2 CONFIDENTIAL: NOT INTENDED FOR GENERAL DISTRIBUTION KEY Investment - - PowerPoint PPT Presentation

This “Presentation”, inclusive of all materials and information provided herewith and in relation to this Presentation, is confidential and proprietary to Key Investment Partners LLC (“KEY Investment Partners”) and its related entities, including KEY Investment Partners Fund I LP (“Fund”; and together with KEY Investment Partners, as the context may require “KEY”). The reproduction of this Presentation in whole or in part is strictly prohibited. You are not permitted to make this Presentation

• r the information contained herein or the information provided to you during the course of this Presentation available to any third parties except with the express written consent of KEY or as required by law.

This Presentation includes the discussion of certain general terms and conditions only. This Presentation is being provided to you as a member of a small group of individually selected participants on a confidential basis for the sole purpose of providing you with initial and general information at your own responsibility. This Presentation is not suitable to inform you of the legal and factual circumstances necessary to make an informed judgment about any prospective investment. Please verify any contractual documentation that may be provided, if any. This Presentation does not constitute an offer to sell or solicitation to buy or subscribe for any securities. No money or other consideration is being solicited, and if sent in response, will not be accepted. Any offer to sell or solicitation to buy an interest in any security, investment product, fund or similar investment vehicle may only be made upon the delivery by KEY of certain documents that describe the material terms, risks and various qualifications and considerations relating to any such prospective investment (the “Offering Documents”). An offer to sell securities as may be described herein will only be made by KEY if and when, and to those persons whom, KEY determines an offer may be made in compliance with federal and state securities laws and any other applicable laws and regulations. The distribution of this Presentation or the Offering Documents may be restricted in certain jurisdictions; offers can only be made where lawful under and in compliance with applicable law. KEY reserves the right to accept or reject any request for Offering Documents or any subscription in its sole discretion. An investment in a security, such as may be described herein, is subject to numerous risks and uncertainties. This Presentation does not list and does not purport to list all of the risk factors associated with such an investment. Investors in any security must be able to evaluate and bear the potential consequences of the risks, including the potential loss of the entire investment. CERTAIN INFORMATION CONTAINED IN THIS MATERIAL CONSTITUTES FORWARD-LOOKING STATEMENTS, WHICH CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS “MAY,” “WILL,” “SHOULD,” “EXPECT,” “ANTICIPATE,” “TARGET,” “PROJECT,” “ESTIMATE,” “INTEND,” “CONTINUE,” OR “BELIEVE,” OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. SUCH STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE OR ACTIVITIES. DUE TO VARIOUS RISKS AND UNCERTAINTIES, ACTUAL EVENTS OR RESULTS OR THE ACTUAL PERFORMANCE OF THE FIRM MAY DIFFER MATERIALLY FROM THOSE REFLECTED OR CONTEMPLATED IN SUCH FORWARD-LOOKING STATEMENTS. The statements in this Presentation are based on information that is considered to be reliable as of the date on which this Presentation is delivered. This Presentation does not, however, purport to be comprehensive or free from error, omission or misstatement and KEY and its advisors makes no representations or warranties as to the accuracy, reliability or completeness of any information contained herein. KEY reserves the right to alter or amend any information contained or opinion expressed herein and without notice. This Presentation does not take into account the investment objective, financial situation or particular needs of any individual entity. This Presentation is not provided as investment or other advice, and no information or material contained herein shall be deemed a recommendation to buy or sell any securities. Liability for all statements and information contained in this Presentation is, to the greatest extent permissible by law, excluded. EXAMPLES OF OUR PROCESSES AND ANY OTHER IDEAS PRESENTED HEREIN, INCLUDING THE INFORMATION PROVIDED IN THE PAGE HEADED “INVESTED AND COMMITTED DEALS,” ARE FOR ILLUSTRATIVE PURPOSES ONLY. THERE IS NO GUARANTEE THAT KEY OR THE FUND WILL ACQUIRE A POSITION IN AN ISSUER OR SECTOR REFERENCED IN SUCH EXAMPLES OR IDEAS OR THAT ANY SUCH POSITION WOULD BE PROFITABLE.

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For illustrative purposes only.

