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The Canadian Cannabis Story A Generational Investment Opportunity THE CANADIAN CANNABIS STORY JOIN THE CONVERSATION / Echelon Wealth Partners echelonpartners.com TABLE OF CONTENTS 3 The Canadian Cannabis Story: A Generational Investment Opportunity 4 Cannabis: A Brief History 5 The Many Forms of Cannabis 5 An Increase in Legal Cannabis-based Products 5 Medical Use 8 Cannabis as an Opiod Alternative 11 Cannabis and Canada: A Strong Growth Story 14 A Global Cannabis Boom: The Next Stage 17 Canadian Cannabis Stocks - An Investment Opportunity to Consider 19 Endnotes echelonpartners.com 2 The Canadian Cannabis Story: A Generational Investment Opportunity THE CANADIAN CANNABIS STORY: A GENERATIONAL INVESTMENT OPPORTUNITY By Echelon Wealth Partners The Canadian Cannabis Story aims to provide readers with a comprehensive look at the cannabis market in Canada through its history, growth, and various production sectors to illuminate the investment opportunity this sector will afford in a rapidly growing global market. The increasing trend in cannabis decriminalization and legalization, both in North America and around the world, has awakened the interest of the investment community. The unique and potential medicinal properties of cannabis and its versatility for other commercial uses are considered the harbingers of an investment with significant growth potential. Canada legalized marijuana for recreational use on October 17, 2018 echelonpartners.com 3 The Canadian Cannabis Story: A Generational Investment Opportunity CANNABIS A Brief History Marijuana is produced from the flower and leaves of cannabis plants, which grow naturally in humid temperate conditions on all continents.1 The two most important varieties of the cannabis plant are sativa and indica, with hemp being a specific species of the sativa plant. The first documented use of cannabis as a medicine and textile fibre dates back to China in 4000 B.C.2 The use of cannabis as a recreational drug (both in its herbal form, known as marijuana, and in its resin form, known as hashish) dates back to Persia in the seventh century.3 Use of cannabis for the production of textiles, pharmaceuticals, oil, and paper remained popular in the United States and Europe up to the 19th century. A prohibitionist trend began in the 20th century as more countries increasingly began to view cannabis use as a threat to social cohesion and some economic sectors. A ban in Greece in 1890 was followed by others in France (1916), Canada (1923), Great Britain (1928), and Australia (1938). Various U.S. states made recreational use illegal between 1915 and 1930 (among them Massachusetts in 1911 and California in 1915), with a federal ban eventually coming into force in 1937. Today, Canada’s licensed cannabis producers grow cannabis in indoor facilities, greenhouses and recently, even outdoors.4 The key difference between the two relates to climate control and the associated costs. Indoor facilities typically allow the producer to exercise more control over the growing conditions, but this often (though not always) translates into higher costs. Greenhouses have the benefit of lower costs for lighting but are then more dependent on local weather conditions, and the amount of sunlight in particular. There is still much debate as to which method is more profitable, but we have noticed that several cannabis companies that began their lives as indoor producers have expanded into greenhouse production.5 echelonpartners.com 4 The Canadian Cannabis Story: A Generational Investment Opportunity • Delta-9 Tetrahydrocannabinol (THC), the legislation between 1999 and 2011. The move- psycho-active chemical in cannabis, may slow the ment continued to grow, gaining particular THE MANY FORMS OF CANNABIS progression of Alzheimer’s disease;13 momentum in the last five years. In 2012 Colorado and Washington both legalized recreational use, • Cannabis may ease the symptoms and pain followed by Alaska, Oregon, and Washington D.C. 14 An Increase in Legal Cannabis-based Products associated with arteriosclerosis; in 2013. A further seven states legalized recre- ational use between 2013 and 2017, in addition to • Cannabis reduces muscle spasms, including 11 states permitting medical cannabis during the Once cannabis has been grown and harvested, it can be sold as ‘dried diaphragm spasms;15 same period.21 cannabis’ that consumers can either smoke or vape. Alternatively, it can be further processed into cannabis extract that can be used as the primary • Cannabis reduces the side effects and improves As of June 30, 2018, over 330,758 Canadians had ingredient in making a host of other products. the effectiveness of Hepatitis-C treatment;16 registered with Health Canada as users of canna- bis for medical purposes.21 That number has The