cgocorp.com 1
Delivering Long-term
Success in Cannabis
Investing
CSE : CGOC
January 2019
CORPORATE PRESENTATION
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Disclaimer
The presented materials and accompanying oral presentation may constitute “forward-looking information” within the meaning of Canadian securities laws and are based on expectations,
estimates and projections as of the date of this presentation. Forward-looking statements include, without limitation, statements with respect to:
a) the completion of the Offering and receipt of all regulatory approvals in connection therewith;
b) the use of the net proceeds of the Offering;
c) the availability of investment opportunities;
d) the performance of the Corporation’s business and operations;
e) applicable laws, regulations and any amendments thereof including, but not limited to, the legalization of cannabis and the timing thereto;
f) the competitive and business strategies of the Corporation;
g) statements related to the effect and consequences of certain regulatory initiatives;
h) the expected growth of the cannabis sector;
i) the competitive conditions of the industry;
j) the Corporation’s investments in the U.S. and consequences of those investments under U.S. federal law; and
k) the anticipated changes to laws regarding the recreational use of cannabis and the business impacts on the Corporation
Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of
specific factors and assumptions that, while considered reasonable by management as of the date on which the statements are made in this presentation, are inherently subject to significant
business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being incorrect. In addition to the various factors and
assumptions set forth in this presentation, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: general economic, financial
market, regulatory and political conditions in which the Corporation operates will continue to improve; the Corporation will be able to compete in the industry; the Corporation will be able to
make investments on suitable terms; issuers in the Portfolio will be able to meet their objectives and financial estimates and that the risk factors noted below, collectively, do not have a
material impact on the Corporation.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be
accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of the Corporation could cause actual results to differ
materially from the forward-looking information in this presentation. Such factors, without limitation, include the following, which are discussed in greater detail in the “Risk Factors” section of the Prospectus: there is no assurance that the Corporation
will be able to achieve its investment objectives; risks relating to the Portfolio issuers; risks relating to medical cannabis; risks relating to risk and timing of legalization of recreational cannabis; regulatory risks; risks relating to the performance of the
Portfolio issuers; risks relating to the licensing process; no current market for Common Shares or Warrants; risks relating to recent and future global financial developments; industry concentration risks; risks associated with investment in illiquid and
private securities; risk factors related to U.S. cannabis legislation; changes to the cannabis laws; United States anti-money laundering laws and regulations; investments in U.S. cannabis sector; short selling; use of the Prime Broker to hold assets;
sensitivity to interest rates; reliance on the Manager and Investment Manager; conflicts of interest; risks related to dilution; loss of investment; risks relating to currency exposure; risks relating to foreign market exposure; lack of operating history; risks
related to the exchange option; and tax risks. These risk factors are not intended to represent a complete list of the factors that could affect the Corporation and investors are cautioned to consider these and other factors, uncertainties and potential
events carefully and not to put undue reliance on forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of
providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or
otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Terms undefined herein have the meanings ascribed to them in the Prospectus. An investor should rely only on the information contained in the Prospectus. This presentation is qualified in its entirety by reference to, and must be read in conjunction
with, the detailed information appearing in the Prospectus. Neither the Corporation nor the Agent has authorized anyone to provide investors with different or additional information. The Corporation is not offering, or soliciting offers to acquire, the
securities in any jurisdiction in which the offer is not permitted. For purchasers outside Canada, neither the Corporation nor the Agent have done anything that would permit the offering or distribution of this presentation together with the Prospectus in
any jurisdiction where action for that purpose is required, other than in Canada. An investor is required to inform itself about and to observe any restrictions relating to the planned public offering and the distribution of this presentation and of the
Prospectus.
No securities regulatory authority has expressed an opinion about the securities of the Corporation discussed in this presentation and it is an offence to claim otherwise. The securities of the Corporation discussed in this presentation have not been,
and will not be, registered under the U.S. Securities Act, or the securities laws of any state of the United States and, subject to certain exceptions, may not be offered, sold or delivered, directly or indirectly, in the United States except pursuant to an
exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This presentation does not constitute an offer to sell or solicitation of an offer to buy any of the securities of the Trust in the United States.
