May - 2015 VOLUME 2, EDITION 5

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MONTH IN REVIEW & OUTLOOK  AprilwasalmostthefirstmonthsinceOctoberforcannabisstockstorally,withtheBenzinga420arijuanaIndexdecliningdespitegoingintotheastweekofthemonthupmarginally:Ml

The index, which was rebalanced at the end ofMarch and currently includes 39 names, saw 9double‐digit percentage gainers and 19 double‐digit percentage decliners, suggesting that thestocks in the sector aren't all moving in unison.heindexdeclined6.8%to91.8duringAprilandTisdown29.8%in2015.Withthe4/20celebration,it'snotsurprisingthatthere was substantial fanfare, including thepremier of theWeed 3 documentary, hosted bySanjayGupta.AnotherbigstorywasthereturnofAdvancedCannabisSolutions (CANN) to thePinkSheets,13monthsafter itsSECsuspension. NewYork began accepting applications for its highlyrestrictive MMJ program that will award only 5icenses. A negative for the sector wasMBank'slexitfrombankinginOregon.On the political front, Loretta Lynch, who spokeoutagainstlegalcannabisduringtheconfirmationhearings,wasconfirmedasAttorneyGeneral.The

long‐awaited decision from Judge Mueller in theSchwedercasewasnotfavorable,assheruledthatthe scheduling of cannabis isn't unconstitutional.Positively,bipartisanlegislationwasintroducedinboththeSenateandtheHouseofRepresentativestoaddress theunfair taxburden for the industry280E,which can leavemarginal income taxes in(excessof70%).In Canada, the licensed LPs saw continuedconsolidation or strategic expansion. ThreetransactionsthatstoodoutwereAuroraCannabisannouncingamoveintoWashington,AbbaMedixannouncing its intenttoacquireLPRedeCan,andPharmaCanCapital selling an80%stake in its IntheZoneProduceLP.ThetwobigSupremeCourtcases regarding the old MMAR system (right ofatients to grow) and extractions (not permittedpundercurrentlaw)remainopen.Longer‐term fundamentals for the industryremain positive, as legal and medical cannabiscontinue to expand on a state‐by‐state basis andastheindustrymovesfromtheblack‐market.Theearly‐in‐the‐year explosion in demand for thestocks in 2014 led to unsustainable valuations(and a lot more supply of stock, much of whichwas from companies that appear to lacksubstance). In2015, investorsare likely to focusn companies with more visible near‐termorevenueopportunities.Thebigthemesaheadarelikelytobethepotentialfor the DEA to reschedule cannabis and betterclarity from the federal government for banks(both part of the proposed CARERS Act),resolution of the MMAR/MMPR lawsuit and thechallengeofHealthCanada'srulesagainstediblesand extracts in Canada and continued growth intheMMPRprogram,progressin2015withrespectto MMJ expansion and on 2016 ballot initiativesand legislative initiatives for legal cannabis (CA,NV), the announcement of candidates for thePresidential election in 2016, rollouts in Oregonand Alaska, congressional handling of D.C.'s

May - 2015 VOLUME 2, EDITION 5

attempts to legalize, and implementations ofseveral state MMJ programs, including FloridaCBDonly),Illinois,Minnesota,NewYork,Nevada(andMassachusetts.Theslide,whichmarkeditsone‐yearanniversaryinMarch,reversedouttheentiregainsfromearly2014, with the market pulling back to late‐2013levelsbutcurrentlyatabout31%higherthanthesummer 2013 lows. Despite the correction,mostvaluations remain high. Please remember that itremains the case that most of the penny stockswillnotsucceed. Iexpectthattherewillbe justaew winners among the approximately 300ompaniesthatarecurrentlyonourBroadList.fc

Big Companies with Cannabis Industry Exposure 

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 At420Investor,wefocusonfindingcompanieswithleveragetothelegalcannabisindustry.Astheindustryevolves,manycompanieswillattempttocreatevaluefortheirshareholdersbyfocusingonsolvingitsproblems,providingessentialtechnologyorservicesorevendirectlyproducingorsellingcannabisproducts.Atthesametime,though,manyexistingcompaniesthathavenodirectfocusontheindustrywillstumbleuponnewbusinessorperhapsmakeanefforttoextendintotheindustrywhilepreservingtheircorebusinesses.

