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Investor	
  Presenta,on	
  
Public	
  Access	
  
May,	
  2015	
  
©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
Disclaimers	
  
This	
  document	
  has	
  been	
  prepared	
  by	
  Tumbleweed	
  Holdings,	
  Inc.	
  (the	
  “Company”)	
  solely	
  for	
  investor	
  
presenta,ons	
  as	
  of	
  March	
  2015.	
  This	
  document	
  does	
  not	
  cons,tute	
  an	
  offering	
  document.	
  This	
  document	
  is	
  
the	
  sole	
  responsibility	
  of	
  the	
  Company.	
  Informa,on	
  contained	
  herein	
  does	
  not	
  purport	
  to	
  be	
  complete	
  and	
  is	
  
subject	
  to	
  certain	
  qualifica,ons	
  and	
  assump,ons	
  and	
  should	
  not	
  be	
  relied	
  upon	
  for	
  the	
  purpose	
  of	
  making	
  an	
  
investment	
  in	
  the	
  Company’s	
  securi,es	
  or	
  entering	
  into	
  any	
  transac,on	
  in	
  rela,on	
  therewith.	
  This	
  informa,on	
  
and	
  opinions	
  contained	
  in	
  the	
  document	
  are	
  provided	
  as	
  at	
  the	
  date	
  hereof	
  and	
  are	
  subject	
  to	
  change	
  without	
  
no,ce	
  and,	
  in	
  furnishing	
  this	
  document,	
  the	
  Company	
  does	
  not	
  undertake	
  or	
  agree	
  to	
  any	
  obliga,on	
  to	
  provide	
  
recipients	
  with	
  access	
  to	
  any	
  addi,onal	
  informa,on	
  or	
  to	
  update	
  or	
  correct	
  the	
  document.	
  No	
  securi,es	
  
commission	
  or	
  similar	
  regulatory	
  authority	
  has	
  passed	
  on	
  the	
  merits	
  of	
  any	
  securi,es	
  referred	
  to	
  in	
  this	
  
document,	
  nor	
  has	
  it	
  reviewed	
  this	
  document.	
  
	
  
This	
  presenta,on	
  includes	
  forward-­‐looking	
  statements	
  intended	
  to	
  qualify	
  for	
  the	
  Safe	
  Harbor	
  from	
  liability	
  
established	
  by	
  the	
  Private	
  Securi,es	
  Li,ga,on	
  Reform	
  Act	
  of	
  1995.	
  	
  These	
  forward-­‐looking	
  statements	
  
generally	
  can	
  be	
  iden,fied	
  by	
  phrases	
  such	
  as	
  the	
  Company	
  or	
  its	
  management	
  “believes,”	
  “expects,”	
  
“an,cipates,”	
  “foresees,”	
  “forecasts,”	
  “es,mates”	
  or	
  other	
  words	
  or	
  phrases	
  of	
  similar	
  import.	
  	
  Similarly,	
  
statements	
  herein	
  that	
  describe	
  the	
  Company’s	
  business	
  strategy,	
  outlook,	
  objec,ves,	
  plans,	
  inten,ons	
  or	
  
goals	
  also	
  are	
  forward-­‐looking	
  statements.	
  	
  All	
  such	
  forward-­‐looking	
  statements	
  are	
  subject	
  to	
  certain	
  risks	
  and	
  
uncertain,es	
  that	
  could	
  cause	
  actual	
  results	
  to	
  differ	
  materially	
  from	
  those	
  in	
  forward-­‐looking	
  statements.	
  
	
  
2	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
About	
  Tumbleweed	
  Holdings,	
  Inc.	
  
3	
  
•  Trades	
  on	
  OTCQB:	
  DCDC	
  
•  143MM	
  Shares	
  Outstanding;	
  Market	
  Cap:	
  ~$2.44MM	
  
•  Float:	
  ~23MM	
  shares	
  
Our	
  Mission:	
  
•  Building	
  businesses	
  in	
  state-­‐legal	
  cannabis	
  and	
  related	
  high	
  growth	
  sectors	
  
•  Target	
  opera,ons	
  in	
  science,	
  technology	
  and	
  data	
  that	
  support	
  the	
  
cannabis	
  value	
  chain	
  
•  Deploy	
  capital	
  strategically	
  to	
  leapfrog	
  exis,ng	
  market	
  players	
  