KEY Investment Partners leverages over 21 years of institutional experience to navigate the complex cannabis capital markets. We systematically screen, diligence and invest in private cannabis companies, connecting investors with early-stage opportunities. KEY seeks to invest opportunistically across all subsectors of the cannabis industry in search of companies which we believe are backed by experienced management teams with high-growth, market-leading products and services.

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Sophisticated entrepreneurs capitalizing

• n the end of cannabis prohibition

Face challenges investing in cannabis due to legal constraints Eager for institutional quality investment management

Prior to founding KEY, Tiby spent three years as a member of Partners Group’s Client Solutions team responsible for fundraising Partners Group’s flagship funds, sourcing opportunities, and connecting new investors with the firm. Prior to Partners Group, Tiby spent four years with Goldman Sachs, where he focused on Emerging Market and US Core public

• equities. Tiby has an undergraduate degree in

Finance from the University of Texas at San Antonio. Prior to founding KEY, Pete spent three years as a member of Partners Group’s Real Estate acquisitions team, responsible for sourcing opportunities, conducting diligence, and executing transactions valued at $300mn-$1.5bn gross asset value. Prior to Partners Group, Pete spent three years at Equity Residential where he focused on multifamily investments. Pete has an undergraduate degree in Finance and Real Estate from the University of Wisconsin - Madison. 5 Prior to founding KEY, Jordan spent four years as a member of Partners Group’s Private Equity team responsible for sourcing opportunities, conducting due diligence, and executing lead, control leveraged buyout transactions for companies with $500mn- $2.5bn enterprise value. Prior to Partners Group, Jordan spent four years with GE Capital in Leveraged & Corporate Finance. Jordan has an undergraduate degree in Economics and Political Science from Indiana University.

CONFIDENTIAL: NOT INTENDED FOR GENERAL DISTRIBUTION For illustrative purposes only.

“This is one of the most exciting opportunities you’ll ever be part of” “Legalizing marijuana is a step forward in reforming our broken criminal justice system”

“It’s a generational opportunity”

For illustrative purposes only. Source: The New York Times, J.B. Pritzker’s website

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MO UT LA OK AR AR WV FL OH FL OH ND PA ND PA IL MN IL MN IL MN MD NH MD NH MD NH CT CT NY CT NY CT NY DE MA DE MA DE MA DE MA AZ DC AZ DC AZ DC AZ DC AZ DC MI MI NJ MI NJ MI NJ MI NJ MI NJ RI RI NM RI NM RI NM RI NM RI NM RI NM MT VT MT VT MT VT MT VT MT VT MT VT MT VT MT VT CO HI CO HI CO HI CO HI CO HI CO HI CO HI CO HI CO HI CO HI ME NV ME NV ME NV ME NV ME NV ME NV ME NV ME NV ME NV ME NV Legalized medical and recreational cannabis AK OR AK OR AK OR AK OR AK OR AK OR AK OR AK OR AK OR AK OR AK OR Legalized medical cannabis CA WA CA WA CA WA CA WA CA WA CA WA CA WA CA WA CA WA CA WA CA WA CA 2018 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 1 state + DC + DC + DC + DC 13 states 11 states 10 states 8 states 8 states 4 states 15 states 18 states 23 states Note: Illinois recently legalized recreational

• cannabis. The law will go into effect on January 1st,

2020. + DC 33 states 28 states

For illustrative purposes only. There is no assurance that medical and/or recreational cannabis will be legalized in additional states or at the federal level. Source: Gallup News Service.

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For illustrative purposes only. Source: Marijuana Business Daily (2018), Aspen Times (2018).

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0.9 2.4 3.6 10.0 10.8 15.0 17.0 28.6 45.7 60.0 72.2 Goldfish Crackers Fortnite Video Game E-cigarettes Legal Cannabis (2018) Taco Bell NFL Online Food Delivery Gym Memberships Pizza Estimated Rec Cannabis (2027) Wine

3.8 4.9 6.3 4.8 6.8 8.5 10.3 11.9

1.0

1.8

2.9 6.1 8.1 10.7 14.1 18.7 4.8 6.7 9.1 10.9 14.9 19.3 24.4 30.7 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E