Whileinvestorsaremoreinterested,rightly,incompanieswithsubstantialratherthanjustincidentalexposure,itisworthwhiletopayattentiontolargercompaniesstickingtheirtoeintheproverbialwaters.Cannabisexposurecouldliftgrowthatthemarginandprovideacatalystperhapsnotrecognizedbytraditionalinvestors.Also,payingattentiontobigcompaniesinthepacecanhelpinvestorsunderstandsomeofthescompetitivedynamicsintheindustry.Ihavenoticedanincreasingnumberofcompaniesthatfallintothe"toeinthewater"campandwantedtostartalistofthesethatwecanfollowasacommunity.Withthatinmind,Iwanttodiscussbroadareathatincludesmultiplecompaniesandathenafewuniquecompanyefforts.Thebroadareaisanalyticalequipmentusedinlabs.WhileIwaswellawareoftheexposureofsomeoftheleadingtestequipmentbeforemyrecentvisittoCannLabs(CANL)andSteepHillColorado,whichwilllikelybeoperatedbyPazoo(PZOO),seeingtheequipmentreallydrovehomethepointthatthecannabismarketoffersexposuretothemajorplayers,whichincludeAgilent(A),Thermo(TMO)andWaters(WAT).Thesecompaniesmakenotonlylabequipmenttoanalyzecannabis,butone,Waters,makesquipmentusedinextractiontocreateoilsandewaxconcentrates.Agilenthasamarketcapofabout$14billionandannualsalesofover$7billion.Thermohasamarketcapof$53billionandsalesofabout$17billion.Watersisthesmallestofthesethree,withamarketcapof$10billionandsalesof$2billionin2014.Thereisnomentionofcannabisonitswebsiteorinitsfilings,butthecompanysold2mmofequipmenttotheprivately‐heldroVerdeLabs.CANLisacustomeraswell.$P

May - 2015 VOLUME 2, EDITION 5

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WhileWatersappearstobethemostleveraged,itouldtakealotoflabstomovetheneedleforw

suchabigcompany.InMarch,TheScottsMiracle‐GroCompany(SMG)quietlyannouncedthatitswholly‐ownedsubsidiary,TheHawthorneGardeningCompany,hadacquiredGeneralHydroponicsanditssistercompany,Bio‐OrganicSolutions.HawthornewascreatedinOctoberandisrunbythesonofSMG'sCEO.TheunitalreadyincludedaninvestmentinAeroGrowInternational(AERO),whichsellstheeroGardensystemaimedatindividualonsumers.Ac

"BasedinNewYork,theHawthorneteamwillfocusonbuildingaportfolioofnichelawnandgardenbrandsandproductsthatappealtoyoungerandmoreurbanconsumers."

ThecompanydisclosedtoColumbusBusinessFirstthatitpaidabout$130mmforthecompanies,whichhadabout$40mminannualsales(notallrelatedtocannabis).Initsmostrecentyear,SMGhadsalesofalmost$3billion(andhasamarketcapof$4billion),sotheadditionofthecompanyisunlikelytodramaticallyimpacttheoverallfinancials,butweshouldkeepaneyeonthiscompanythatisactivelyenteringthespaceafterfouryearsofromisingtodoso.ThisalsomarkspossiblytheargestM&Atransactioninthespacetodate.pl

Finally,Kansas‐basedNICInc.(EGOV),whichhassalesofabout$275mmandamarketcapjustabove$1billion,recentlywonacontracttoprovideOregonwithaportaltoadministerMMJlicensing.Whilethecontractwillprovideonly$80Kperyear,successwiththeprojectcouldopenthedoortoprogramsinotherstates.ThecompanyalsoprovidesservicestoColorado,HawaiiandMaine.Italreadyhasrelationshipswithcompaniesinanother8stateswheremedicaloradult‐usecannabisislegal.

