapeutics Pharmaceuticals Company Ltd. Sample by Avise Analytics Private LimitedHoldings Ltd ASX Code CAN MDC MXC AC8 MMJ CPH ZLD BOT THC.AX Date Listed May-17 Jul-15 Feb-16 Feb-17 Feb-15 Oct-16 Nov-16 Jul-16 May'17 IPO Size (A$ in Million) 13.50 9.00 0.01**** 5 .00* 5.00 5.00 4.00** 3.00*** 8.00 IPO PriceSample (A$) by Avise Analytics0.30 0.20 Private0.04 Limited0.20 0.20 0.20 0.05 0.02 0.20 CMP (As on May 31, 2017) 0.53 0.79 0.04 0.37 0.34 0.40 0.07 0.04 0.31 % Gain since listing 76.7% 295.0% 0.0% 85.0% 70.0% 100.0% 40.0% 100.0% 55.0% Market CapSample (A$ in M) by Avise40.09Analytics75.6 Private43.17 Limited51.06 69.46 24.47 24.71 17.01 14.37 Revenue (TTM) (A$ in M) - 3.59 - - -0.019 - - CFO (MRQ) (A$ in M) -0.88 -1.568 -0.635 -1.8 -2.08 -0.973 -1.135 -0.833 0.219 Price to Book (MRQ) 66.78 24.2 3.78 - 3.25 - 1,921.62 8.92 - Price to SalesSample (TTM) by Avise Analytics- 21.67 Private246.93 Limited7,211.40 6,502.69 - 10.85 1,555.02 - Cash (MRQ) (A$ in M) 0.45 2.75 13.58 4.49 5.26 10.64 2.64 1.53 0.89## Est. R&D Exp. for next qtr (A$ M) 0.55 0.04 0.15 0.30 0.05 0.34 0.39 Funding Raised Post IPO (A$ in M) - 4.4 17.5 17 15.8 9 6 5.4# - *relisting **listing via reverse takeover ***Bone Medical Limited (ASX:BNE) acquired Botanix Pharmaceuticals Inc., a US-based medical dermatology company and following conclusion of the acquisition, and subject to shareholder approval, changed its name to Botanix Pharmaceuticals Limited ****MGC Pharmaceuticals was a backdoor listing through the Perth gold explorer Erin Resources #Under Tranche 2 of the Placement, the Company is expected to raise A$2.0 million, subject to shareholder approval to be sought at a general meeting to be held on or about 15 May 2017 ##this balance is before the $8 million capital raising in May’17) Source: Company, Reuters

MEDICAL CANNABIS 14 Now Legal in Australia ` COMPANIES IN FOCUS CONTINUED… ASX LISTED MEDICAL CANABIS STOCKS IN AUSTRALIA

PRICE PERFORMANCE (A$) 0.16 0.07 0.38 1.10 MDC CAN ZLD BOT THC Sample by Avise Analytics Private Limited0.14 0.90 0.65 0.36 0.12 0.06 0.70 0.10 0.34 0.08 0.05 0.55 0.50 0.06 0.32 0.76 0.76 May, 2017) May, 0.044 0.076 May, 2017) May,

0.04 2017) May, 0.04 0.30 0.30 (25 0.285 May, 2017) May, (25

0.02 (25 Closing Share Price (in A$) ClosingShare Price (in Sample by Avise Analytics Private Limited A$) ClosingShare Price (in Closing. Share Price (in A$) Closing.Share Price (in (25 0.10 A$) ClosingPrice (in 0.45 0.00 0.03 0.28 Closing Share Price (in A$) ClosingShare Price (in 17 17 17 17 17 17 17 17 17 17 17 17 17 17 ------11/15 11/16 11/16 11/16 11/16 05 05 05 05 05 05 05 05 05 05 05 05 05 05 07/15 09/15 01/16 03/16 05/16 07/16 09/16 01/17 03/17 05/17 08/16 09/16 10/16 12/16 01/17 02/17 03/17 04/17 04/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 12/16 01/17 02/17 03/17 04/17 05/17

1.00 0.95 1.00 YIELD 1-M 3-M YTD 0.12 MXC AC8 MMJ CPH CAN (18%) NA NA 0.10 0.80 0.80 0.75 MDC (6%) (7%) (8%) 0.08 0.60 0.60 MXC (26%) (7%) 0%

Sample by Avise Analytics Private0.475 0.55 Limited May, 2017) May, 0.06 0.40 0.40 AC8 (34%) 1% 60% (25 0.38