Medical Recreational

Aug-2018: Constellation Brands (maker of Corona) invests CAD 5bn in cannabis cultivator Canopy Growth for ~38% ownership. Sep-2018: Epidiolex becomes first cannabis-derived medicine to be approved by the FDA and subsequently rescheduled by the DEA. Oct-2018: Canada becomes the first G7 nation to legalize cannabis nationally. Nov-2018: Michigan legalizes recreational cannabis (10th state to legalize, 3rd largest by population), Utah and Missouri legalize medical cannabis. Dec-2018: 2018 Farm Bill passes US Congress to legalize hemp industry nationwide. Apr-2019: SAFE Banking Act introduced to US Senate, aimed at protecting financial institutions who bank cannabis businesses. Jun-2019: Illinois legalizes recreational cannabis (11th state to legalize, 2nd largest by population) Oct-2019: SAFE Banking Act passed by US House of Representatives.

Past performance is not indicative of future results. For illustrative purposes only. Source: Constellation Brands, FDA, DEA, NPR, Altria, Brookings Institute, Arcview Market Research & BDS Analytics.

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15-30% 70-85%

For illustrative purposes only. Source: The Marijuana Business Factbook 2018, Viridian Capital Advisors. 1 Private companies, which are primarily in the U.S., raised $4,056 million comprising 222 capital raises in 2018. Based on estimates, 25,000-33,000 companies in the U.S. focus entirely on the cannabis industry or derive a sizable portion of their revenue from it. Assuming the low end of 30% of 29,000 companies are seeking $1.5 million would result in $13 billion of capital needs. Assuming a slightly higher percentage of companies

• f 40% and capital raises of $2 million, would result in $23 billion of capital needs. 2 Restrictions imposed by Limited Partners of venture capital funds prohibiting investment in

“sin”-related industries. CONFIDENTIAL: NOT INTENDED FOR GENERAL DISTRIBUTION

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Private U.S. Cannabis companies have annual capital needs of $13-$23bn, yet are receiving only ~$4bn in funding, only 15-30% of their capital needs.

Traditional venture cap apital res estricted by vic ice cla clauses2

(i)

Lac Lack of

• f de

debt fina financing g fr from fed ederally-insured ban banks

(ii)

Ins nstitutional al in investors un unfamiliar with ith reg egulatory lan landsc scape

(iii)

For illustrative purposes only.

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Mas Massiv ive gr growt wth al already pri priced into

• cannabis

is stoc

• cks, lead

eadin ing g to

• ver

ervalu luatio ions rela elativ ive to

• tr

tradit itio ional l CPG CPG com

• mpanie

ies

(i)

NY NYSE SE & & NAS NASDAQ listed secu ecurit itie ies cannot ha have US S pl plant-tou

• uchin

ing

• p
• per

eratio ions, lead eadin ing to

• lack

ack of

• f

pen penetratio ion in n the the lar argest, fas astest gr growin wing g ma market

(ii)

Can Canadia ian Sec Securit itie ies Ex Exchange (CSE) (CSE) listed stocks lack governance and and liqu quid idit ity, lead eadin ing to

• hi

high ghly ly vol

• latil

ile pri prices

(iii)

Stock Market Revenue P/Sales Company Ticker Price

• Cap. (m)

FY'18 FY'19 FY'20 FY'18 FY'19 FY'20 Cannabis Comps Canopy Growth CGC 21.1 $ 7,210 60 60 173 173 637 637 120.7x 41.6x 11.3x Aurora Cannabis ACB 2.2 $ 2,040 42 42 190 190 660 660 48.2x 10.7x 3.1x Tilray TLRY 17.1 $ 1,570 43 43 175 175 343 343 36.4x 9.0x 4.6x Cronos Group CRON 7.7 $ 2,420 12 12 63 63 201.2x 38.5x n/a Median 2,230 $ 43 43 $ 174 174 $ 637 637 $ 84.5x

24.6x

4.6x * Market Data as of 12/31/2019 per Yahoo finance, USDm except stock price, converted at 1.30524 USD/CAD FX rate Stock Market Revenue P/Sales Company Ticker Price

• Cap. (m)

