MAJOR TOPICS: •Regulatory landscape •Valuation methodologies and metrics •Tax issues in the Cannabis industry •Transactional trends in the industry – M&A and financings

1. Moderator: Alexander B. Kasdan, Senior Managing Director, DelMorgan & Co.
Panel:
• Frank Turner, Co-Head of Asia-Pacific Initiative, Partner, Osler, Hoskin & Harcourt LLP
• Vanita K. Spaulding, CFA, ASA, Managing Director, Cogent Valuation
• Richard P. Ormond, Shareholder, Buchalter, A Professional Corporation
• Vahan Ajamian, Managing Director of Analyst Relations, MedMen Enterprises
© Copyright 2018 Expert Webcast – All Rights Reserved
CANNABIS VALUATION, INVESTMENT AND M&A
June 27, 2018

2. 1
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3. 2
MODERATOR: Alexander B. Kasdan, Senior Managing Director,
DelMorgan & Co., brings more than twenty-five years of senior-level Wall
Street advice to middle market companies, entrepreneurs and institutional
investors. He has extensive experience in investment banking, corporate law
and restructuring at world’s leading firms, including Credit Suisse First Boston,
O’Sullivan Graev & Karabell LLP (now O'Melveny & Myers LLP), Battle
Fowler LLP (now Paul Hastings LLP) and Schlumberger Ltd., and as a
founding partner of Convergence Capital Partners. Alex has worked on more
than 100 domestic and cross-border transactions in North America, Europe and
Africa.
Alex is a Senior Advisor to Governance and Transactions LLC, an advisory firm
established in 2003 by Mr. James L. Gunderson, former Secretary and General
Counsel of Schlumberger Limited, to assist boards, management and owners
with corporate governance, compliance, structuring and strategic transactions.
Alex is a frequent moderator and an interviewer at Expert Webcast roundtable
discussions attracting business leaders and leading professionals from around
the world.
Alex graduated magna cum laude from Middlebury College with a B.A. degree
in Economics and Italian and was elected to Phi Beta Kappa during his junior
year. In addition, he holds a J.D. degree from Columbia University Law School
and has studied at the University of Florence in Italy.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 310 980 1718 mobile
+1 310 935 3826 office
ak@delmorganco.com
www.delmorganco.com

4. 3
Panelist: Frank Turner is Co-head of Osler’s Asia Pacific initiative and is the
former National Co-Chair of the firm’s Corporate Group. Frank currently
practices from the firm’s Calgary office in the areas of mergers and acquisitions
and corporate finance. He also serves as a leader of Osler’s emerging company
practice in Alberta.
Frank routinely advises companies and other enterprises in the resource, financial
services and technology sectors on matters involving acquisitions, dispositions,
strategic alliances, governance and corporate finance. Frank has particular
expertise advising clients in Asia, the Middle East, Africa and other parts of the
world, including sovereign wealth funds, state-owned enterprises and public and
private companies, on acquisitions and investments in Canada.
Frank has previously worked in the firm’s New York and Toronto offices and has
served on secondment with investment banks in both those cities (Morgan
Stanley and BMO Nesbitt Burns). Frank serves as a director on the boards of a
number of public and private entities. Frank has published numerous articles on
investing in Canada and the Canadian Energy sector and often speaks on those
topics. His leading expertise has been recognized by numerous publications
including Chambers, Lexpert, International Financial Law Review (IFLR), and
Best Lawyers.
Frank holds an LL.B. from University of Victoria and a B.A. from University of
Toronto.
Suite 2500
TransCanada Tower
450 - 1st St. S.W.
Calgary AB T2P 5H1
403.260.7017
fturner@osler.com
www.osler.com