An investment in the securities offered by the Prospectus must be considered speculative as the securities are subject to certain risk factors as set out under the heading “Risk Factors” in the Prospectus or otherwise described in the Prospectus. An
investment in Units of the Corporation is appropriate only for investors who have the capacity to absorb a loss of some or all of their investment. Investors should also review the financial statements included in the Prospectus.
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Our Value Proposition
Creating an Opportunity for Long-term Cannabis Investing with Reduced Risk
CGOC’s qualified group of advisors have the knowledge and experience to conduct sound research and due diligence before
making any investment decision
• Exposure to publicly traded companies in both Canada and the US
• Unique exposure to the private US Cannabis sector – the future oflegalization will drive growth
• Ability to invest globally and be a first mover in the global emerging markets
Ultimately this diversification results in less volatility and ability to invest across the broad spectrum of Cannabis companies from producers to
retailers, and everything in between
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The CGOC Team
Experienced leadership and operational team
Jamie Blundell
Director, President & COO
25+ years of experience in senior leadership roles, extensive experience with M&A, private equity firms and
large corporate divestitures.
Paul Andersen, CPA, CA
Director & CFO
Over 20 years of experience as a senior officer and/or director of numerous public and private. Cannabis-
specific experience and currently serves as director of Canada House Wellness Group Inc., and has worked as
a consultant with a privately owned Oregon-based cannabis company.
Bruce Campbell
CIO
24+ years of investment management experience and an active cannabis investor since 2013. Founder and
Portfolio Manager of StoneCastle Investment Management. A go to professional in the space from media such
as Bloomberg, The Globe and Mail and Small Cap Power.
Nick J. Richards
Independent Director
Practicing tax attorney, adjunct professor of law and legal specialist to the United States cannabis industry,
advising businesses and owners throughout the U.S., and is licensed to practice law in California and
Colorado.
Brayden Sutton
Independent Director
Co-founded and served as EVP for Supreme Pharmaceuticals from 2013 – 2014 and played an instrumental
role in the early days of Invictus MD Strategies Corp., Aurora Cannabis Inc. and CannaRoyalty Corp.
Throughout his career, Mr. Sutton has played a major role in restructurings, reverse takeovers, IPOs and
M&As
John Durfy
Independent Director
25+ years of senior investment and financial management experience. Previously CIO at a hedge fund and
prior to that, Managing Director of Global Equities for the Ontario Municipal Employees Retirement System
(“OMERS”) from 2008-2011.
Gary Yeoman
Independent Director
From 2005 to 2011, Mr. Yeoman served as the CEO of Altus Group, and led the company through a seven-
year growth period. Currently Chairman of the board of Golden Leaf Holdings and Executive Chair of
iLOOKABOUT.
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The Cannabis Industry Opportunity
Canada leading a unique value-creation opportunity
Canadian MarketBy 2025, Canadian Cannabis market is
forecasted to be on par with the size of beer &
tobacco today.(1)
8.6x over 7 years
2018 est.
$1.4B(2)
2025 proj.
$12B+(2)
US MarketWhile the current regulatory environment
remains challenging, change is happening
fast. New research estimates suggest
increasing long-term industry potential.
Canada in the Global MarketCanadian companies and investors have
tremendous opportunities globally, given
Canada’s current position as a change
leader in the global industry.
9.7x over 11 years
2016
$5.9B
2027 proj.
$57B(3)
Canada leading the world
ACMPR legislation
becoming a standard
framework globally
Canadian companies
expanding globally:
14 companies expanding
across 13 markets
(1) Source: Eight Capital
(2) Source: Latest Research reports from Cowen and Company
(3) Source: Arcview
Global medical market growth:+21% CAGR 2018-2022 (3)
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The Cannabis Industry Opportunity
Investing across the whole ecosystem multiplies the potential• $12B Canadian Cannabis industry estimate based on base market business models: cultivation and extraction(1)
• The whole ecosystem projected to reach $23B, after factoring in ancillary services shown below(2)
(1) Source: Latest Research reports from Cowen and Company
(2) Source: Deloitte
Suppliers
Seeds, fertilizers,
etc.