•  Develop	
  scalable,	
  repeatable	
  models	
  that	
  creates	
  a	
  na,onal	
  footprint	
  
•  Team	
  seasoned	
  in	
  cannabis,	
  financial	
  markets	
  and	
  public	
  company	
  opera,ons	
  
•  LOI	
  in	
  place	
  with	
  cannabis	
  lab	
  tes,ng	
  business	
  in	
  fast-­‐growing	
  OR,	
  	
  
other	
  targets	
  ID’d	
  
•  Opera,onal	
  in	
  Q2	
  2015	
  upon	
  comple,on	
  of	
  funding	
  
©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
Tumbleweed’s	
  Business	
  Strategy	
  
4	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
Our	
  Strategic	
  Focus:	
  	
  
•  Cannabis	
  “business	
  intelligence”	
  services,	
  including	
  
data,	
  technology	
  and	
  the	
  science	
  powering	
  the	
  
cannabis	
  supply	
  chain	
  in	
  the	
  US	
  and	
  around	
  the	
  
globe	
  	
  
–  Cannabis	
  tes,ng	
  labs	
  as	
  opera,ng	
  founda,on	
  for	
  our	
  
corporate	
  strategy	
  
–  Leapfrog	
  exis,ng	
  labs,	
  using	
  proven	
  quality	
  systems	
  
aligned	
  with	
  ISO-­‐cer,fied	
  tes,ng	
  standards	
  	
  
•  We	
  have	
  assembled	
  a	
  team	
  of	
  proven	
  business,	
  
technology,	
  scien,fic	
  and	
  strategic	
  experts	
  
•  We	
  have	
  iden,fied	
  scalable,	
  repeatable	
  businesses	
  
to	
  support	
  mul,ple	
  state-­‐specific	
  cannabis	
  markets	
  	
  
Formally	
  
Establish	
  	
  
Company	
  
Friends	
  &	
  Family	
  
Raise	
  Completed	
  
Define	
  	
  
Ac(va(on	
  
Strategy	
  
Ac,vate	
  
Founda,on	
  via	
  
Ini,al	
  Acquisi,on	
  
Create	
  Investment	
  
and	
  Acquisi,on	
  
Momentum	
  
Operate	
  and	
  
Further	
  Develop	
  
Strategy	
  	
  
Tumbleweed	
  Recent	
  Milestones	
  
An(cipated	
  Milestones	
  
1H	
  2015	
   2H	
  2015	
   2016	
  
Q1	
  2014	
   Q2	
  2014	
  
©	
  2015	
  Proprietary	
  &	
  Confiden,al	
   5	
  
Corporate	
  Milestones	
  
•  Key	
  Leadership	
  Named	
  
•  Business/Market	
  Strategy	
  
•  Acquisi,on	
  Target	
  ID	
  	
  
&	
  Due	
  Diligence	
  
•  Gather	
  Acquisi,on	
  Funding	
  
•  Tumbleweed	
  benefits	
  
from	
  a	
  well	
  established	
  
historical	
  investor	
  base	
  
Cannabis	
  is	
  a	
  Rapidly	
  Growing	
  Market	
  
6	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
•  The	
  legal	
  cannabis	
  market	
  is	
  expected	
  to	
  
grow	
  to	
  $8.2BB	
  in	
  the	
  next	
  3	
  years	
  
•  34%	
  CAGR1	
  
•  Recrea,onal	
  sales	
  growing	
  faster	
  than	
  
medical	
  sales1	
  
	
  
•  24	
  states	
  and	
  DC	
  have	
  legalized	
  
cannabis	
  for	
  medical	
  or	
  adult	
  use	
  
•  3-­‐5	
  addi,onal	
  states	
  an,cipate	
  
recrea,onal	
  legaliza,on	
  in	
  2016	
  
1	
  
Cannabis	
  is	
  Gaining	
  Na,onal	
  Acceptance	
  
Sources:	
  Gallup,	
  Brookings	
  
7	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
•  American	
  antudes	
  
towards	
  cannabis	
  are	
  
shioing	
  rapidly	
  
•  Shios	
  cross	
  all	
  age	
  groups	
  
•  Federal	
  Gov’t	
  beginning	
  to	
  
shio	
  their	
  stance	
  
“There	
  is	
  some	
  preliminary	
  
data	
  showing	
  that	
  for	
  
certain	
  medical	
  condi6ons	
  
and	
  symptoms,	
  that	
  
marijuana	
  can	
  be	
  helpful.”	
  
