Every indexed document

cannabis-related companies are traded on the Toronto Stock Exchange (TSX)

most publicly traded cannabis-related companies are traded on the OTC.

the NYSE’s market for small to mid-size capitalization companies. In addition

the New York Stock Exchange (NYSE) and the NYSE American (NYSE

we believe that it is instructive to evaluate a company based on the

as there are significant differences across the various exchanges and markets with respect to listing

an investor should be cognizant of where the company is

while the reception by capital markets in the United

the capital markets in countries such as Canada

have de minimis revenue and are not profitable. We use the term

we believe that the capital markets for the

Inc.’s (NYSE: STZ) approximately $190 million investment

where many companies struggle to raise financing.

which provides further evidence that the capital markets are being driven primarily

except for a few transactions of notable size

and less than 5% have annual revenue greater than $25 million.

predictions and estimates. U.S. states and countries abroad may reverse

readers are cautioned to not place undue reliance on our opinions

we have not included the markets in countries such as China

these two forecasts indicate a global legal