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Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024702.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… that high tax rates will keep consumer prices high and discourage consumer transition to legalized markets. 66 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024702

CHAPTER Ill Cannabis Industry Segmentation
document IMAGES-008-HOUSE_OVERSIGHT_024689.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…pose requirements related to storage and transportation and as taboos regarding cannabis use wane. Accessories © 2017 Ackrell Capital, LLC | Member FINRA/SIPC 53 HOUSE_OVERSIGHT_024689

CHAPTER II Cannabis Science 101
document IMAGES-008-HOUSE_OVERSIGHT_024663.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ion contain- ing CBD and limonene, linalool and pinene; antiseptic agents containing CBG and pinene; treatments © 2017 Ackrell Capital, LLC | Member FINRA/SIPC 27 HOUSE_OVERSIGHT_024663

CHAPTER Ill Cannabis Industry Segmentation
document IMAGES-008-HOUSE_OVERSIGHT_024677.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

CHAPTER Ill Cannabis Industry Segmentation Customer Interactions © 2017 Ackrell Capital, LLC | Member FINRA/SIPC 41 HOUSE_OVERSIGHT_024677

CHAPTER IV U.S. Legal Landscape
document IMAGES-008-HOUSE_OVERSIGHT_024707.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ruly valuable in evaluating cases,” but he also stated that he would not commit to never enforcing federal law. © 2017 Ackrell Capital, LLC | Member FINRA/SIPC 71 HOUSE_OVERSIGHT_024707

TA CHAPTER IV U.S. Legal Landscape
document IMAGES-008-HOUSE_OVERSIGHT_024713.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…onship implicates (or would impli- cate) any Cole Memo priority and also includes the following investigations: © 2017 Ackrell Capital, LLC | Member FINRA/SIPC 77 HOUSE_OVERSIGHT_024713

TAL Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024698.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…tional 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

FAL CHAPTER Ill Cannabis Industry Segmentation
document IMAGES-008-HOUSE_OVERSIGHT_024673.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ts can be harmful if consumed by humans in sufficient amounts, and others should not be consumed in any amount. © 2017 Ackrell Capital, LLC | Member FINRA/SIPC S7 HOUSE_OVERSIGHT_024673

Cannabis Industry Segmentation
document IMAGES-008-HOUSE_OVERSIGHT_024667.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…emerge in each segment. The five primary segments and their subsegments are illustrated in the following chart. © 2017 Ackrell Capital, LLC | Member FINRA/SIPC 31 HOUSE_OVERSIGHT_024667

Cannabis Investment Report
document IMAGES-008-HOUSE_OVERSIGHT_024666.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ateway drug” debate). 30 d changes. There is also an ongoing debate of more harmful substances (the so-called © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024666

Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024732.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…nabis regu- lations). The MMAR was successfully challenged on constitutional grounds and eventually replaced 96 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024732

Global Cannabis Regulation
document IMAGES-008-HOUSE_OVERSIGHT_024727.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ther uses, or (iii) include a state or province that has a cannabis law or policy in conflict with federal law. © 2017 Ackrell Capital, LLC | Member FINRA/SIPC 91 HOUSE_OVERSIGHT_024727

Bellingham, Washington
document IMAGES-008-HOUSE_OVERSIGHT_024794.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… a dedicated cannabis practice that provides clients with comprehen- sive turnkey accounting and tax solutions. © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024794

Confident Cannabis
document IMAGES-008-HOUSE_OVERSIGHT_024780.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ith dispensaries and edibles manufacturers to provide best practices for product handling and product labeling. © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024780

ITAL Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024806.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…roma, taste and cannabinoid composition Dab a potent concentrated form of the psychoactive cannabinoid THC 170 © 2017 Ackrell Capital, LLC | Member FINRA/SIPC HOUSE_OVERSIGHT_024806