	
  -­‐	
  V.	
  Murthy,	
  US	
  Surgeon	
  General	
  
Guiding	
  Principles	
  
Principles	
  that	
  guide	
  and	
  differen,ate	
  Tumbleweed:	
  
1.  Broad	
  penetra,on	
  of	
  mul,ple	
  cannabis	
  market	
  sectors	
  
2.  Geographically	
  scalable	
  business	
  models	
  with	
  limited	
  regulatory	
  barriers	
  to	
  cross-­‐
border	
  expansion	
  
3.  Development	
  of	
  repeatable,	
  synergis,c	
  businesses	
  
4.  Fundamentals	
  driven	
  
o  revenue-­‐	
  and	
  margin-­‐capable	
  in	
  12-­‐24	
  months	
  of	
  acquisi,on	
  
5.  Innova,on	
  focus	
  
o  priori,zing	
  market	
  crea,ng	
  or	
  fast	
  follower	
  model	
  opportuni,es	
  
6.  Data-­‐rich	
  opera,ons	
  crea,ng	
  mone,zable	
  intellectual	
  property	
  
7.  Ac,ve	
  holding	
  company	
  management	
  and	
  support	
  
8.  Transparent	
  posture	
  to	
  build	
  marketplace	
  trust	
  with	
  investors,	
  regulators	
  and	
  the	
  
cannabis	
  community	
  
16	
  
Segmen,ng	
  the	
  Category	
  
9	
  
1	
  
1	
  
2	
  
2	
  
Opportunity	
  &	
  Ra,onale	
  
Tumbleweed	
  is	
  leveraging	
  the	
  intersec,on	
  of	
  two	
  key	
  trends	
  in	
  this	
  
rapidly	
  growing	
  economy,	
  sharing	
  focus	
  on	
  business	
  data	
  
Business	
  
Intelligence	
  
Technology	
  
Few	
  solu,ons	
  	
  
yet	
  in	
  market	
  
Lab	
  Tes,ng	
  
>100%	
  CAGR	
  
through	
  2018	
  
Data	
  
Trend	
  #2	
  
Consumer	
  Safety	
  
Pa,ent	
  and	
  consumer	
  safety	
  is	
  paramount,	
  
driving	
  states	
  to	
  require	
  scien,fically	
  rigorous	
  
product	
  safety	
  and	
  quality	
  tes,ng	
  
Trend	
  #1	
  
Business	
  Matura,on	
  
Produc,on,	
  manufacturing	
  and	
  retail	
  cannabis	
  
businesses	
  are	
  demanding	
  more	
  sophis,cated	
  
technology	
  services	
  and	
  systems	
  
10	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
Source:	
  Tumbleweed	
  Analysis	
  
Long	
  Term	
  Data	
  &	
  Technology	
  Vision	
  
Quality	
  lab	
  tes,ng	
  is	
  our	
  “first-­‐step”	
  founda,on	
  for	
  a	
  	
  
long	
  term	
  growth-­‐oriented	
  data	
  and	
  technology	
  strategy	
  
Business	
  
Intelligence	
  
Data	
   Lab	
  Tes,ng	
  
Grow	
  &	
  
Produc,on	
  
Support	
  
Retail	
  	
  
Point	
  of	
  Sale	
  
Digital	
  
Marke,ng	
  
Automa,on	
  
11	
  
We	
  are	
  developing	
  a	
  proprietary	
  technology	
  architecture	
  that	
  builds	
  value	
  	
  
from	
  capturing,	
  analyzing,	
  repor,ng	
  and	
  mone,zing	
  	
  
mul,ple	
  data	
  streams	
  for	
  mul,ple	
  customers	
  and	
  stakeholders	
  
©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
Benefits	
  to	
  Lab	
  Tes,ng	
  Businesses	
  