industry is continuing to develop and commercialize more products that • THC and CBD can improve stomach function and grown dramatically over the past three years, and use cannabis as a major ingredient, with the federal government committed reduce the symptoms of Crohn’s disease;17 recent data suggests another 10,000+ new to broadening the field of legal products, including the addition of edibles patients are registering each month. (e.g., brownies, cookies, and gummies) and beverages within a year of the • Cannabis alleviates the pain and decreases the legalization of recreational use. inflammation associated with rheumatoid arthritis;18 • Cannabis may improve metabolic rate and insulin Medical Use levels, aiding fat loss;19 • Cannabis may reduce the symptoms of auto- The number one reason that physicians currently prescribe cannabis is for immune diseases.20 ppainain mmanagement.anagement.6 OOtherther mmajorajor uusesses iincludenclude mmanaginganaging nanauseausea ((e.g.,e.g., patpatientsients uundergoingndergoing chemchemotherapy),otherapy), anoanorexia,rexia, and post-traumatpost-traumaticic strstressess By the 1970s, a movement to reintroduce cannabis disorder (PTSD). use for medical purposes, supported by patients and medical professionals, began to take hold in the TThehe ppopularityopularity of cannabcannabis-basedis-based ppharmaceuticalsharmaceuticals iinn the 119th9th anandd 220th0th U.S. In 1996 California was the first state to legalize ccenturiesenturies wwasas a rresultesult of ththee mmanyany mmedicaledical ppropertiesroperties aattributedttributed ttoo iit,t, medical cannabis as a painkiller for cancer and especiallyespecially as a remedy fforor paipain,n, insoinsomnia,mnia, anandd hheadaches.eadaches. The sstatustatus of AIDS. Alaska, Oregon, and Washington followed cannabiscannabis aass a SSchedulechedule I subsubstance,stance, whiwhichch iiss dedefinedfined as hhavingaving nnoo suit in 1998. A further 13 states enacted similar therapeutictherapeutic valvalueue aandnd hhavingaving a high ppotentialotential fforor aabuse,buse, by tthehe FFederalederal government in 1970, has severely limited scientific research efforts.7 Some studies have nevertheless indicated potential benefits through the years: • Cannabis can treat glaucoma by lowering intra-ocular pressure;8 • Smoking cannabis may improve lung capacity and functioning;9 • Cannabis can help eliminate epileptic seizures;10 • CannabidiolCannabidiol (CBD(CBD),), aann acactivetive chchemicalemical iinn cacannabis,nnabis, mamayy sstoptop tthehe reproduction and spread of cancer cells;11 • Cannabis can be helpful in reducing the symptoms of anxiety;12 echelonpartners.com 5 The Canadian Cannabis Story: A Generational Investment Opportunity • Delta-9 Tetrahydrocannabinol (THC), the legislation between 1999 and 2011. The move- psycho-active chemical in cannabis, may slow the ment continued to grow, gaining particular progression of Alzheimer’s disease;13 momentum in the last five years. In 2012 Colorado and Washington both legalized recreational use, • Cannabis may ease the symptoms and pain followed by Alaska, Oregon, and Washington D.C. associated with arteriosclerosis;14 in 2013. A further seven states legalized recre- ational use between 2013 and 2017, in addition to • Cannabis reduces muscle spasms, including 11 states permitting medical cannabis during the diaphragm spasms;15 same period.21 • Cannabis reduces the side effects and improves As of June 30, 2018, over 330,758 Canadians had the effectiveness of Hepatitis-C treatment;16 registered with Health Canada as users of canna- bis for medical purposes.21 That number has • THC and CBD can improve stomach function and grown dramatically over the past three years, and reduce the symptoms of Crohn’s disease;17 recent data suggests another 10,000+ new patients are registering each month. • Cannabis alleviates the pain and decreases the inflammation associated with rheumatoid arthritis;18 • Cannabis may improve metabolic rate and insulin levels, aiding fat loss;19 • Cannabis may reduce the symptoms of auto- immune diseases.20 By the 1970s, a movement to reintroduce cannabis use for medical purposes, supported by patients and medical professionals, began to take hold in the U.S. In 1996 California was the first state to legalize medical cannabis as a painkiller for cancer and AIDS. Alaska, Oregon, and Washington followed suit in 1998. A further 13 states enacted similar IS THE ANNUAL COMPOUND GROWTH IN CANADIAN USERS OF MEDICAL MARIJUANA FROM 2014 TO 2018. echelonpartners.com 6 The Canadian Cannabis Story: A Generational Investment Opportunity CANADIAN MEDICAL CANNABIS TOTAL REGISTERED USERS 330,758 300,000 296,702 269,502 250,000 235,621 201,398 200,000 167,754 150,000 129,876 98,460 100,000 75,166 50,000 39,668
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