A Look at the Stocks With Longer Trading Histories  TheBenzinga 420Marijuana Index ("BZMJ") hadjust8members "back in theday". Eachof thoseoriginal members, with the exception of one,emains in the index, though there are now 39rnamesinall(andalmost300namesinthesector).Iftheindex,whichclosedat91.8,consistedofjustthese8stocksstill,itwouldhaveavalueof180.0.hatthismeansisthattheindexhasbeendilutedW

bynewentrants.Here ishowthose8stockshaveperformedsince12/31/13 (rightbeforeColoradowent legal) and2/31/12 (right after the votes in Colorado andashington):

1W

May - 2015 VOLUME 2, EDITION 5

There is a HUGE lesson here. Pot stock pioneersneed to be aware that early venture companiesdon't all pan out, but money can be made bygetting into one that does. In fact, the gain inWPHwas enough tomake up for all those thatGhaven'tpannedout.Another lesson is that the sector is very volatile.Wesawabig jumpinearly2013andthemotherof all spikes in the first fewmonths of 2014. Asthesectormatures, it is less likely that theentiresector will experience such extreme moves, buthe stocks in the sectorwill likely experiencebigtswingslikeyouseeinthechartsthatfollow.Let'snowlookateachofthose8stocks. Firstups Cannabis Science (CBIS), which has declinedincetheendof2013:is

Ithasneverbeenafocusofmine,butGreenGroTechnologies(GRNH)hasbeentradingasaannabisstockforawhile.Itisactuallyupfrom013and2014.c2

GWPharma(GWPH)hasactuallytradedontheTCformanyyears(GWPRF).Theonebullishhart!Oc

emp,Inc.(HEMP)isdownfrom2012butupromtheendof2013:Hf

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May - 2015 VOLUME 2, EDITION 5

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edbox(MDBX)hasbeenapoorperformer,noatterhowonelooksatit:

Mm

edicalMarijuana,Inc.(MJNA)recentlymovedtoewlowsfortheperiodsincetheendof2012:Mn

Growlife(PHOT)wassuspendedbytheSECalittleoverayearago,soperhapsitdeservesanasterisk.Itisalsonolongerpartoftheindex(asof3/31/15).DespitetheGreySheetstatus,thetockisstilltradingnearthelowsof2013.0s

TerraTech(TRTC)hasbuckedthetrendamongOTCcompaniesandisupsincetheendof2013.Thestockhasdeclinedfromthebeginningof2013butiswellabovethelowsthatyear.

May - 2015 VOLUME 2, EDITION 5

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WhereistheSEC? IthasbeenabitoverayearsincetheSECbegantoissue a series of suspensions in the cannabissector. In the end, a total of 12 companiesweresubject to a two‐week suspension and sentencedto life inprison, effectively, banished to theGreyMarkets. Since last taking action in June, therehave been no suspensions, and, instead, the SEChas put up roadblocks to companies seeking toegistersecuritiesthroughtheS‐1process(andS‐r3process).The first suspension in the sector was inMarch,2014, when a relatively unknown company thatwasn't really a legitimate company, AventuraEquities.TheparadeofsuspensionsendedinlateAugust when a Canadian‐based company butheadquarteredinNevadawaskickedoffthepink‐sheets. Here is a link to the entire list ofcompanies suspended in 2014, from which onecanreadtheorderissuedbytheSECforeachone.hesearethenamesanddatesofthosecompanieshatweTt

recannabis‐related:

