the cannabis industry through minority investment, by acquisition or otherwise. We have already seen examples: Constella- tion Brands’ investment in Canopy Growth referenced above and the more than $400 million spent by The Scotts Miracle-Gro Company (NYSE: SMG) to acquire soil, fertilizer, hydroponic equipment

ster ° ' announces plans to Sessions confirmed legalize recreational 900% as U.S. Attorney cannabis Constellation Brands’ General investment in 700% Canopy Growth Trump é elected as ae U.S. President 300% 100% -100% Sep 16 Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 —— S&P 500 Nasdaq/NYSE Cannabis Ind

osure to the category, including Outperform rated Canopy Growth, Tilray and Turning Point Brands, which have all