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The United States of Cannabis – A Grizzle & CB1 Compendium to Cannabis Investment in America: US Cannabis Stocks

Cultivation & Retail

iANTHUS CAPITAL HOLDINGS INC

Ticker: CNSX: IAN

States: 10

Market Cap: $1,617MM

Price/Sales: 8x

Company Description

iAnthus is one of the largest vertically integrated growers in America. The company owns cultivation licenses in 10 states (MA, NY, Fl, AZ, CA, NV, MD, VT, CO, NM) and has plans to have 30 dispensaries open by the end of 2019.

Investment Thesis

iAnthus presents a compelling opportunity to own a first mover in acquiring medical licenses and building brand awareness nationwide. Valuation is on the low end of the group giving investors a low-cost way to play federal cannabis legalization.

MEDMEN ENTERPRISES

Ticker: CNSX: MMEN

States: 12

Market Cap: $4,797MM

Price/Sales: 8x

Company Description

MedMen is the second-largest vertically integrated operator in the US and has operations in 12 states (MA, NY, FL, MI, OH, AZ, CA, NV, IL, MD, VA, PA). MedMen will have 23 dispensaries open by YE 2019.

Investment Thesis

MedMen has the most recognized cannabis brand in America and is the market leader in many rec markets. An expansion into medical states will position the company well to capitalize on federal legalization.

CURALEAF

Ticker: CNSX: CURA

States: 12

Market Cap: $4,270MM

Price/Sales: 22x

Company Description

The third largest vertically integrated grower in America with operations in 12 states (MA, NJ, NY, FL, AZ, NV, MA, PA, CT, ME, OR, MD) throughout the eastern US.

Investment Thesis

Curaleaf is a firstmover in building a cohesive cannabis brand nationwide. The company’s large footprint will enable it to capture a leading market share when the US legalizes cannabis on a federal level.

ACREAGE HOLDINGS

Ticker: CNSX: ACRG

States: 14

Market Cap: $3,557MM*

Price/Sales: 9x

Company Description

Acreage is the largest US operator with assets in 14 states (NJ, NY,

FL, AZ, CA, NV, IL, MD, PA, CT, ME, OR, CO, WA) and 55 dispensaries

planned over the next few years. Acreage has former speaker of the

house John Boehner and former Canadian prime minister Brian

Mulroney sitting on its advisory board.

Investment Thesis

Acreage is in a unique position to exert significant political influence in America. We believe that will translate into above average opportunities to penetrate emerging legal cannabis markets across the country. The strong management team will also provide the company with a big advantage raising capital versus peers.

GREEN THUMB INDUSTRIES

Ticker: CNSX: GTII

States: 8

Market Cap: $2,769MM

Price/Sales: 20x

Company Description

Green Thumb is one of the largest operators in the US, with key positions in 8 states (MA, NY, FL, OH, NV, IL, PA, MD) and 55 dispensaries planned in their current markets.

Investment Thesis

Green Thumb is a play on eventual US federal legalization of cannabis. The company’s large footprint will allow it to build strong brand awareness and capture a piece of the multi-billion dollar recreational cannabis market.

CRESCO LABS

Ticker: 4Q 2018

States: 6

Market Cap: $2,250MM*

Price/Sales: –

Company Description

Vertically integrated grower operating greenhouses and medical dispensaries in 6 states (OH, AZ, CA, NV, IL, PA) with plans to open 55 dispensaries over time.

Investment Thesis

Cresco is a first mover in US cannabis markets and is a play on US federal legalization of cannabis. Cresco has the former global creative director of Nike on the team to build the brand and curate the consumer experience.

TILT

Ticker: TBD

States: 2

Market Cap: $1,850MM*

Price/Sales: –

Company Description

Tilt is a diversified cannabis company with greenhouses, retail, construction services, and a data software provider for dispensaries. Tilt sells cannabis in MA and has plans to construct 12 dispensaries thus far.

TRULIEVE

Ticker: CNSX: TRUL

States: FL

Market Cap: $1,738MM

Price/Sales: 7x

Company Description

Solely operating in Florida, Trulieve owns a large share of the market and intends on entering additional states in 2019. Trulieve will have 30 dispensaries open in Florida by YE 19′. Trulieve owns one of the most impressive current retail footprints in the state.

Investment Thesis

Trulieve is the market leader in Florida with a brand that resonates with consumers and already generates significant cashflow. Planned expansion will allow the company to capitalize on future federal legalization.

HARVEST ENTERPRISES

Ticker: 4Q 2018

States: 10

Market Cap: $1,350MM*

Price/Sales: –

Company Description

Vertically integrated grower operating greenhouses and medical dispensaries in 10 states (MA, FL, OH, AZ, CA, NV, PA, MD, ND, AK), with plans to enter 3 more states in the short-term and open 97 dispensaries total.

VIBE BIOSCIENCE

Ticker: 4Q 2018

States: CA

Market Cap: $631MM*

Price/Sales: 12x

Company Description

Vertically integrated grower operating two greenhouses and three medical dispensaries in California. Creator of the Zing mobile cannabis delivery app.