0.35 2017) May, MMJ (19%) 19% 57% 0.04 0.20 0.20 0.051 (25 May, 2017) May, Closing Share Price (in A$) ClosingShare Price (in CPH (28%) 6% 74% Closing Share Price (in A$) ClosingShare Price (in Closing Share Price (in A$) ClosingShare Price(in Closing Share Price (in A$) ClosingShare Price(in 0.02 (25 0.00 0.15 0.00 ZLD (37%) 81% 44%

BOT (18%) (9%) (5%) As on 31 May, 2017 11/15 11/16 07/15 09/15 01/16 03/16 05/16 07/16 09/16 01/17 03/17 05/17 11/16 11/16 10/16 12/16 01/17 01/17 02/17 03/17 03/17 04/17 05/17 02/17 02/17 02/17 03/17 03/17 03/17 04/17 04/17 04/17 05/17 05/17 05/17 Sample12/15 02/16 04/16 06/16 08/16 by10/16 12/16 Avise02/17 04/17 Analytics Private Limited THC (27%) NA NA 2.1 CAN 100 ZLD 80 BOT 8 THC 1.8 80 VOLUME TRADED 1.5 60 6 1.2 60 0.9 40 4 (millions) 40 0.6 Sample by Avise Analytics Private Limited 20 2 0.3 20 0 0 0 0 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 11/16 11/16 08/16 09/16 10/16 10/16 12/16 01/17 01/17 02/17 03/17 04/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 05/17 12/16 12/16 12/16 01/17 01/17 02/17 02/17 03/17 03/17 03/17 04/17 04/17 05/17 05/17

6 MDC 140 MXC 16 AC8 25 MMJ 20 CPH 120 14 5 20 100 12 15 4 10 80 15 3 8 10 60 6 10 2 40 4 5 5 1 20 2 0 0 0 0 0 11/16 11/15 11/16 11/16 11/16 12/15 01/16 03/16 04/16 05/16 07/16 08/16 09/16 12/16 01/17 03/17 04/17 05/17 02/17 02/17 02/17 02/17 03/17 03/17 03/17 03/17 03/17 04/17 04/17 04/17 04/17 05/17 05/17 05/17 05/17 07/15 08/15 09/15 10/15 12/15 01/16 02/16 03/16 04/16 05/16 06/16 07/16 08/16 09/16 10/16 12/16 01/17 02/17 03/17 04/17 05/17 10/16 10/16 12/16 12/16 12/16 01/17 01/17 02/17 02/17 02/17 03/17 03/17 04/17 04/17 04/17 05/17 05/17 11/15 11/16 07/15 08/15 10/15 12/15 01/16 03/16 04/16 05/16 07/16 08/16 09/16 12/16 01/17 03/17 04/17 05/17

Source: yahoo finance MEDICAL CANNABIS 15 Now Legal in Australia ` COMPANIES IN FOCUS CONTINUED… ASX LISTED MEDICAL CANABIS STOCKS IN AUSTRALIA – PROGRESS STATUS

SPECIALIZATION & PROGRESS TOWARDS COMMERCIALIZATION – Most of the companies are expected to start their in-house production by next year. CAN MDC MXC AC8 MMJ CPH ZLD BOT THC Sample by Avise Analytics Private Limited STATUS • Received • Patent Pending. • Products Ready for • Secured a Licence • Phase II Clinical • Imported first • Pre-Clinical Stage • Phase I Clinical • Application for Australia’s first • Awaiting a final Launch to Cultivate Trial medicinal cannabis Trial research license Medicinal Cannabis shipment clearance Medicinal Cannabis • Imported first products into lodged Cultivation Licence. from Canadian in Australia. shipment of Australia under the Sample by AvisehealthAnalytics authorities, Private Limitedmedicinal products new Government to import cannabis from the its Swiss- Legislation from material from subsidiary, Canadian medical Canada. Satipharm AG, cannabis group, (“Satipharm”) in CanniMed. May'17 PRODUCTIONSample / by Avise Analytics Private Limited COMMERCIALIZATION NA Q3 2017 NA NA Q3 2017 2018 NA 2018 TIMELINE (Expected) SPECIALIZATION • Advanced Cancer • Seborrheic • Neuropathic & • Gastric • Neuropathic & • Insomnia • Acne • Dementia AREA Pain dermatitis Chronic Pain • Multiple Sclerosis Chronic Pain • Breast Cancer • Psoriasis • Neurological Sample by Avise• CardiovascularAnalytics • Psoriasis Private Limited• Refractory Epilepsy • Brain Cancer • Atopic dermatitis • Epilepsy Diesases • Acne prone skin (in children) • Pancreatic Cancer • Depression • Diabetes & Obesity

