PORTFOLIO HOLDINGS

and/or ADVISORY ASSIGNMENTS

Altitude Investment Partners (Altitude) is a US-based, global venture capital firm that invests in a range of early-stage and growth-oriented companies supporting the growing legal cannabis industry.  As of May 2018, Altitude has roughly $20mm under management.  The fund focuses across the emerging cannabis ecosystem on both “plant-touching” and “non-plant-touching” ancillary businesses which cater to the growing cannabis industry.  The fund managers have a long history of managing alternative assets and focus on businesses with strong and proven management teams with scalable, sustainable and competitive advantages.  Existing Altitude portfolio companies include BDS Analytics, Canndescent, Eyechronic, Flowhub, Front Range Biosciences, Green Flower Media, Liberty, New Rise Capital, Privateer Holdings, The Green Organic Dutchman, and Wurk.  Brian Schinderle of Solidum currently serves on the Advisory Board of Altitude. Altitude is headquartered in New York.

deepgreen develops software which automates the detection of diseases and pests on crops, displacing the cost of yield losses that farmers face every year.  deepgreen utilizes machine learning and artificial intelligence to analyze images in order to locate early symptoms of pests and diseases, and ultimately intends to leverage this collected data to predict plant health, yield estimation and provide growth rate analysis.  deepgreen is in the early stages of its development and was a start-up in FY 2017.  deepgreen is headquartered in Boulder, CO.

GrassRoots Compass Ventures (GCV) is a fully-licensed cannabis cultivation facility located in Litchfield, Illinois and grows medicinal cannabis pursuant to Illinois’ Compassionate Care legislation.  The facility is roughly 70,000 square feet, with roughly 35,000 square feet currently dedicated to cultivation, extraction, a testing lab, drying, processing and packaging facilities, as well as an edibles kitchen.  The facility has capacity to expand in order to approximately triple capacity, if demand continues to build.  Illinois’ medicinal cannabis program currently has roughly 34k patients, but pending legislation would expand the definition of pain to include existing conditions which could otherwise be treated via opioids.  In addition, the pending legislation would take away the current need for medicinal cannabis patients to undergo criminal background checks and get finger printed.  As a result, Illinois has the potential to become one of the better medicinal cannabis states East of the Mississippi.  The facility is 50% owned and managed by GrassRoots, which has controlling interests in vertically integrated medicinal cannabis operations in PA and MD, as well as a cultivation license in OH and a minority stake in a cannabis cultivation facility in NV.  GrassRoots also owns and operates 4 of the current 54 dispensaries in the state of Illinois.  Brian Schinderle currently serves on the Board of Directors of GCV.  GCV is headquartered in Highland Park, IL.

GTI is a vertically integrated cannabis company operating in both medicinal and adult-use cannabis states, including Illinois, Pennsylvania, Maryland, Massachusetts, and Nevada.  The company controls 7 cultivation facilities and 20 dispensaries across those 5 states and is actively working on obtaining licenses in Ohio and Florida.  The company’s dispensaries operate primarily under the “Rise” brand name and have an established look and feel.  The company is also investing heavily in building a portfolio of branded products which it can use across its multi-state footprint.  The company recently raised a significant amount of capital in the form of a convertible note, and announced on May 14, 2018 its intention to pursue a CSE listing on the Canadian exchange via a reverse RTO transaction.  The use of proceeds from both transactions will be to pursue growth via expansion.  GTI is headquartered in Chicago, IL.

One Gro Investment Group (OneGro) is one of the fastest growing vertically integrated cannabis companies in Oregon, with interests in production, cultivation, extraction, distribution, and branded consumer products.  OneGro possesses 4 Tier II growing licenses to cultivate cannabis outdoors in the state of Oregon, which allows for roughly 50,000 plants under “canopy”.  The company also has a large drying and processing facility, and is part of joint venture for the extraction of cannabis to concentrates (primarily oils).  The company has also obtained rights to the intellectual property, exclusive marketing rights, etc. for a THC and CBD metered-dose-inhaler product, which was recently introduced in Oregon and will be expanded to other states during 2018. OneGro is headquartered outside Eugene, OR.

Pinstripes is an entertainment and dining venue featuring bocce, bowling and dining in an upscale bistro setting.  A significant portion of the revenues are generated from private events and catering.  The company currently has locations in Northbrook, IL, South Barrington, IL, Edina, MN, Oak Brook, IL, Georgetown, Washington DC, North Bethesda, MD, and Overland Park, KS.  Growth plans include new locations in Fort Worth, TX, Cleveland, OH, Houston, TX, Nashville, TN, Dallas, TX, and San Mateo, CA. Pinstripes is headquartered in Chicago, IL.

Sand Valley is a destination golf resort in central Wisconsin with two 18 hole golf courses and a 17 hole par 3 course.  Sand Valley, which is the first course, was designed by Bill Coore and Ben Crenshaw and opened in 2017.  Mammoth Dunes, which is the second course, was designed by David McLay Kidd, and is set to open in May 2018.  The “Sand Box” is the 17 hole par 3, and is set to open in May 2018.  Mike Keiser, who was the lead investor for Bandon Dunes and Cabot Links, among other high profile projects, is the developer and lead investor at Sand Valley.  Sand Valley was named “Best New Golf Course – 2017” by Golf Digest.  Sand Valley is located in Rome, WI.

SOLA Group, Inc. is a leading publisher of magazines in the B2B kitchen & bath design and remodeling industries, including: "Kitchen & Bath Design News", "Qualified Remodeler", and “Residential Design”.  Through SOLA’s print and digital environments, manufacturers and industry professionals share ideas, inspiration and best practices that are essential to collaborating and executing distinctive homes in today’s new home and remodeling industry.  SOLA Group is headquartered in Evanston, IL.

Steep Hill operates the largest cannabis testing business in North America and is also actively expanding internationally.  Currently, Steep Hill has company owned-and-operated labs in California, Washington and New Mexico.  In addition, Steep Hill has licensee labs open for operation in Hawaii, Maryland, Alaska, and Washington D.C. with future openings and signed agreements to open in Arkansas, Pennsylvania, Oregon, Canada and Mexico.  Also targeted to open in 2018 are 2 joint ventures, Steep Hill Jamaica and Steep Hill Israel.  The company also recently signed agreements in Germany, Italy, Spain, Switzerland, France, the UK and Denmark, and is in negotiations with partners in various other legal cannabis venues.
 
As the largest operator of testing labs in California, the company is uniquely positioned to benefit from the significant expansion of state-mandated testing scheduled to phase in during the 2nd half of 2018.  As an example, Steep Hill averaged 1.7 tests per sample on its regulatory testing program in California during 2017, and the new California regulations call for 6-9 tests per sample going forward.  The company has recently announced initiatives to work actively with cannabis cultivators to help engineer strains with specific genetic traits – higher CBD, different terpenes, etc.  The company sees research into the genetics of cannabis and working in tandem with research into the uses of cannabis as an increasing part of its business going forward.  Steep Hill is headquartered in Berkeley, CA.

Total Loan Company, LLC (TLC) is a consumer installment lender offering unsecured installment loans online to sub-prime borrowers in the states of Illinois, Missouri, South Carolina and Utah. TLC specializes in helping people seeking a personal loan who are turned away by traditional banks and lenders.  TLC helps fill the gap between Visa and traditional prime lending and the “payday” or overdraft lending world and actively works with borrowers to help bridge them back to higher credit scores.  TLC is located in Glendale Heights, IL.