TAL Cannabis Investment Report | December 2017

A > KR I P ELL TAL Cannabis Investment Report | December 2017 w U.S. State Law Of the 51 jurisdictions comprising the 50 U.S. states and the District of Columbia, 47 have enacted at least one law that permits the manufacturing, distribution, dispensing or possession of cannabis or concentrates. These laws fall into three general categories: ¢ 29 USS. states and the District of Columbia have enacted medical cannabis laws that permit the production and possession of cannabis or concentrates for use in treating a broad range of qualifying medical conditions, ° 19 U.S. states have enacted narrow CBD/limited laws that permit possession of small amounts of low-THC/high-CBD cannabis concentrates for use in treating a few serious medical condi- tions—in particular, severe forms of childhood epilepsy. ° 8 USS. states have enacted recreational laws that permit the commercial production and sale of cannabis to adults for recreational and other uses. Some states have passed more than one of these laws, and some state laws do not fall clearly into any one of these categories. Florida and Delaware have both medical cannabis and CBD/limited laws. Every state that has enacted a recreational law has also passed a medical cannabis law. A District of Columbia law that permits adults to grow and consume cannabis is often cited as a recreational law; however, we do not characterize it as such because it does not permit the commercial production and sale of cannabis. The following map of the United States shows states with medical cannabis laws, CBD /limited laws or recreational laws (a state with more than one of these laws is represented on the map by its most permissive law). 62 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024698