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

ly received a license to cultivate and process medical cannabis products. Two Tilray products, T100 and TC100 were approved for prescription in 2016. Canopy Growth’s Spectrum Cannabis Chile is also operating in Santiago focused on medical research and patient outreach. Hemp production has been part of Chile’s his