Capital Markets for Cannabis Companies

ACKRELL CAPITAL CHAPTER VII Capital Markets for Cannabis Companies Over The Counter (Market Value Greater than $25 million) Enterprise Value (EV) LTM Revenue LTM LTM EV Multiples EBITDA Revenue EBITDA ($U.S. millions, except stock price) Stock % Below Price 52-Week Market Company Ticker 11/30/17 High Value Abattis Bioceuticals Corp. OTCQB:ATTBF $0.22 20.2% $39.5 American Cannabis Company, Inc. OTCQB:AMMJ 0.75 40.5% 38.6 AmeriCann, Inc. OTCQB:ACAN 2.03 63.1% 39.3 Amfil Technologies, Inc. OTCPK:AMFE 0.15 36.1% 99.7 AXIM Biotechnologies, Inc. OTCQB:AXIM 7.02 64.6% 382.8 Cannabics Pharmaceuticals Inc. © OTCQB:CNBX 1.02 86.6% 120.7 Cannabis Leaf, Inc. OTCPK:PCFP 0.97 61.2% 48.8 Cannabis Sativa, Inc. OTCQB:CBDS 3.95 58.4% 83.8 Cannabis Science, Inc. OTCPK:CBIS 0.06 56.3% 155.4 Cannabix Technologies Inc. OTCPK:BLOZ.F 1.19 37.4% 103.0 CannaGrow Holdings, Inc OTCPK:CGRW 0.99 57.0% 100.3 Corix Bioscience, Inc. OTCQB:CXBS 1.19 45.9% 29.6 Earth Science Tech, Inc. OTCPK:ETST 0.81 79.5% 32.0 Evergreen-Agra Globa OTCQB:EGRN 1.00 85.7% 26.4 GB Sciences, Inc. OTCQB:GBLX 0.24 56.4% Ses General Cannabis Corp. OTCQB:CANN 1.65 51.6% 37.1 Green Spirit Industries Inc. OTCPK:GSRX 5.75 17.0% 172.6 GrowGeneration Corp. OTCQX:GRWG 2.50 13.8% 41.1 Helix TCS, Inc. OTCPK:HLIX 3.00 76.9% 85.9 HempTech Corporation OTCPK:HTCO 1.82 83.9% 100.7 iAnthus Capital Holdings, Inc. OTCQB:ITHU.F 1.64 39.1% 61.7 Kush Bottles, Inc. OTCQB:KSHB 2.84 20.2% 170.4 Leafbuyer Technologies, Inc. OTCPK:LBUY 1.04 72.8% 309 Lexaria Bioscience Corp. OTCQB:LXRP 0.82 18.8% 56.9 Lifestyle Delivery Systems Inc OTCQB:LDSY.F 0.50 25.6% 46.0 Marijuana Company of America == OTCPK:MCOA 0.03 76.8% 54.6 ariMed Inc. OTCQB:MRMD 0.70 16.3% 119.8 mCig, Inc. OTCQB:MCIG 0.17 66.1% 68.5 edical Marijuana, Inc. OTCPK:MJNA 0.10 55.1% 307.1 edicine Man Technologies, Inc. OTCQB:MDCL 1.79 43.2% 39.2 OWC Pharmaceutical Research OTCQB:OWCP 0.48 85.2% 70.1 PharmaCyte Biotech, Inc. OTCQB:PMCB 0.05 71.6% 46.7 Player's Network, Inc. OTCQB:PNTV 0.08 66.1% 45.0 Praetorian Property, Inc. OTCPK:PRRE 0.52 75.8% 81.1 SanSal Wellness Holdings, Inc. OTCPK:SSWH 0.95 29.6% 55.9 Stony Hill Corp. OTCPK:STNY 2.50 50.0% 39.0 Surna Inc. OTCQB:SRNA 0.15 35.5% 29.6 Terra Tech Corp. OTCQX:TRTC 0.20 42.1% 178.2 THC Therapeutics, Inc. OTCPK:THCT 0.34 60.6% 39.7 The Tinley Beverage Company OTCPK:QRSR.F 0.56 15.2% 41.4 United Cannabis Corporation OTCQB:CNAB 0.78 69.0% 46.7 Vitality Biopharma, Inc. OTCQB:VBIO 1.85 56.4% 42.7 WEED, Inc. OTCPK:BUDZ 279 44.8% 279.0 WOWI, Inc. OTCPK:WOWU 1.65 67.0% 53.6 Median 56.4% $54.1 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC $38.8 36.7 42.4 99.9 387.5 117.3 48.9 83.5 158.1 100.5 102.7 29.6 31.9 26.4 37.0 39.5 172.6 39.3 86.7 101.7 74.3 170.2 39.8 54.4 44.6 55.0 119.8 67.0 317.7 39.0 69.0 42.4 45.9 93.5 57.4 38.8 28.3 173.6 39.7 38.8 46.0 41.9 278.5 54.7 $54.5 $0.0 2.9 0.0 0.2 0.0 0.0 0.0 0.1 0.0 0.0 (Ey, 0.0 0.4 0.0 0.2 0.1 0.0 13.1 3.5 0.0 0.1 18.8 0.9 0.1 07 0.0 0.0 77 8.0 2.4 0.1 0.0 0.2 14.1 0.6 0.2 6.9 31.9 0.0 0.1 0.5 0.1 0.0 0.0 $0.1 -$3.6 N N 0.3 12.7x N -18 N N NA N N =28) N N -18 N N NA N N 6.4 N N =8)5 N N NA N N -1.4 62.0 N NA N N NA 74.1 N 0.4 N N -10.3 N N 74 N N NA N N 1.2 3.0 N -3.0 24.9 N -0.5 N N NA N N 0.8 9.1 N NA 42.5 N -1.8 N N = 65.3 N -21.9 N N NA N N 12 8.7 N =i) 39.7 N -5.5 16.2 N AT N N NA N N AT N N NA 6.6 N -1.5 N N NA N N -3.3 41 N -18.6 5.4 N 0.0 N N NA N N NA S92 N 43 N N -5.2 N N -26.0 N N -$3.4 16.2x NM 125 HOUSE_OVERSIGHT_024761