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ACKRELL CAPITAL
Cannabis Investment Report | December 2017

Toronto Stock Exchange
($U.S. millions, except stock price)

Company Ticker Stock Price 11/30/17 % Below 52-Week High Market Value Enterprise Value (EV) LTM Revenue LTM EBITDA LTM EV Multiples Revenue EBITDA Forward Revenue Multiples 2018 2019 Forward EBITDA Multiples 2018 2019

Aphria Inc. TSX:APH $8.91 9.9% $1,350.2 $1,281.7 $17.7 $3.8 72.4x NM 37.7x 9.9x NM 27.5x
Aurora Cannabis Inc. TSX:ACB 6.21 7.6% 2,483.5 2,406.8 18.6 -4.7 NM NM 48.6 13.6 NM 30.4
CanniMed Therapeutics Inc. TSX:CMED 15.15 10.9% 347.8 315.8 12.0 2.0 26.3 NM 10.6 5.4 48.5x 13.3
Canopy Growth Corporation TSX:WEED 14.30 15.1% 2,720.6 2,641.7 46.3 1.9 57.1 NM 39.7 11.7 NM NM
MedReleaf Corp. TSX:LEAF 12.66 13.7% 1,146.2 1,094.8 32.9 9.7 33.3 NM 30.8 9.4 NM 27.0
Neptune Technologies & Bioressources Inc. TSX:NEPT 1.54 15.0% 120.8 127.4 32.4 3.7 3.9 NM 6.0 4.3 NM NM
Median 12.3% $1,248.2 $1,188.3 $25.5 -$0.1 33.3x NM 34.2x 9.6x 48.5x 27.3x

TSX Venture Exchange
($U.S. millions, except stock price)

Company Ticker Stock Price 11/30/17 % Below 52-Week High Market Value Enterprise Value (EV) LTM Revenue LTM EBITDA LTM EV Multiples Revenue EBITDA Forward Revenue Multiples 2018 2019 Forward EBITDA Multiples 2018 2019

ABcann Global Corporation TSXV:ABCN $1.13 19.9% $152.7 $129.7 $0.7 -$8.7 NM NM 11.2x 2.6x NM 9.2x
Cannabis Wheaton Income TSXV:CBW 0.68 56.5% 157.2 157.0 0.1 -6.2 NM NM NA NA NA NA
Cronos Group Inc. TSXV:MJN 3.38 9.0% 503.2 494.0 2.3 2.5 NM NM 16.1 5.8 NM 17.6
Delta 9 Cannabis Inc. TSXV:NINE 2.37 23.8% 143.9 145.5 0.4 -1.7 NM NM NA NA NA NA
Emblem Corp. TSXV:EMC 1.26 64.6% 117.1 108.0 1.8 -7.5 59.4x NM 10.5 2.0 NA 5.6
Emerald Health Therapeutics TSXV:EMH 2.27 4.6% 213.8 195.6 0.6 -4.3 NM NM 46.6 NA NA NA
Harvest One Cannabis Inc. TSXV:HVST 0.71 18.6% 63.7 54.1 0.2 -4.5 NM NM 17.0 1.8 NA 9.2
Hempco Food and Fiber Inc. TSXV:HEMP 1.66 31.6% 77.5 77.4 4.7 -1.3 16.5 NM NA NA NA NA
ICC International Cannabis TSXV:ICC 0.76 44.3% 104.6 102.5 0.1 -4.5 NM NM 6.4 1.1 NM 4.0
Invictus MD Strategies Corp. TSXV:IMH 1.12 33.6% 89.6 66.7 1.8 -10.3 37.6 NM 27.3 3.6 NM 13.3
LGC Capital Ltd. TSXV:LG 0.29 24.0% 79.6 76.6 0.0 -1.7 NM NM NA NA NA NA
Maple Leaf Green World Inc. TSXV:MGW 0.46 24.4% 67.3 64.2 0.4 -1.1 NM NM NA NA NA NA
National Access Clinic Corp. TSXV:NAC 0.40 30.1% 24.0 25.0 0.7 -2.4 36.7 NM NA NA NA NA
Naturally Splendid Enter. TSXV:NSP 0.21 45.0% 20.4 20.9 1.9 -4.3 10.9 NM NA NA NA NA
Newstrike Resources Ltd. TSXV:HIP 0.39 16.7% 151.1 152.1 0.0 -0.3 NM NM NA NA NA NA
OrganiGram Holdings Inc. TSXV:OGI 2.61 15.7% 277.4 244.2 4.0 -5.2 60.7 NM 9.7 3.4 46.5x 12.6
Tetra Bio-Pharma Inc. TSXV:TBP 0.54 14.8% 63.6 62.0 0.0 -3.9 NM NM NA NA NA NA
The Hydropothecary Corp. TSXV:THCX 1.92 17.7% 149.8 133.3 3.3 -0.6 40.7 NM 15.8 3.6 NM 29.8
Viridium Pacific Group Ltd. TSXV:VIR 1.09 15.2% 49.5 48.6 0.0 -0.1 NM NM NA NA NA NA
WeedMD Inc. TSXV:WMD 1.69 12.8% 123.2 121.0 0.5 -3.1 NM NM 9.9 2.3 NM 8.6
Median 21.8% $110.8 $105.3 $0.5 -$2.0 37.6x NM 13.5x 2.6x 46.5x 9.2x

Source: S&P Global Market Intelligence. Not Meaningful (NM) used for negative multiples, and for revenue multiples greater than 100.0x and EBITDA multiples greater than 50.0x. Not Available (NA) used for information that is not available. Enterprise Value is defined as Market Value plus Debt minus Cash and Cash Equivalents. LTM is Last Twelve Months. EBITDA is defined as Earnings Before Interest, Taxes, Depreciation and Amortization.

130 © 2017 Ackrell Capital, LLC | Member FINRA / SIPC
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