FY'18 FY'19 FY'20 FY'18 FY'19 FY'20 Branded Products Comps Annheuser-Busch InBev BUD 82.0 $ 164,570 54,619 53,290 56,410 3.0x 3.1x 3.1x Constellation Brands STZ 189.8 $ $ 36,320 7,585 8,116 7,910 4.8x 4.5x 4.5x Molson Coors Brewing TAP 53.9 $ 11,560 10,770 10,560 10,600 1.1x 1.1x 1.1x Phillip Morris Internationa PM PM 85.1 $ 134,300 29,625 29,840 31,410 4.5x 4.5x 4.5x Altria Group MO MO 49.9 $ 92,710 19,627 19,880 20,020 4.7x 4.7x 4.7x Median 92,710 $ 19,627 $ 19,880 $ 20,020 $ 4.5x

4.5x

4.5x * Market Data as of 12/31/2019 per Yahoo finance, USDm except stock price, converted at 1.30524 USD/CAD FX rate

1 month 3 months 6 months 1 year Since launch 0.40%

• 20.20%
• 34.60%
• 46.80%
• 45.90%

Source: thecse.com, 2019

Returns for CSE Composite Index (as of at Market Pre-Open September 20, 2019)

For illustrative purposes only. There is no assurance that actual investments will follow the anticipated subsector allocation.

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Concentrates Technology

▪ Compliance software ▪ Delivery services ▪ Tax software ▪ POS systems ▪ Mobile applications ▪ CRM tools

Biotechnology

▪ Testing labs ▪ Agriculture science ▪ Medicinal applications ▪ Synthetic cannabinoids

Business Services

▪ Data analytics ▪ HR and payroll solutions ▪ Legal services ▪ POS advertising ▪ Packaging

Edibles Dispensaries Cultivators Capital Equipment Beverages Vaporizers

For illustrative purposes only.

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Anc Ancillary busi business sses s ha have less less reg egulatory risk isk tha han pla plant-touching busi business sses s do. do.

(i)

Dispensaries 3,500 – 4,500 Cultivators 4,500 – 5,500 Infused Products 2,000 – 3,000 Testing Labs 100 - 200 Ancillary Services 15,000 – 20,000 Plant-Touching Total 10,000 – 13,000 Industry Total 25,000 – 33,000

Source: The Marijuana Business Factbook 2018

Estimated number of cannabis businesses in the U.S. 2018

Anc Ancillary busi business sses s can an conduct busi business s acr across ss state lin lines, s, whil hile pla plant-touching g bu busi siness sses can annot.

(ii)

Sec Section 28 280e 0e of

• f the U.S.

.S. tax x code ba bars s busi business sses s tha hat sell sell sch scheduled sub substances s fr from tak aking de deductions be beyond the COGS.

(iii)

Effect of Section 280E Ancillary Plant-Touching Gross Revenue 1,000,000 $ 1,000,000 $ Cost of Goods Sold 650,000 $ 650,000 $ Gross Income 350,000 $ 350,000 $ Deductible Operating Expenses 200,000 $

• $

Operating Income 150,000 $ 150,000 $ Taxable Income 150,000 $ 350,000 $ Tax (30%) 45,000 $ 105,000 $ Effective Tax Rate 30.0% 70.0% Net Income 105,000 $ 45,000 $ Net Income Margin 10.5% 4.5% Source: KEY Investment Partners, 2019 For illustrative purposes only. Business Type

Generally, anci ancillary busi business sses s ha have lo lower star art-up cos

• sts

s and and ar are mor

• re sc

scala alable tha han pla plant- touching busi business sses. s.

(iv)

The pr price of

• f flo

flower dec declines shar harply as as state mar arkets mature, whic hich mak akes cul cultivation and and disp dispensa sary in investments s una unattractive in in the lon long term.

(v)

• Market research company providing CPG clients with

consumer, shopper and retail market intelligence

• Exit: Acquired by PE firm Vestar for 16x+ EBITDA1
• Global provider of human resources management

software and services

• Exit: IPO’d in 1961, $75.7bn market cap as of Jan 2020
• Outsourced digital product engineering services and Agile

software development to global brands

• Exit: Acquired by PE firm Partners Group for $2.0bn+
• Provider of products and solutions to help farmers achieve

global food security and sustainability

• Exit: Acquired by ChemChina for $44bn
• Market research company providing clients with cannabis

& CBD consumer, shopper and retail market intelligence

• Anticipated exit*: Strategic acquirer (e.g. IRi)
• Provider of human resources management software and

services for cannabis companies

• Anticipated exit*: Strategic acquirer (e.g. ADP)
• Provides technical, scientific, operating and management

services for the extraction of cannabis oil for use in edibles

• Anticipated exit*: Strategic acquirer (e.g. MSO3)
• Provider of high-performing plants and seed to cannabis

growers

• Anticipated exit*: Strategic acquirer (e.g. Monsanto)

For illustrative purposes only. There is no assurance that similar investments will be made. 1 Source: Moody’s, KEY estimates. 2 Multi-state Operator. 3 Fundraise led by consortium of four private equity firms. *There is no guarantee that there will be an exit.