AventuraEquities(AVNE)‐3/5/14 PetrotechOil&Gas(PTOG)‐3/14/14

CitadelEFT(CEFT)‐3/21/14 ns (CANN) ‐

Advanced Cannabis Solutio

3/27/14

14Growlife(PHOT)‐4/10/14

CannabusinessGroup(CBGI)‐5/7/

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FusionPharm(FSPM)‐5/16/1

FortitudeGroup(FRTD)‐5/23/14

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WebXU,Inc.(WBXU)‐6/5/1

AlternativeEnergy(AEGY)‐6/6/14SK3Group(SKTO)‐6/6/14

5/14 GreenandHillIndustries(GHIL)8/Severalofthesecompaniesdeservedtobesuspendedinmyopinion,thoughIneverpaidattentiontomostofthem.IhadpointedtosomeseriousissueswithSKTO/AEGY(relatedtoeachotherandalsothepreviouslysuspendedAVNE).

FSPMwasarealcompany,andIwasfortunatetohavebeennegativeonthisfordifferentreasonsthanwhatpromptedSECaction.WhileIhadnoformalrecommendationatthetimeintermsofanymodelportfolioandwascautiousonvaluation,IlikedtheCANNstoryasacapitalproviderviaitsrelationshipwithFullCircle(FULL).Itturnedoutthatitssuspensionwasrelatedtotheactionsofathird‐partythathadarrangedthereverse‐merger.PHOT,though,wasonethathurtourcommunity,thebroaderuniverseofcannabisstockinvestors(bymycalculation,themosthighlyownednameinthepacebyinvestors),andmyownreputationforsavoidingthingslikeSECsuspensions.WhatreallyhappenedwithPHOTremainsamystery,whichisdisappointing.Therehavebeenreports,conveyedthroughtheNYPost,thatitwasrelatedtoatipfromsomeoneregardingathird‐partyfinancier.Myowninvestigationpointedtopossibleissueswiththeownersof"CANX",theinvestmententitythatwassupposedtobringcapitaltoPHOTtransactions,butwestilldon'tknow.Nochargeshavebeenissuedmorethanaearlater.Wasitpoliticalorstrategic?Iassumeyso.IalsobelievethatcompaniesarehavingtheirrighttodueprocessdeniedbytheSECinconjunctionwithFinancialIndustryRegulatoryAuthority(FINRA),theself‐regulatoryorganization.Whenacompanyissuspended,itgoesintoatwo‐weekperiodofnotrading.Whentheperiodends,thecompany'ssharesaretradedontheGrey‐Sheets,withoutquotation,effectivelylifeimprisonment,utwithoutatrial.ThesymbolonOTCMarketsookslikethis:bl

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May - 2015 VOLUME 2, EDITION 5

Theprocesstoreturntoquotationistofindamarket‐makerandfileaform211withFINRA.FINRAhasnorequirementtoactuponitandalmostneverdoes.CANNfoundamarket‐makerandfilledoutthe211,anditfinallyreturnedtotradingwithquotationon4/28(kudostothecompanyforovercominglongodds!).Thisprocesstookoverayear.Theguiltypartyreturnedsharestothecompany,whichseemstohavedoneeverythinginitspowertoaddressthethird‐partyissue.Itsshareholderswerepunished,though,withnoavenueofappeal.Whenacompanyissuspended,thereshouldbeaclearlydefinedandrealisticpathtoclearone'sname.Thepublicshouldeventuallybeinformedspecificallyftheissues.Rightnow,allwegetarevagueoexplanationscraftedinboilerplatelanguage.IhaveanotherrealissuewiththeSEC,thoughIunderstandthattheagencyislikelyoverburdenedandthatitsactionsaren'tlikelyintentionalbutratherduetolackofbudgetandmanpower.Thewatchguardisnotpayingattentionclosely,andmanycompaniesaremakingmisrepresentationsintheirpressreleasesinmyview.Itseemsthat