12	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
•  Rapidly	
  maturing	
  service	
  layer	
  in	
  cannabis	
  
economy	
  
•  Tes,ng	
  requirement	
  growing	
  steadily	
  	
  
•  Direct	
  supply	
  chain	
  integra,on	
  with	
  cannabis	
  
producers,	
  MIPs	
  manufacturers	
  and	
  dispensaries	
  
•  Data	
  rich	
  output	
  delivering	
  insight	
  to	
  mul,ple	
  
stakeholders	
  
•  High	
  degree	
  of	
  repeatability	
  of	
  services	
  model	
  
across	
  the	
  country	
  
•  Early	
  stage	
  partners	
  with	
  rela,ve	
  speed	
  to	
  net-­‐
posi,ve	
  revenue	
  
•  Alterna,ve	
  revenue	
  streams	
  available	
  including	
  
hemp	
  and	
  general	
  agriculture	
  
•  Developing	
  partnerships	
  with	
  university-­‐backed	
  
medical	
  research	
  studies	
  
Regulated	
  Cannabis	
  Market	
  Value	
  Chain	
  
13	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
•  There	
  are	
  many	
  possible	
  points	
  in	
  the	
  cannabis	
  value	
  chain	
  from	
  producer	
  to	
  	
  
consumer	
  where	
  lab	
  tes,ng	
  is	
  mandated	
  by	
  government	
  and	
  demanded	
  by	
  users	
  
•  We’ll	
  provide	
  tes,ng	
  services	
  throughout	
  the	
  product	
  lifecycle	
  	
  
•  The	
  data	
  that	
  is	
  generated	
  allows	
  us	
  to	
  provide	
  addi,onal	
  services	
  	
  
•  Real-­‐Time	
  access	
  to	
  test	
  results	
  
•  Labeling	
  for	
  compliance	
  and	
  consumer	
  confidence	
  
•  Analy,cs	
  services	
  to	
  aid	
  producers	
  in	
  product	
  development	
  	
  
-­‐	
  Lab	
  Revenue	
  Opportunity	
  
Planned	
  Rollout	
  -­‐	
  Tes,ng	
  Labs	
  	
  
•  Shared	
  procedures	
  
and	
  services	
  model	
  
•  Founda,on	
  for	
  
rapidly	
  scalable	
  
na,onal	
  footprint	
  
14	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
•  Ini,al	
  Acquisi,on:	
  Portland,	
  Oregon	
  
–  Ready	
  to	
  launch	
  -­‐	
  60	
  days	
  to	
  opera,ons	
  
–  Planning	
  advanced	
  level	
  of	
  instrumenta,on,	
  
processes,	
  service	
  and	
  obtaining	
  cer,fica,on	
  
•  ISO-­‐17025	
  
•  NELAC	
  
–  Ini,al	
  customers	
  and	
  channel	
  partners	
  iden,fied,	
  
agreements	
  in	
  place	
  
–  LOI	
  in	
  place	
  with	
  Portland	
  team	
  with	
  strong	
  
cannabis	
  network	
  and	
  rela(onships	
  
•  Other	
  prospec,ve	
  priority	
  states	
  
–  CA,	
  WA,	
  CO,	
  NV,	
  IL,	
  MA	
  based	
  on	
  market	
  
dynamics	
  and	
  scale	
  of	
  opportunity	
  
–  Extend	
  our	
  founda,onal	
  quality,	
  proprietary	
  
processes	
  and	
  cer,fied	
  opera,ons	
  model	
  via	
  
partnership	
  and	
  licensing	
  opportuni,es	
  
Tes,ng	
  Lab	
  Founda,on	
  Market:	
  Oregon	
  
15	
  
•  OR	
  Medical	
  Marijuana	
  Program	
  (OMMP)	
  	
  
•  Established	
  1998	
  
•  65,000	
  current	
  OMMP	
  pa,ents	
  -­‐	
  25,000+	
  
Portland/Salem	
  area	
  
•  200+	
  licensed	
  dispensaries	
  
•  All	
  legal	
  cannabis	
  in	
  Oregon	
  is	
  required	
  to	
  be	
  
tested	
  prior	
  to	
  release	
  to	
  pa,ents	
  
•  Current	
  state	
  tes,ng	
  requirements	
  not	
  in	
  line	
  
with	
  general	
  laboratory	
  industry	
  standards	
  	
  
•  Lack	
  of	
  consistency	
  and	
  accuracy	
  in	
  results	
  
•  OR	
  Recrea,onal	
  Marijuana	
  Program:	
  Ballot	
  Measure	
  91-­‐	
  Approved	
  November	
  2014	
  