LIBERTY HEALTH SCIENCES

Ticker: CNSX: LHS

States: 3

Market Cap: $507MM

Price/Sales: 7x

Company Description

Liberty Health Sciences currently operates in 3 states (MA, FL, OH) and is a partner of Aphria, one of the largest Canadian operators. LHS currently projects 21 dispensaries for FL/MA by YE ’20.

AUSTRALIS CAPITAL

Ticker: CNSX: AUSA

States: 3

Market Cap: $278MM

Price/Sales: –

Company Description

Spin-off from Aurora Cannabis. Owns 24 acres of land in Washington, 42% of a Nevada and Ohio grower and is currently waiting for a cultivation license in Michigan.

SCYTHIAN BIOSCIENCES

Ticker: CNSX: SOL

States: 4

Market Cap: $151MM

Price/Sales: 5x

Company Description

Vertically integrated grower operating greenhouses and medical dispensaries in 2 states (OR, CA).

4FRONT

Ticker: TBD

States: 4

Market Cap: $140MM

Price/Sales: –

Company Description

4Front is one of the smaller operators by addressable market and market cap, with operations in 4 states (MA, NV, MD, PA) and 11 dispensaries planned for current markets.

1933 INDUSTRIES

Ticker: CNSX: TGIF

States: NV

Market Cap: $123MM

Price/Sales: 4x

Company Description

Vertically integrated Nevada producer with plans to expand into 5 more states. Also owns a cannabis security logistics company and sources CBD to produce CBD-based products.

GROWN ROGUE

Ticker: TBD

States: 2

Market Cap: $49MM*

Price/Sales: –

Company Description

Vertically integrated grower operating greenhouses and medical dispensaries in 2 states (OR, CA).

DIXIE BRANDS

Ticker: 4Q 2018

States: 4

Market Cap: –

Price/Sales: –

Company Description

Vertically integrated grower operating greenhouses and medical dispensaries in 4 states (CA, NV, MD, CO).

ZEN LEAF/VERANO

Ticker: TBD

States: 4

Market Cap: –

Price/Sales: –

Company Description

Vertically integrated grower operating greenhouses and medical dispensaries in 4 states (FL, IL, NV, MD). Dispensaries operate under the “Zen Leaf” brand.

CBD CULTIVATION & PRODUCTS

CHARLOTTE’S WEB

Ticker: CNSX: CWEB

States: 2

Market Cap: $1,838MM

Price/Sales: 12

Company Description

Grower of hemp and manufacturer of assorted CBD products. Products are distributed throughout the western US and sold online.

ELIXINOL

Ticker: ASX: EXL

States: –

Market Cap: $95MM

Price/Sales: –

Company Description

The Elixinol Group operates in the industrial hemp and medicinal cannabis industries. They manufacture hemp-based dietary supplements and skincare products.

PHIVIDA

Ticker: CNSX: VIDA

States: –

Market Cap: $44MM

Price/Sales: –

Company Description

Phivida is a functional food and beverage company that infuses active hemp extract into a variety of consumable end products.

EDIBLES & OILS

PLUS PRODUCTS

Ticker: CNSX: PLUS

States: CA

Market Cap: $185MM

Price/Sales: 16x

Company Description

Widely distributed edibles manufacturer operating out of California. Main product is an infused gummy under the PLUS product line.

CANNABIS CONSORTIUM

Ticker: OTCMKTS: BDCI

States: 15

Market Cap: $45MM*

Price/Sales: –

Company Description

Cannabis Consortium operates in 12 states as well as in Canada, Brazil, Colombia, and Spain. Currently owns a sizable portion of the Florida market and expanding into California with Texas presenting a large future opportunity.

BHANG CORPORATION

Ticker: 4Q 2018

States: 4

Market Cap: –

Price/Sales: –

Company Description

Bhang Corporation manufactures and distributes three tiers of products (edibles, hemp-derived CBD, and Terpenes) in over 1,000 retail locations nationwide.

EQUIPMENT SUPPLIERS

KUSHCO HOLDINGS

Ticker: OTCMKTS: KSHB

States: CA

Market Cap: $463MM

Price/Sales: 5x

Company Description

Provider of packaging, supply, branding, vape, and extraction gas sales to the cannabis industry. Headquartered out of Garden Grove, California.

BLACKLIST HOLDINGS

Ticker: 4Q 2018

States: 3

Market Cap: $50MM*

Price/Sales: –

Company Description

Washington-based vape pen and cartridge provider. Products are distributed in three states (WA, OR, CA). Owner of the IONIC brand of vape pen.

URBAN GRO

Ticker: TBD

States: CO

Market Cap: $25MM*

Price/Sales: –

Company Description

Colorado-based provider of cultivation equipment. An integrated service provider that handles lighting, irrigation, climate control, pest control, and the installation of harvesting equipment.

XTRACTION SERVICES

Ticker: 4Q 2018

States: 4

Market Cap: –

Price/Sales: –

Company Description

Provider of cannabis extraction services that extracts cannabis oil on demand for clients and also leases out extraction machines and provides equipment financing.

* Grizzle estimate of market capitalization as companies are not yet public.

Disclaimer: CB1 Capital may have positions, from time to time, in one or more of the companies mentioned above. Where indicated, Grizzle has positions in the companies mentioned above.

