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Cannabis Industry Risk Factors
document IMAGES-008-HOUSE_OVERSIGHT_024801.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

CHAPTER IX Cannabis Industry Risk Factors Companies in the cannabis industry are subject to many risks. The realization of one or more of these risks could have a material adverse effect on the business and results of operations of a company and on its lenders, investors and pri...

CAPI CHAPTER VI U.S. and International Cannabis Market Estimates
document IMAGES-008-HOUSE_OVERSIGHT_024747.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

ACKR CAPI CHAPTER VI U.S. and International Cannabis Market Estimates U.S. Legalized Cannabis Market Estimates Based on our assumptions and methodology, we believe that the U.S. legalized cannabis market will ultimately exceed $100 billion annually, with more than 50 million co...

Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024772.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

CKRELLE CAPITAL OY Cannabis Investment Report | December 2017 products industries, especially as companies from those industries look to enter the cannabis industry, through acquisition or by other means. As demonstrated by the more than $2.0 billion raised by publicly traded...

Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024676.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

> = Po cor > Qa LA Cannabis Investment Report | December 2017 Production Outlook Due to U.S. federal and international legal restrictions on cannabis commerce, producers currently must invest significant capital in potentially redundant facilities located in separate jurisdi...

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

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 cann...

Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024672.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

A CKRELLE CAPITAL Cannabis Investment Report | December 2017 Production Equipment and Supplies Production equipment and supplies include the physical components used in cannabis production. Many industry participants in this subsegment provide products to a broad range of ful...

CAPITAL Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024706.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

ACKRELL CAPITAL Cannabis Investment Report | December 2017 from being imported into the United States. However, because the production of such non-marijuana products ordinarily involves possession of the entire cannabis plant, including parts deemed marijuana under the CSA, the...

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

CHAPTER V Global Cannabis Regulation = Global Cannabis Legalization Momentum Cannabis legalization is gaining momentum around the world, offering global opportunities for can- nabis companies and related businesses. This momentum is driven primarily by the increasing recog- nit...

CA L CHAPTER VI U.S. and International Cannabis Market Estimates
document IMAGES-008-HOUSE_OVERSIGHT_024745.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

AC CA L CHAPTER VI U.S. and International Cannabis Market Estimates Consumer Penetration Rates We assigned current and prospective consumer penetration rates to each state based on our assessment of whether legal consumer access to cannabis in the state should be characterized...

Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024746.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Cannabis Investment Report | December 2017 U.S. Legalized Cannabis Market: Consumer Penetration Rate 25% — Path to Federal Legalization FDA Approves Cannabis-Derived Pharmaceuticals 20% : More States Adopt Medical Cannabis Laws More States Adopt Recreational Laws 15% FDA Ro...

FunkSac is a provider of compliant packaging
document IMAGES-008-HOUSE_OVERSIGHT_024784.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Or > A “Bw Plan fon on FunkSac FunkSac Denver, Colorado www.funksac.com FunkSac is a provider of compliant packaging solutions for the medicinal and recreational cannabis industry. The company has a com- prehensive product line manufactured with FDA-approved material and eco-...

supplements, regardless of whether the substances are hemp-derived. This is because
document IMAGES-008-HOUSE_OVERSIGHT_024892.txt Feb 25, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

COWEN COLLABORATIVE INSIGHTS 76 February 25, 2019 supplements, regardless of whether the substances are hemp-derived. This is because both CBD and THC are active ingredients in FDA-approved drugs and were the subject of substantial clinical investigations before they were mark...

Supply-Side Investment Research
document TEXT-001-HOUSE_OVERSIGHT_025296.txt May 19, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

LAFFER ASSOCIATES Supply-Side Investment Research May 19, 2016 10-yr T-Note: 1.86% DJIA: 17,526.62 NASDAQ: 4,739.12 S&P 500: 2,047.63 S&P 500 Undervalued: 151.8% GAME ON [Updated 7/6/2016] By Arthur B. Laffer, Ph.D. Summary To save you the agony of plodding through this fascinat...

CAPITAL Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024718.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

ACKRELL CAPITAL Cannabis Investment Report | December 2017 filed a petition for involuntary bankruptcy. The bankruptcy court dismissed the petition, stating it would not assign a trustee “to administer drug tainted assets for the benefit of creditors who assumed the risk of doin...