theSECfocusedintentlyonthesectorinanefforttocoolitoff,andnowitneglectsit.TheMicrocapFraudTaskForcewasannouncedalmosttwoearsago,chargedwithcleaninguptheOTCesspool:ycThe Microcap Fraud Task Force will investigate fraud in the issuance, marketing, and trading of microcap securities. These abuses frequently involve serial violators and organized syndicates that employ new media, especially websites and social media, to conduct fraudulent promotional campaigns and engage in manipulative trading strategies to amass ill-gotten gains, largely at the expense of less sophisticated investors. The principal goal of the Task Force will be to develop and implement long-term strategies for detecting and combating fraud in the microcap market, especially by targeting "gatekeepers," such as attorneys, auditors, broker-dealers, and transfer agents, and other significant participants, such as stock promoters and purveyors of shell companies.

The Microcap Fraud Task Force will build on the extensive and successful work of the Microcap Fraud Working Group - created in 2010 to bring together enforcement and examination staff with common interests in detecting and preventing microcap fraud - in amassing data, developing new approaches to investigations in this sector of the market, and forging relationships with criminal law enforcement authorities. The Task Force will not replace the Working Group but will differ from it in that it will consist of staff dedicated exclusively to investigation of participants in the microcap securities market. Elisha Frank, Assistant Regional Director in the Miami Regional Office, and Michael Paley, Assistant Regional Director in the New York Regional Office, will lead the Task Force.

Nodoubt,progresshasbeenmade,butwhyhastheSECnotmadeasinglesuspensioninthecannabissectorinalmost9months?Ithasgottenworse,notbetter,asthenumberofcompaniesthatpurporttobeinthesectorhasskyrocketed,approaching300.Ifwearetobeacredibleindustry,itisessentialthatthesebadapplesgettossedout.Hopefully,theSECcanfindahappymiddleground,from12suspensionswithin5monthstozerointhefollowing9monthsmakesittlesense.Soundsstrange,Iknow,but,yes,Iiss(someof)thosesuspensions!

lm

 

May - 2015 VOLUME 2, EDITION 5

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CANNABIS INDUSTRY CALENDAR  

5/2:GlobalMarijuanaMarch(mu

ltiplelocations) Pre‐ShowSeminarinLasVegas5/11:TheMoneyShowMarijuana

5/15‐17:HempconinLasVegas

5/19:CannabisInvestorWebcast5/19‐21:MarijuanaBusinessConference&Expo‐SpringinChicago

5/21‐23:NationalClinicalConferenceonCannabisTherapeuticsinWestPalmBeach,Florida

Denver,TBAwww.WeedStockConference.com

OTCDisclosure,SECandCanadianReportingDeadlines*

FiscalYearendinginFebruary:Annualreportdueonorbefore05/29

/15FiscalYearendingJune,SeptemberorDecember:Quarterlyreportdueonorbefore05

Canadian(Venture)FiscalYearendinginJanuary:Annualdue06/01 Canadian(Venture)FiscalYearendinginJune,SeptemberorDecember:Quarterlydue

06/01

NotethatmanyU.S.companiestakeadvantageofautomaticextensions*

May - 2015 VOLUME 2, EDITION 5

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SPOTLIGHT ON THE FOCUS LIST  420Investormaintainsa"BroadList"thatincludesabout280companiesthatpurporttobeinthecannabissector.Atthesametime,itmonitorsanarrowergroupof27companies,the"FocusList",whichconsistsofwhatweconsiderthemostimportantcompaniesamongthepublicly‐tradedstocks,includingthemostactivelytradedaswellasseveralthatareunder‐the‐radarbutthatappearworthyofconsideration.WeprovidenumericalratingstoVIPsubscribersonthreedifferentmeasuresforeachmemberoftheFocusList,cludingrelativevaluation,technicalsandrelativequality.WeaddedMassRoots(MSRT)totheFocusListin

duringAprilanddeletedBreedIT(BRDT).Ourrelativequalityrankings,whichrangefrom1(best)to5(worst)areasubjectiveassessmentofeachcompanyrelativetotheentireFocusListandarebasedonmanagementcapability,corporategovernanceandtransparency,executionandcapitalstructure.Thecompaniesthatwecurrentlyrankbelowaverage(4or5)includealphabeticallybyticker:CannabisSativa(CBDS),CannabisSciences(CBIS),Endexx(EDXC),mericanGreen(ERBB),GrowBLOX(GBLX),Hemp,Inc.(HEMP),Medbox(MDBX),andMedicalMarijuana,A