Production
CultivationResearch and
developmentExtraction
Analytical
equipment &
services
Production
equipment,
security &
infrastructure
Software
Retail and Distribution
Online /
ecommerce
Stores,
consumption
locations
Consumer Products
Flower and
oil extracts
Edibles, tinctures,
topicals, infused
etc.
Delivery Systems
(vaporizers,
pipes, rolling
papers, etc.)
ApparelPackaging &
distribution
Services
Buildings,
equipment
Business,
regulatory, legal,
etc.
Marketing Pharmaceuticals Nutraceuticals Fiber, seeds, food
Cannabinoid Therapeutics FinanceReal
EstateHemp
Capital,
structuring
CGOC has also
invested in
Traditional
Industry
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Future Catalysts
Canada• M&A
• Supply agreements / retail distribution
• Extracted Products – legalization of extracted products expected October 2019
• Investment by pharma / alcohol / tobacco companies
International• Supply agreements
• Canadian partnerships
• Medical program adoption – WHO’s drug committee
reviewing its cannabis policies, including de-scheduling
CBD
• In 2019, Mexico is expected to join Canada and
Uruguay in legalizing recreational use marijuana
United States• M&A
• Continued public offerings
• FARM Bill – was passed in
November 2018 removing the
regulation of Hemp and CBD
derived products
• STATES Act – expected to be
voted on in 2019
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The Cannabis Industry Challenge
An early, volatile and complex industryIn order to effectively manage risk requires dedicated experts actively managing a
diversified portfolio
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The CGOC Difference
The Cannabis Growth Opportunity CorporationAccess to the knowledge and expertise needed to build and grow a diversified portfolio of public and private investments globally, to minimize downside risk, while participating in the long-term upside.
A portfolio of
Public Cannabis Businesses
• Diversified to minimize downside
• Actively managed
• Global focus
• ~60% of invested capital
A portfolio of
Private Cannabis Businesses
• Unique access
• Global focus
• Target 12-24 month liquidity
• ~40% of invested capital
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The CGOC Network Effect
CGOC
Creating value that results in proprietary deal flow
Investors
Private
Co’s
Public
Co’s
Gain exposure to more
sophisticated institutional
shareholders
Gain name exposure
to public markets
Partnerships and
M&A opportunities
Gain access to
professionally
managed diversified
portfolio
Gain access to
private investments
Gain strategic advisory
from CGOC
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US Investments
CGOC: your gateway to the US cannabis market• Unique access to private US Cannabis investment opportunities
• Strong industry connections providing proprietary deal flow
• CGOC Network Effect in full force south of the border
Private US Investments
8 investments across 18 states
7 investments across 7 states in pipeline
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US Cannabis Market
Current (as of December 2018) and Projected Market
(1) Source: Eight Capital – “2019 Outlook: The Next Step Forward”, January 8, 2019
2018 Current Market
Projected Market to end
of 2019
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A Changing Environment Requires ContinuousMonitoring of Information
Keeping up to date on a fast-changing environment on the regulatory as well as investor sentiment side – We stay in the know!
Rapid regulatory change (local & global)
Implication
Key investing behaviors required to succeed:
Active management, access to privates,
timing investments
US market attractiveness increasing
Reasons
Experienced operators + meaningful REV & EBITDA
US capital is starting to increase rapidly
Implication
Need to focus & actively invest in US privates
Privates need help navigating capital markets
Implication
Continue to focus and build capabilities to help
privates access, navigate and succeed with the capital
markets and M&A opportunities
CGOC network effect working
Implication
Continue to connect investors, publics and privates and
drive the CGOC network effect: trust
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Portfolio Overview• Geographic Breakdown
• Top 10 Public & Private Investments
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Portfolio Breakdown
CGOC helps bring access to key investments in Canada, USA and International markets, driven by its private portfolio.
*Portfolio breakdown at cost
Geographical Breakdown of Public
and Private Portfolios
Breakdown of Investment Split across
the Public and Private Portfolio’s
Private Portfolio Public Portfolio Cash
Percentage of Public
Portfolio
US Canadian International
Percentage of Private
Portfolio
US Canadian International
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Public Portfolio
Diversified across ecosystemStrategy for public portfolio construction is to actively manage and diversify in three ways: by geography, by sub-sector and by company.