•  Allows	
  for	
  licensed	
  and	
  regulated	
  cul,va,on	
  and	
  sales	
  of	
  cannabis	
  by	
  January	
  2016	
  
•  Massive	
  market	
  for	
  tes,ng	
  services	
  -­‐	
  70,000	
  pounds	
  per	
  year	
  forecast	
  	
  
•  Oregon	
  Liquor	
  Control	
  Commission	
  (OLCC)	
  to	
  administer	
  program.	
  Rules	
  will	
  likely	
  
mirror	
  current	
  OMMP	
  regula,ons	
  and	
  Washington	
  State	
  regula,ons	
  
©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
Source:	
  2015	
  oregon.gov	
  
Our	
  Compe,,ve	
  Posi,oning:	
  Tes,ng	
  Labs	
  
16	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
•  Our	
  lab	
  model	
  is	
  designed	
  
to	
  deliver	
  improved	
  
cannabis	
  tes,ng	
  accuracy,	
  
consistency	
  and	
  
transparency	
  than	
  what’s	
  
available	
  to	
  Oregon	
  
customers	
  today	
  
	
  
•  Our	
  seasoned	
  lab	
  sciences	
  
leadership	
  team	
  and	
  
advanced	
  instrumenta,on	
  
packages	
  will	
  empower	
  us	
  
to	
  leapfrog	
  our	
  compe,,on	
  
Source:	
  Tumbleweed	
  Marketplace	
  Analysis,	
  2015	
  
At	
  launch,	
  Tumbleweed	
  plans	
  to	
  have	
  a	
  more	
  sophis,cated	
  set	
  of	
  cannabis	
  
tes,ng	
  and	
  technology	
  services	
  than	
  any	
  other	
  Oregon	
  cannabis	
  lab	
  today	
  
Poten,al	
  Rollout	
  -­‐	
  Tes,ng	
  Labs	
  	
  
Portland,	
  OR	
  
Boston,	
  MA	
  
Seatle,	
  WA	
  
Los	
  Angeles,	
  CA	
  
Las	
  Vegas,	
  NV	
  
Denver,	
  CO	
  
immediate	
  
an,cipated	
  
Chicago,	
  IL	
  
17	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
Cannabis	
  Data	
  &	
  Technology	
  Business	
  Opportunity	
  
•  Providing	
  business	
  intelligence	
  is	
  a	
  key	
  long	
  term	
  
pillar	
  for	
  the	
  cannabis	
  industry	
  supply	
  chain	
  
•  Available	
  category-­‐specific	
  sooware	
  is	
  currently	
  
immature,	
  with	
  tradi,onal	
  supply	
  chain	
  sooware	
  
not	
  yet	
  focused	
  on	
  cannabis	
  	
  
•  Sooware	
  and	
  data	
  represent	
  repeatable,	
  	
  
high-­‐margin	
  assets	
  
•  We	
  have	
  an	
  LOI	
  in	
  place	
  to	
  develop	
  delivery	
  
soHware	
  in	
  a	
  Joint	
  Venture	
  with	
  a	
  leading	
  home	
  
delivery	
  service	
  in	
  California	
  
•  We	
  plan	
  to	
  leverage	
  a	
  variety	
  of	
  data	
  
–  Lab	
  tes,ng	
  results	
  
–  Product	
  formula,on	
  insights	
  
–  Gene,c	
  traceability	
  
–  B2B	
  business	
  intelligence	
  
–  Consumer	
  behavior	
  
18	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
   18	
  
Data	
  as	
  a	
  Business	
  
•  We	
  plan	
  to	
  leverage	
  our	
  founda,onal	
  businesses	
  and	
  exper,se	
  in	
  labs	
  and	
  sooware	
  to	
  
capture,	
  analyze	
  and	
  profitably	
  sell	
  access	
  to	
  the	
  output	
  of	
  our	
  analyses.	
  