Inc.(MJNA).

ereweH

resomeofthekeynewsitemsforFocusListcompaniesinApril:

llAmericanCannabisCompany(AMMJ)showedgoodrevenuegrowthforQ4andrevealedasmacapitalraiseat$0.30.ThecompanyalsodisclosedanewcustomerinMissouri

Abattis(ATTBF)endeditslitigationwithAffinorGrowers(RSSFF)andfileditsF‐1requiredto

eventuallytaptheDutchessCapitalequityline.NewCEOFlemingalsosharedastrategicupdate.BlueLineProtectionGroup(BLPG)announcedacontractwithDenver‐baseddispensaryEuflora

CannLabs(CANL)announcedapartnershipwithonlineexchangeAmercanextoprovidecertifiedtestingtoitsmembers.Thecompanyfailedtofileits10‐Kwithinthepropertime‐frame,includingtheextension.

CannaVest(CANV)fileda10‐Krevealingmorethan$10mminsalesin2014andsomeprogressinits$2privateplacement

tions,isprogressing,anditalsoindicatedEndexx(EDXC)reportedthatissubsidiary,CBDHealthSolu

thattheauditprocessinontrackGrowBlox(GBLX)announcedprogresswithacapitalraise

GWPharma(GWPH)revealedsupportivedataforEpidiolexfromitsexpandedaccesstrialandalsoannouncedsomepipelineexpansions,includingwinningorphanstatusforCBDtotreatneonatal

x.hypoxic‐ischemicencephalopathy(NHIE)andresearchofEpidiolexforTuberousSclerosisCompleThecompanyalsoraised$180mm(selling1.6mmsharesat$112pershare).

IndoorHarvest(INQD)executedaletterofintentwithPUE1.0todesignandbuildanengineeredHVACsystemforuseinbuildingintegratedagricultureandverticalfarming.

mCig(MCIG)announcedthatMikeSnodyisleadingtheextractiondivision,whichisfocuseduponthesolaunchedtheflagshipmCigSuperCriticalCO2processingunit.ThecompanynamesaCFOandal

mCig4.0 Medbox(MDBX)amendeditscreditcovenants,filedanS‐1andnamedanewCOO.

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May - 2015 VOLUME 2, EDITION 5

MedicalMarijuana,Inc.(MJNA)failedtofileitsannualdisclosure,didn'tyetclosetheacquisitionofdKannaway,itsMLMpartner,andwashitwithalawsuitbytwoformeremployeesthatallegesfrau

intheCannaBanktransactionfrom2011 MassRoots(MSRT)enjoyedtremendousmediaexposurearoundthe4/20celebration,revealeda

pitalraiseat$0.60foralmosttechnologypartnershipforseed‐to‐salesoftwareandclosedoutaca

1mmsharesNemusHoldings(NMUS)experiencedsomesellingbya10%holder

Organigram(OGRMF)renewedandexpandeditslicenseandalsouppedits2017revenueprojections.ThecompanysignedanLOItoaccess$5mmindebtcapitaltofunditsgrowth.ThecompanyalsoreleasedQ2financialthatshowedsalesgrowthandanarrowerlossfromoperations.