STRATEGIC 1. Aurora Cannabis 1. Aphria Inc. - 1. Canopy Growth - 1. LeafCann 1. AusCann Group - 1. Phoenix Life PARTNERSHIPSSample CO. Incby. Avise Analytics PrivateCorporation Limited Holdings Ltd. Sciences 2. Anandia 2. Tasmanian 2. Aunt Zelda's Laboratories Alkaloids Pty Ltd 3. Complutense Commonwealth 3. JV with DayaCann University of Scientific and 4. Phytoplant Madrid Industrial Research S.L. 4. Curtin University Research 5. Zelda 5. CannPal Organisation Therapeutics 6. Telethon Kids 3. Agriculture Victoria 6. Murdoch Insititute Services Pty Ltd University

Source: Company

MEDICAL CANNABIS 16 Now Legal in Australia ` GLOBAL PEERS

FINANCIAL AND STOCK PERFORMANCESample by Avise GLOBALAnalytics Private Limited PEERS GW Pharmaceuticals, Canopy Growth Aurora Cannabis Inc. OrganiGram Holdings Aphria Inc. Insys Therapeutics Inc. CanniMed PLC Corporation TSX Venture Inc. TSX: APH NASDAQ GM : INSY Therapeutics Inc. NASDAQ GM : GWPH TSX: WEED Exchange: ACB TSX Venture TSX: CMED Sample by Avise Analytics Private LimitedExchange: OGI Currency USD CAD CAD CAD CAD USD CAD Market Cap 2,733.42 1,263.95 821.65 286.6 753.12 1,024.90 205.63 Performance YTD -5.03% -12.47% -4.96% -13.45% 12.30% 53.39% -25.60% PerformanceSample 1-Year by Avise17.30Analytics% 212 .50Private% Limited8.26% 120.18% 310.14% -11.47% -13.49% Price to Sales (TTM) 275 41.75 61.54 53.85 43.04 4.71 25.3 Price to Book (MRQ) 5.94 3.76 5.29 3.04 3.58 3.83 10.94 Gross Margin (TTM) 62.35 -46.36 43.34 -3.62 74.41 88.34 22.89

Sample by150 Avise$134.44Analytics150 C$125.71 Private150 LimitedC$124.74 40 C$37.86 50 C$43.21 250 $213.12 $207.52 50 C$41.35 40 200 40 100 100 30 $155.30 100 30 30 20 C$17.51 C$20.12 150 C$18.3 C$42.18 C$10.2 20 20 Actual & Expected 50 50 C$30.27 C$5.33 100 C$9.13 $10.08 $10.39 50 C$24.1 10 10 C$13.35 10 50 Sales (in millions) 0 0 0 0 0 0 TTM FY17 E FY18 F TTM FY17 E FY18 F 0 TTM FY17 E FY18 F TTM FY17 E FY18 F TTM FY17 E FY18 F TTM FY17 E FY18 F (Ending (Ending TTM (Mar FY17 E FY18 F (Ending (Ending (Ending (Ending Sample byMar Avise 17) AnalyticsDec 16) Private17) LimitedFeb 17) Mar 17) Mar 17) Jan 17) Source: Company, Reuters, yahoo finance

We have compared top 7 global medical cannabis companies, located either in US or Canada. The US and Canada are by far the largest and most dynamic markets for medicinal cannabis. Although initially legalised at the State level in California in the mid-1990s, the conflict between State and Federal legislation has been a severe hindrance to its progress. Since then, more than half the States and Districts have legalised medicinal cannabis.

MEDICAL CANNABIS 17 Now Legal in Australia ` COMPANIES IN FOCUS CONTINUED… ASX LISTED MEDICAL CANABIS STOCKS IN AUSTRALIA – STOCK PERFORMANCE