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• One of the largest outdoor advertising companies with
• ver 450,000 displays in 31 countries
• Exit: IPO’d in 2005, $1.3bn market cap as of Jan 2020
• A content driven television network located at the point of

sale in dispensaries which broadcasts real-time ads

• Anticipated exit*: Strategic acquirer (e.g. Clear Channel)

Sector: Data Aggregation and Analytics Fundraising Round: Series C Capital Raise: $10mn KEY Investment Participation: Lead investor + board of director seat Funding Date: August 2019 Deal Sourcing: Proactive approach, first outside investor presented with deal

✓ Ma Marqu quee e bran and d name: e: Most frequently cited source of cannabis market projections ✓ Stabl ble, con

• ntractual

al-bas ased ed revenu enues: : Including c. 2/3 of the largest cannabis brands and blue-chip customers from alcohol, tobacco, pharmaceuticals and agriculture ✓ Partner nershi hip wi with h IRi: BDSA recently announced an exclusive partnership with IRi, which increases revenues today and provides visibility into a possible exit scenario ❖ Cust stomer er attrition

• n due

e to bankr nkrup uptcy and d cons nsol

• lida

dation

• n: BDSA loses customers today as a result of

the industry’s nascency as companies merge or go out of business ❖ Compe petitive e off ffer ering ngs: Headset provides similar analytical capabilities and could steal market share from BDS ❖ Data a privac acy and d sec ecur urity: : Customer privacy and data integrity is critical, leaving BDSA subject to data privacy & cybersecurity risk

BDSA is the market leading cannabis data aggregation and analytics firm. BDSA provides subscription-based data and analytics services for the cannabis industry. The company operates through three business lines: GreenEdge™ Retail Sales Tracking, Consumer Insights and Industry Intelligence. GreenEdge™ RTS is responsible for most of the recurring revenue while Consumer Insights and Industry Intelligence augment revenues and generate most inbound sales leads.

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Past performance is not indicative of future results. For illustrative purposes only. There is no assurance that similar investments will be made.

“A few major opportunities, clearly recognizable as such, will usually come along to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.”

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For illustrative purposes only. Source: Poor Charlie’s Almanack.

• Tobacco smoking deaths: 480K Americans per year (41K second-hand smoke)1
• Alcohol-related deaths: 88K Americans per year2
• Marijuana: non-toxic, non-addictive, cannot cause death by overdose3
• 100 million Americans have used marijuana, 25 million smoked in the past year4
• 600k annual marijuana arrests, more marijuana-related arrests than all violent crimes combined5
• Of 8.2 million marijuana arrests (2001-2010), 88% were for possession only6
• African Americans arrested ~3.7x the rate of whites despite similar consumption rates6
• U.S. incarceration rates 5-10x W. European nations7
• Marijuana enforcement costs taxpayers ~$20 billion annually8
• The FDA approved and the DEA rescheduled CBD-based drugs for treatment of epilepsy9
• Reduced rates of opioid use and abuse associated with cannabis access10
• Valuable treatment in pain relief, nausea, spasticity, glaucoma, and movement disorders11
• Emerging research suggests marijuana may protect against some malignant tumors12
• Medical research remains highly restricted due to “Schedule 1 drug” classification13
• Produces a much higher yield than substitutes (e.g. cotton) and requires few pesticides14
• 98% of the DEA destroyed marijuana actually hemp (contains <1% THC) 15
• Applications include paper, cloth, fuel and composite materials16

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For illustrative purposes only. Note: Footnotes follow on subsequent page.

