Cannabis Disclosure

Using, possessing, buying, transferring across state lines, importing, exporting, processing, distributing and/or selling cannabis is illegal under federal law, regardless of any state law. Although federal enforcement policy may defer to states’ laws and choice not to enforce conflicting federal laws, compliance with state law does not assure compliance with federal law, and conflicting federal laws may be enforced in the future. Any information, research reports or other materials presented, published, distributed or otherwise made available by JMP Securities or its affiliates or representatives with respect to a cannabis-related business does not, and should not be construed to, express any opinion of JMP Securities as to such business’s legality and compliance with federal or any state law. JMP Securities makes no representation that conducting business with any cannabis-related business referenced in any of its information, research reports or other materials is legal or sanctioned under federal or any state law.