PharmaCyteBiotech(PMCB)engagedinamassivestockpromotionwhileatthesametimeaddinganindependentdirectorwithBigPharmaexperience

tillhasn'tSupremePharma(SPRWF)raisedcapitalthroughaconvertiblenoteandsuggestedthatitsbeeninspectedbyHealthCanada

Surna(SRNA)announcedthatitsCOOwouldnotbecomeCEO.Thecompanyalsohostedaconferencecalltodiscussyear‐endresults

raiseTauriga(TAUG)pre‐announcedQ4salesofapproximately$50Kandalsohintedthatitwillsoontheauthorizedshareslimit

TerraTech(TRTC)continuedtoaddIVXXcustomersinCaliforniaandsawalargepurchasebya

.directorat$0.165Tweed(TWMJF)announcedthatitwillbuildouttherestofitsgreenhousefacility,adding316ks.f

VapeHoldings(VAPE)openeditsfirstfewHIVESupplylocations(Washington,Oregon,SouthernCalifornia)andalsoannouncedapartnershipwithCloudPentosupplyitsceramicatomizer

May - 2015 VOLUME 2, EDITION 5

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FOCUS LIST ‐ RETURNS FROM APRIL:  

 

May - 2015 VOLUME 2, EDITION 5

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Do you have the info you need to capitalize on the growth of the legal cannabis markets?

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May - 2015 VOLUME 2, EDITION 5

ABOUT THE 420 INVESTOR – ALAN BROCHSTEIN, CFA: 

  Ihavespentdecadesinsidetheinvestmentindustry.PriortoearningmyCFAcharterin1997,IworkedinNYCforKidder,Peabody,&Co.inbondsfrom1986to1992.In1992,IjoinedFirstBoston’sinvestmentmanagementsubsidiarybeforebecomingaportfoliomanagerwithCriterionInvestmentManagementin1994—co‐managing$10billioninfixed‐incomeinvestments.In2000,Imadethemovetostocks,joiningasmallfirminHoustonasananalystandportfoliomanager.Iremainedatthefirm,whichgrewto$550mminassetsundermanagement,until2006,whenIlefttoformmyownbusiness,ABAnalyticalServices—workingasaresearchconsultantforseveralinvestmentadvisors.

In2008,IbeganofferingInvestByModel,amodelportfolioservice,toindividualinvestors.ImetMarketfyin2013andcreatedTheAnalyticalTrader,aservicefocusedonprovidingswing‐tradingideas.Bothoftheseservicesdeliveredstrongperformance.IalsobecamealeadingcontributortoSeekingAlpha.Afterseeingastrongneedformoreinvestortransparencyamongcannabiscompaniesinearly2013,Ilaunched420Investor—aservicecommittedtoprovidingreal‐time,objectiveinformationaboutthetopmarijuanacompaniesinthemarket.420Investorhasevolvedintoacollaborativeduediligenceplatform,andIamproudtoleadourefforts.Ialsoamresponsiblefor420Funders,whichisfocusedonconnectingprivatecompaniesorpubliccompaniesissuingprivatesecuritieswithaccreditedinvestors.Intheprocessoflaunchingthe420Investor,Ibecameamuch‐neededallytomarijuanainvestors,beinghailedasaleadingauthorityintheindustryasIdevelopedanetworkofinvestorsandindustryprofessionals.Inearly2014,Iexitedallofmyotherbusinessinordertofocusexclusivelyonthecannabissector.Ihavesupportedmarijuanalegalizationsince1980,whenIbecameactiveintheLibertarianParty.IurrentlysponsorAmericansforSafeAccess,theDrugPolicyAlliance,theMarijuanaPolicyProject,the

tryAss bleDrugPolicy,andWomenGrow.cNationalCannabisIndus ociation,NORML,StudentsforSensiFollowAlanonTwitter: http://www.twitter.com/Invest420ollowAlanonFacebook:F http://www.facebook.com/420investorJoinAlan'sLinkedInGroup:CannabisInvestors&EntrepreneursThe420InvestorNewsletterisavailableviaannualsubscription($97)andisincludedaspartofthemonthly420InvestorVIPsubscription($42/mo).