1 U.S. Department of Health and Human Services (2014); The Health Consequences of Smoking—50 Years of Progress: A Report of the Surgeon General. Atlanta: U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, National Center for Chronic Disease Prevention and Health Promotion, Office on Smoking and Health. https://www.surgeongeneral.gov/library/reports/50-years-of-progress/full-report.pdf. 2 Centers for Disease Control and Prevention (CDC); Alcohol and Public Health: Alcohol-Related Disease Impact (ARDI). Average for United States 2006–2010 Alcohol-Attributable Deaths Due to Excessive Alcohol Use. https://nccd.cdc.gov/DPH_ARDI/Default/Report.aspx?T=AAM&P=f6d7eda7-036e-4553-9968-9b17ffad620e&R=d7a9b303-48e9-4440-bf47-070a4827e1fd&M=8E1C5233-5640- 4EE8-9247-1ECA7DA325B9&F=&D=. 3 World Health Organization (6-10 November 2017); Cannabidiol (CBD) Pre-Review Report: Expert Committee on Drug Dependence. Thirty-ninth Meeting, Geneva. http://www.who.int/medicines/access/controlled-substances/5.2_CBD.pdf 4 National Survey on Drug Use and Health; National Household Survey on Drug Abuse; Substance Abuse and Mental Health Services Administration (SAMHSA), Department of Health and Human Services. 5 Federal Bureau of Investigation (2016); 2016 Crime in the United States. https://ucr.fbi.gov/crime-in-the-u.s/2016/crime-in-the-u.s.-2016/cius-2016/topic-pages/persons-arrested?55. 6 American Civil Liberties Union (2013); The War on Marijuana in Black and White: Billions of Dollars Wasted on Racially Biased Arrests. https://www.aclu.org/files/assets/aclu-thewaronmarijuana- rel2.pdf. 7 The National Research Council (2014); The Growth of Incarceration in the United States: Exploring Causes and Consequences. https://johnjay.jjay.cuny.edu/nrc/NAS_report_on_incarceration.pdf. 8 Miron, J. and Waldock, K (2010); The Budgetary Impact of Ending Drug Prohibition. https://object.cato.org/sites/cato.org/files/pubs/pdf/DrugProhibitionWP.pdf. 9 U.S. Food & Drug Administration. FDA approves first drug comprised of an active ingredient derived from marijuana to treat rare, severe forms of epilepsy. https://www.fda.gov/newsevents/newsroom/pressannouncements/ucm611046.htm. 10 Liang, D., Bao, Y., Wallace, M., Grant, I., and Shi, Y. (2018); Medical Cannabis Legalization and Opioid Prescriptions: Evidence on US Medicaid Enrollees during 1993–2014. Addiction, https://doi.org/10.1111/add.14382. 11 NSW (New South Wales) Working Party on the Use of Cannabis for Medicinal Purposes (2000); Report of the Working Party on the Use of Cannabis for Medical Purposes. Sydney: Parliament House; J. Joy et al (1999); Marijuana and Medicine: Assessing the Science Base. Washington, DC: National Academy Press; House of Lords Select Committee on Science and Technology (1998); Ninth

• Report. Cannabis: The Scientific and Medical Evidence. London: The Stationary Office; J. Morgan and L. Zimmer (1997); Marijuana Myths, Marijuana Facts: A Review of the Scientific Evidence. New

York: Lindesmith Center; Grinspoon and Bakalar (1997); Marihuana the Forbidden Medicine. 12 I. Galve-Roperph et al (2000); Antitumoral Action of Cannabinoids: Involvement of Sustained Ceramide Accumulation of ERK Activation. Nature Medicine 6: 313-319. 13 Kaiser Health Network (2018); Medical Marijuana's 'Catch-22': Limits On Research Hinder Patient Relief. https://www.npr.org/sections/health-shots/2018/04/07/600209754/medical-marijuanas- catch-22-limits-on-research-hinders-patient-relief. 14 Cherney, J. and Small, E. (2016); Industrial Hemp in North America: Production, Politics and Potential. http://www.mdpi.com/2073-4395/6/4/58/pdf. 15 Drug Enforcement Agency (2006); Sourcebook of Criminal Justice Statistics. http://www.albany.edu/sourcebook/pdf/t4382005.pdf. 16 Reason Foundation (2008); Illegally Green: Environmental Costs of Hemp Prohibition. https://reason.org/wp-content/uploads/files/1030ae0323a3140ecf531bd473632b57.pdf

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