5. 4
Speaker: Vanita K. Spaulding, CFA, ASA is a Managing Director
at Cogent Valuation’s Los Angeles office, providing valuation services to
local, national and multinational corporations, private equity firms,
attorneys, not-for-profit institutions, fiduciaries and individuals. Vanita is a
is a recognized cannabis industry valuation expert.
She has provided professional business valuation and related financial
advisory services full-time since 1982, has provided and/or managed over
1,500 valuation engagements involving companies ranging in size from
small closely held companies with under $1 million in revenue to
multinational, publicly traded companies with revenues in the tens of
billions, in virtually all major industries. The purposes for such
engagements include financial reporting and compliance, mergers and
acquisitions (including fairness and solvency opinions), corporate
restructuring, leveraged buyouts, equity investments in early stage
companies, estate and tax planning, employee stock ownership plan (ESOP)
transactions, and litigation support. She has provided expert testimony in
various courts in California as well as providing testimony before members
of the American Arbitration Association.
Ms. Spaulding holds a Bachelor of Science degree and an M.B.A. with an
emphasis in finance from California State University, Northridge. She is an
Accredited Senior Appraiser with the American Society of Appraisers in
Business Valuation and is a Chartered Financial Analyst.
Warner Center Towers
21700 Oxnard Street
Suite 1080
Woodland Hills, CA 91367
C:310.991.0960
O: 818.905.8330
Vanita@cogentvaluation.com

6. 5
Panelist: Vahan Ajamian is Managing Director of Analyst Relations
for MedMen Enterprises, the nation’s preeminent cannabis company
and the most recognized brand in the emerging marijuana industry.
Vahan is MedMen’s principal liaison with brokers and financial
analysts covering investment opportunities in the cannabis space.
Named a rising star in marijuana investment by Business Insider, he is
a capital markets expert in the cannabis sector with more than a dozen
years of experience in equity research and analysis. Prior to joining
MedMen, Vahan was an analyst at Beacon Securities Limited, a full-
service independent investment firm with offices across Canada.
MedMen brings class leading operational expertise and unprecedented
investment to the fast changing and fast-growing cannabis industry as it
moves from its gray market legacy to a fully regulated, legitimate and
commercially viable market. MedMen is also one of the nation’s largest
financial supporters of progressive marijuana legalization efforts at
local, state and federal levels.
Vahan holds a Bachelor of Commerce degree from University of
Toronto.
100 Adelaide Street West
Suite 2805
Toronto, Ontario
M5H1S3
Canada
416-407-3490
Vahan.Ajamian@MedMen.com
www.MedMen.com

7. 6
Panelist: Richard P. Ormond is a shareholder at Buchalter. With an extensive background that
includes business, real estate, banking, receivership law, commercial litigation, and work-out
experience, Richard is known for his ability to solve complex business issues for his clients. He has
particular experience with matters involving Preferred Equity Structures, Bridge Lending, CMBS, and
other debt facilities. As a trusted advisor, Richard also guides his clients through their day-to-day legal
concerns and considerations. He co-chairs the firm’s Receivership Law industry group. Richard also
focuses his practice on the complexities of the cannabis industry’s legal impact on lenders, real estate,
and businesses.
Representative clients include financial institutions, state and federal receivers, loan servicers,
CUSO’s, private investors and investment funds, private equity groups, developers, and high-net worth
families (and family offices).
His practice experience includes:
• Receivers, provisional directors, and other remedies
• Commercial real estate solutions
• Commercial, corporate and business solutions
• Litigation
• Alternatives to bankruptcy including assignments for the benefit of creditors
• Intellectual property and technology related issues
He also serves as the current Chair of the California Receivers Forum and he is the former Chair of the
Remedies Division of the Los Angeles County Bar Association. He teaches Continuing Legal
Education courses on high-yield debt issues, cannabis business law, receivership law and practice,
dispute resolution, intellectual property issues, considerations for complex litigation and lender
security in intellectual property.
Richard earned his J.D. from the University of San Diego School of Law. He also earned a
Certification in International Business Law from the University of Buenos Aires/University of
Belgrano in Argentina and his undergraduate degree from the University of California, Los Angeles.
1000 Wilshire Blvd.
Suite 15000
Los Angeles, CA 90017-1730
(213) 891-5217
rormond@buchalter.com
www.buchalter.com

8. 7
MAJOR TOPICS
• Regulatory landscape
• Valuation methodologies and metrics
• Tax issues in the Cannabis industry
• Transactional trends in the industry – M&A and financings