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ACKRELL
CAPITAL
Cannabis Investment Report | December 2017

Emerging and Anticipated International Legal Cannabis Markets

Country GDP Rank 2017 Estimated Adult Population (in millions) Projected Monthly Consumer Spending ($) Potential Market Value ($ millions)

Select Countries with Medical or Recreational Laws
Germany 4 59.0 $78 – $155 $16,518
Brazil 8 150.5 16 – 31 8,524
Italy 9 42.5 56 – 112 8,599
Canada 10 26.6 78 – 155 7,453
Australia 13 12.2 97 – 194 4,268
Mexico 16 92.9 16 – 32 5,380
Turkey 17 58.3 20 – 40 4,178
Netherlands 18 12.2 82 – 165 3,632
Switzerland 20 5.8 145 – 289 2,999
Argentina 21 23.0 21 – 43 1,766
Poland 24 27.4 23 – 45 2,223
Israel 32 5.8 64 – 129 1,336
Colombia 37 35.3 11 – 22 1,429
Chile 44 13.0 24 – 48 1,124
Peru 48 23.0 11 – 21 878
Czech Republic 51 7.9 31 – 62 890
Greece 52 7.9 34 – 67 962
Uruguay 78 2.2 27 – 54 211
Croatia 84 2.9 22 – 43 223
Jamaica 120 2.2 8 – 17 65
Macedonia 132 1.4 9 – 18 46
Lesotho 163 1.4 2 – 4 11

Certain Additional Countries
United Kingdom 5 47.5 75 – 151 12,908
India 6 964.1 3 – 6 10,379
France 7 48.2 69 – 139 12,040
Spain 14 33.1 49 – 98 5,841
Sweden 23 7.2 97 – 194 2,520
South Africa 35 40.3 10 – 20 1,416
Portugal 49 7.2 35 – 71 916

Midpoint Weighted Average $28 Total $118,735

Source: Ackrell Capital

The projected market value for each country shown in the preceding table is calculated assuming a 20% penetration rate and the midpoint of the projected average monthly spending range. Because each country’s penetration rate and monthly spending will vary considerably and are difficult to predict, we

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