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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...

Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024662.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…fying and producing customized formulations of cannabinoids and terpenes that may effectively target specific health conditions or otherwise cause an intended, desirable effect on users. Cannabis strains with specific THC to CBD ratios are currently the predominant focus for ther...

helped cushion portfolio returns when markets declined. We won’t know until the data comes in, but w
document IMAGES-008-HOUSE_OVERSIGHT_025227.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…orporate profits and P/E multiples were fine in June 2007, but rested on top of a systemic problem in private sector credit markets and private sector balance sheets. This year, strong corporate profits and low P/E multiples sit on top of systemic problems in public sector financ...

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

…uld create. This phenom- enon may partially explain why different cannabis strains are used to treat diverse medical conditions. There are several generally accepted examples of the entourage effect. CBD is believed to regulate the psychoactive effects of THC and reduce short-te...

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

Cannabis Investment Report | December 2017
document IMAGES-008-HOUSE_OVERSIGHT_024688.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

ACKRELL CAPITAL Cannabis Investment Report | December 2017 Vaporizers and Accessories Smoking or vaporizing cannabis flower or concentrates is the most popular method of cannabis con- sumption, in part because the effects of inhaled cannabis smoke or vapor begin almost immedia...

CAPITAL CHAPTER IV U.S. Legal Landscape
document IMAGES-008-HOUSE_OVERSIGHT_024703.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… State governments continue to adjust recreational cannabis regulations in an effort to create favor- able industry conditions and address health and public safety concerns. State-licensed recreational cannabis businesses must comply with a host of requirements related to securi...

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

> A “na Plan cre O CHAPTER IV U.S. Legal Landscape U.S. Department of Justice: The Cole Memo A memorandum published by the DOJ in August 2013 (Cole Memo) provides guidance to DOJ attor- neys and federal law enforcement about prosecuting cannabis-related federal offenses. The...

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

ACKR PI L - A L BL TA CHAPTER IV U.S. Legal Landscape partners and consider many factors, including FDA resources and threats to public health. Beyond this statement, the FDA has not published detailed guidance about its cannabis-related enforcement priorities. Bank Secrecy Ac...

IF Institute of International Finance
document IMAGES-011-HOUSE_OVERSIGHT_031164.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…an only be offered to suitable investors through a confidential offering memorandum which fully describes all terms, conditions, and risks. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax mat...

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

…it the production and possession of cannabis or concentrates for use in treating a broad range of qualifying medical conditions, ° 19 U.S. states have enacted narrow CBD/limited laws that permit possession of small amounts of low-THC/high-CBD cannabis concentrates for use in tre...

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

…in cannabis products is increasingly becoming a focus of regulators and producers. Even cannabis grown under organic conditions can be exposed to pesticides inadvertently, so many states now require all cannabis products to be tested by a state- licensed laboratory for pesticides...

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

CHAPTER III Cannabis Industry Segmentation The nascent cannabis industry is often viewed by investors and others as a single, homogeneous indus- try, in much the same way the “technology” industry was viewed in the early 1990s. As the technology industry became more important to...

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

Cannabis Investment Report | December 2017 Representative Dosage Amounts Desired Effect or Ailment Dosage “High” 10 mg THC Anxiety, depression, spasms 25 mg CBD Cancer 25 mg CBD Chronic pain 2.5-20 mg THC Epileptic seizures 200-300 mg CBD Glaucoma 20-40 mg CBD Increased appeti...

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...