The performance of the Viridian Cannabis Stock Index, as a whole and by sector, as well as in comparison to several major market indices, is detailed in the table below: Sample by Avise Analytics Private Limited VIRIDIAN INDEX YTD THERE’S A BUZZ IN AUSTRALIA’S STOCK MARKET 2013 2014 2015 Q1'16 Q2'16 Q3'16 Q4'16 2016 PERFORMANCE (03/31/17) Performance of All ASX Listed Medical Cannabis Stock Index Viridian Cannabis Stock 77.5% 383.5% -32.4% 0.7% 0.0% 30.8% 155.0% 236.1% 17.8% 120% Index ASX Medical Cannabis Stocks soars more 103.39% Sample by Avise Analytics Private Limited 100% than 100% during 1Q’17 making it top MARKET INDEX PERFORMANCE performing industry globally in terms of DJIA 26.5% 7.5% -2.2% 1.5% 1.4% 2.1% 7.9% 13.4% 4.6% 80% growth%. That’s five times higher than their peers in the U.S. and Canada. The surge S&P 500 29.6% 11.4% -0.7% 0.8% 1.9% 3.3% 3.3% 9.5% 5.5% 60% was sparked by Australia easing restrictions on imports of cannabis to treat illnesses NASDAQ 38.3% 13.4% 5.7% -2.7% -0.6% 9.7% 1.3% 7.5% 9.8% 40% from epilepsy to cancer. RUSSELL 2000 37.0% 3.5% -5.7% -1.9% 3.4% 8.7% 8.4% 19.5% 2.1% Sample by Avise Analytics Private Limited 20% SECTOR PERFORMANCE 0% Ancilliary Products & Jan Jan Jan Mar Mar Mar NM NM -60.0% -2.7% -1.2% 24.4% 118.3% 161.2% 22.8% Feb Feb Feb ------

-20% 2 3 Services 1 12 22 11 13 23 21 Agriculture Technology NM NM -29.1% 5.6% 1.1% -1.7% 46.9% 54.2% -10.8% Ancilliary Cultivation & ALL ORDINARIES INDEX (XAO) Medical Cannabis Eq. Weighted Portfolio DJIA S&P500 NASDAQ 77.7% 214.1% NM NM NM NM NM NM NM Retail Sample by Avise Analytics Private Limited Source: yahoo finance, PAC Consulting Services 75.9% 983.9% -64.3% 8.5% 16.0% 81.6% 266.2% 737.3% -25.2% The Viridian Cannabis Stock Index - Year-to-Date (YTD) and Historical Performance Consumption Devices -77.8% 450.7% -82.3% -54.5% 2.5% -17.1% 460.3% 116.5% 3.8% Potential "greater enforcement" by Investment/M&A 31.1% 141.3% -73.1% -8.7% 21.4% 108.7% 101.5% 366.1% 51.3% the Federal government on state- Miscellaneous Ancillary legal recreational (adult-use) NM NM -72.3% 23.3% -17.4% 23.3% -17.4% -9.1% 95.3% cannabis markets, said on 24th Feb Physical SecuritySample byNM Avise222.9% -Analytics65.4% -25.6% PrivateNM NM LimitedNM NM -40.1% has pulled the market down but still outpaced other index. Real Estate 11.0% -24.7% -51.2% -37.2% -33.7% -36.5% -2.2% -74.1% -7.8% Software/Media 722.2% -26.8% -16.1% 14.5% -31.7% -53.3% 156.2% -6.4% 3.0%

"Touching Plant" NM NM 20.0% 3.0% 1.1%% 36.2% 186.3% 306.0% 13.7% Biotech/Pharma 97.5% 766.6% -49.6% 2.0% -6.8% 15.0% 432.9% 482.3% 41.1% Cultivation & Retail -71.9% 388.5% 167.4% 4.4% 21.6% 93.6% 57.5% 287.0% 0.6% Hemp NM NM -41.9% 14.1% -19.7% 3.8% 23.6% 17.5% -19.4% Infused Products & -98.1% 307.4% 17.9% -0.8% -16.5% -18.7% 17.0% -21.3% 0.9% Extracts

MEDICAL CANNABIS 18 Now Legal in Australia MEDICAL CANNABIS Now Legal in Australia

Sample by Avise Analytics Private Limited

Sample by Avise Analytics Private Limited AUSTRALIA’S FIRST MAJOR DOMESTIC CROP IS COMING

MEDICAL CANNABIS 19 Now Legal in Australia AUSTRALIA’S FIRST MAJOR DOMESTIC CROP IS COMING