Cultivation &
Beyond
Canopy Growth
Hexo
Organigram
Canntrust
Specialty LPs
James E Wagner
Indiva
Charlotte’s Web
Namaste
Retail
Focused
Solo Cannabis
Ravenquest
Planet 13
Vertical
Integration
/ Multi-State
Green Thumb Industries
C21
Sunniva
Vivo Cannabis
Harvest One
Testing
and Extraction
Valens Groworks
Friday Night
Cannex
Canada and United States
Diversification Strategy
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Top 10 Public Investments
A diversified portfolio of public companies focused on maximizing long-term growth
Canada // NDVANiche producer with strain experience
Canada // OGI
East Coast leader /
internationally expanding
USA // SNNLow-cost producer, pharma
and production experience
Canada // VGWExtraction & testing
USA // CXXIAcquisitions of vertical
operations
USA // not yet listed
Canada // VIVOPharma and Rec Canada
Canada // VFFVertically integrated greenhouse
producer
USA// CNNXService provider to US operators
Canada // TRSTFederally regulated LP
LPF INVESTMENT CORP
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Top 10 Private Investments
A diversified portfolio focused on early access, whole ecosystem and US/International markets to deliver long-term growth opportunities
CanadaMedical cannabis producer
USAVertically integrated cannabis
company
CanadaOrganic medical cannabis
producer
USAArtisan cannabis chocolate
bars
USAMulti-state medical cannabis
USACalifornia vertically integrated
cannabis company
CanadaVertically integrated
biopharmaceutical licensed dealer
*Canada & USACannabis healthcare
technology
*CB2 insights was formerly Sail
Cannabis
USAApplication software connecting
users and dispensaries
CaliforniaVertically integrated cannabis
company
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Private Portfolio Success Stories
UPCOMING RTO’s TO GO PUBLIC
Bhang and CB2 (formerly Sail) are in the
process of completing Reverse Takeover
Transactions to go public (expected to be
completed within Q1/19)
ACQUISTION ANNOUNCED
On January 14, 2019, Aurora Cannabis
announced entering into a Letter of Intent with
Whistler to purchase all of the issued and
outstanding privately held shares.
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Valuation & Performance• Overview of CGOC performance over time
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Valuation & Performance
HMMJ HMJR NAMMAR CGOC NAV
Return* Since Inception -21.18% -33.50% -26.13% 19.55%
-21.18%
-33.50%
-26.13%
19.55%
CGOC NAV• NAV as of January 15th = $2.77, performing well against our benchmarks
• NAV increase of 19.5% since IPO in January 2018
Comparison to select
Indices and ETF’s
where the average
gain for CGOC since
Jan/26/18 was -19.5%
*HMJR from February 14, 2018,
**Jan 26 starting NAV after agents fee $2.3171
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CGOC Relative Performance
CGOC strategy has resulted in portfolio gains and reduced downside through industry volatility
* MJJ from February 1, 2018, SEED from February 12, 2018,
**Jan 26 starting NAV after agents fee $2.3171
-40.00%
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
Sep 17 Vs Aug 13 Oct 15 Vs Sep 17 Nov 15 Vs Oct 15 Dec 17 Vs Nov 15 Jan 15 Vs Dec 17
HMMJ HMJR NAMMAR CGOC NAV
Valuation & Performance
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Valuation & Share Price
NAV Vs Share Price• While the NAV continues to appreciate, there remains a significant discount gap
to the share price.
• The company has embarked upon a number of initiatives to close the gap, and ensure the share price is more reflective of the positive gains achieved through the actively managed portfolio
$1.57
$2.77
CGOC SP CGOC NAV
-43% discount
to NAV
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Summary
• NAV continues to trend well
• Remain undervalued with a ~40% discount to NAV
• Share Price has trended upwards since start of 2019
• Several US privates in the pipeline
• Private holding liquidity events yet to be rated
The actively managed portfolio has mitigated downside risk while allowing for participation in the upside.
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