Every indexed document

the cannabis industry will continue to face a significant funding gap for

where many companies struggle to raise necessary financing. Although capital may

a funding gap exists—companies are seeking

but many of the financings were small—less than $5

and we expect similar transactions to occur

by acquisition or otherwise. We have already seen examples: Constellation

it would have a dampening effect on the industry both

if the U.S. federal government were to change its

that it is only a matter of time until cannabis businesses

we believe more financial institutions will start to provide some level of

Constellation Brands has credit agreements with a

or are not willing to state publicly that they

provide services to marijuana-related businesses. However

the growing number of depository institutions

which is scheduled for implementation starting

payment processing and insurance coverage—typically provided by

they should not materially affect prices in the United States until the importation of

and South American countries are expected to export products to other

are expected to proceed with large-scale operations in 2018

cannabis is generally priced lower in illegal markets than in state-legal markets).