INVESTMENT RATIONALE LISTIING DATE: MAY 2017 First Australian company to secure the necessary licences to undertake research and to cultivate cannabis for human TICKER CANN medicinal and research purposes under the Australian Government's new medicinal cannabis regulatory system. It has PRICE (JUN 02, 2017) A$0.52 been given the official go-ahead to startSample by growing theAvise country’sAnalytics Private Limited first major domestic crop of medicine. MCAP (JUN 02, 2017) A$39.33 M The first Australian buds are expected to be ready this August to the benefit of Aussie patients. The permits allow this EQUITY A$15.73 M pioneering producer to breed plants for propagation, supply them for manufacturing into medical products, and conduct CASH A$15.23 M researchSample to develop extracts. by Avise Analytics Private Limited BUILT STRATEGIC RELATIONSHIPS WITH The company entered into various partnerships with tier one organisations/experts across the value chain. This will LEADING ORGANISATIONS TO ADD help the Company to quickly establish its market and brand. OPERATIONAL SYNERGIES Sample by Avise Analytics Private Limited ANANDIA LABS To work on Breeding programs that will create next- Low cost production; continuous cropping cycle (equivalent to 4-6 crops per year); 250+ plants per week; (150g generation cannabis strains optimized to address grower flowering head per plant selling between $5-8 per gram); initially sufficient for approx. 4,000 patient per year. and patient challenges. Anandia’s Dr Jonathan Page is the first scientist to have sequenced the cannabis genome and make fundamental discoveries about THC biosynthesis. One of Canada’s largest publicly-listed cannabis companies, Aurora Cannabis Inc. (TSXV:ACB), subscribed for 19.9% of CannSampleas a cornerstone by investor Avise to the IPOAnalytics at the offer price of Private $0.30 (or $6.5m Limited in total). Aurora brings a wealth of experience, networks and knowledge to Cann that will fast-track and maximise Cann’s growth strategy in Australia Clinical Evaluation Partner To undertake clinical evaluation of medicinal cannabis for pain in aged care patients USES OF FUND The companySampleplans to byuse theAvisefunds, $13Analytics.5 million, raised through Privatethe IPO toLimitedexpand into a second facility within Melbourne and add its cultivation capacity. The funds will also be used to support clinical studies. Agriculture Victoria ABOUT CANN GROUP To provide Cann with access to elite cannabis genetics, as Cann Group Ltd. (CAN) is the first Australian company to secure the necessary licences to undertake research and to well as cultivation & extraction technology. cultivate cannabis for human medicinal and research purposes under the Australian Government's new medicinal cannabis regulatory system. Cann has established facilities and systems which can cultivate medicinal cannabis in accordance with the requirements under the Narcotic Drugs Act 1967. Cann's vision is to be a leading developer and Commonwealth Scientific And Industrial Research supplier of cannabis, cannabis resin and medicinal cannabis products into the Australian market, and to supply Organisation (CSIRO) overseas markets as those opportunities become available. To undertake cannabis extract analysis of samples of materials cultivated by Cann

MEDICAL CANNABIS 20 Now Legal in Australia AUSTRALIA’S FIRST MAJOR DOMESTIC CROP IS COMING

` AURORA CANNABIS INC (TSXV:ACB)

KEY HIGHLIGHTS Sample by Avise Analytics Private Limited • Canada’s 2nd largest publicly-listed licenced medicinal cannabis grower / FINANCIAL METRIC manufacturer PRICE (JUN 02, 2017) CAD2.22 • TargetingSampleone of bythe largestAviseproductionAnalyticsfootprints, AuroraPrivateSky, with Limiteda purpose-build, state-of-the-art production facility specifically designed for growing & cultivating cannabis MCAP (JUN 02, 2017) CAN724.12 M • Existing 55,200 sq foot facility • Current expansion of additional 800,000 sq foot facility underway SHARES ON ISSUE 317.18 M • SampleOn completion byin late Avise2017, capacityAnalyticswill scale up ~Private100,000 kg of Limitedcannabis a year FY18F / FY19F 122.2 / 241.5 • Acquired CanvasRx in August 2016, a company that provides counselling services to patients who Revenue (CAD M)* have received a prescription for cannabis from a physician – providing strong end-user / patient FY18F / FY19F 44.9 / 102.1 accessSample. by Avise Analytics Private Limited EBITDA (CAD M)* • Completed the acquisition of a 40,000 square foot facility from Peloton Pharmaceuticals one month ago Cash (31 Dec 17) 54.9 (April’17), and the facility, which was in the late stages of construction when purchased, should be (CAD M) capable of up to 3,900 kg of high-quality cannabis production by the second half of this year.

• Recently (in May’17), the Company announced an acquisition of a German company, Pedanios GmbH, SHARE PRICE AS ON 2 JUN 2017 whichSamplewholesales bymedical AvisecannabisAnalyticsto more than 750 Privatepharmacies in Limitedthe EU

ABOUT AURORA CANNABIS INC. Aurora's wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates 1-YR PERFORMANCE a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta with the capacity to produce ~8,000KG of cannabis per year

MEDICAL CANNABIS 21 Now Legal in Australia