•  Initally,	
  two	
  primary	
  data	
  mone,za,on	
  opportuni,es	
  
–  Aggregated	
  cannabis	
  lab	
  tes,ng	
  data	
  	
  
•  Analyzed,	
  packaged	
  and	
  sold	
  to	
  growers,	
  extractors	
  and	
  retailers	
  
–  Consumer	
  behavior	
  data	
  
•  Aggregated,	
  anonymized	
  and	
  sold	
  as	
  targe,ng	
  data	
  to	
  cannabis	
  marketers	
  and	
  general	
  product	
  
manufacturing	
  marketers	
  in	
  	
  parallel	
  industries	
  
19	
  
Produc,on	
  Data	
   Point	
  of	
  Sale	
  Data	
   Consumer	
  Behavior	
  Data	
  
Technology	
  Plan	
  
•  Business	
  Intelligence	
  Value	
  Proposi,on	
  
–  Mul,ple	
  use	
  cases	
  being	
  underserved	
  and	
  market	
  seeking	
  
more	
  sophis,cated	
  solu,ons	
  
–  Data	
  from	
  lab	
  tes,ng	
  business	
  and	
  various	
  supply	
  chain	
  
rela,onships	
  will	
  be	
  leveraged	
  
•  Pursuit	
  of	
  Dual	
  Revenue	
  Streams	
  
–  “Sooware	
  as	
  a	
  Service”	
  subscrip,on	
  fees	
  
–  Mul,-­‐source	
  data	
  capture,	
  aggrega,on,	
  analysis	
  and	
  value-­‐
added	
  mone,za,on	
  
•  R	
  &	
  D:	
  Tumbleweed	
  Technology	
  
–  Led	
  by	
  accomplished	
  Chief	
  Technology	
  Officer	
  	
  
–  Pre-­‐Revenue,	
  trac,on	
  dependent	
  on	
  market	
  forces	
  
	
  
•  “Sooware	
  as	
  a	
  
Service”	
  (SaaS)	
  
•  Labs	
  data	
  founda,on	
  
•  Data	
  mone,za,on	
  
20	
  ©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  
4	
  Year	
  Development	
  Roadmap	
  
21	
  
Tes,ng	
  Labs	
  
OR	
  
WA	
  
CA	
  
MA	
  
IL	
  
Technology	
  
Delivery	
  Logis,cs	
  
Grow	
  Monitoring	
  
mCommerce	
  
Data	
  Services	
  
Business	
  Intelligence	
  
Market	
  Targe,ng	
  
Corporate	
  
Management	
  
Finance	
  
Strategy	
  
1H	
  FY1	
   2H	
  FY1	
   1H	
  FY2	
   2H	
  FY2	
   FY3	
   FY4	
  
Current	
  Raise:	
   2nd	
  Raise	
   Self-­‐Sustaining	
  
Barry	
  Regenstein	
  
Chief	
  Financial	
  Officer	
  
(interim)	
  
Gary	
  Herman	
  
Chairman,	
  CEO	
  
Seth	
  Lukash	
  
President,	
  COO	
  
	
  
Bill	
  Hewson	
  
Chief	
  Strategy	
  Officer	
  
	
  
Patrick	
  Moore	
  
Chief	
  Technology	
  Officer	
  
	
  
©	
  2015	
  Proprietary	
  &	
  Confiden,al	
   22	
  
Tumbleweed	
  Corporate	
  Leadership	
  
General	
  Manager*	
  
Tes,ng	
  Lab	
  Services	
  
General	
  Manager*	
  
Data	
  &	
  Technology	
  
Services	
  
*	
  Currently	
  confiden,al	
  
Seth	
  Lukash	
  
President	
  &	
  COO	
  
Patrick	
  Moore	
  
Chief	
  Technology	
  
Officer	
  
Barry	
  
Regenstein	
  
CFO	
  (interim)	
  
Gary	
  is	
  an	
  experienced	
  execu,ve,	
  seasoned	
  porxolio	
  manager	
  and	
  investor.	
  	
  He	
  was	
  
previously	
  an	
  investment	
  banker.	
  	
  Gary	
  has	
  sat	
  on	
  the	
  boards	
  of	
  many	
  public	
  and	
  private	
  
companies.	
  	
  He	
  has	
  a	
  B.S.	
  from	
  the	
  University	
  at	
  Albany.	
  	
  
	
  
Seth	
  is	
  past	
  Chairman	
  and	
  CEO	
  of	
  Tridex	
  Corpora,on,	
  a	
  $100	
  million	
  manufacturing	
  and	
  
technology	
  holding	
  company.	
  Seth	
  also	
  led	
  Progressive	
  Sooware,	
  a	
  leading	
  provider	
  of	
  
applica,on	
  sooware	
  to	
  the	
  restaurant	
  and	
  hospitality	
  market.	
  He	
  has	
  his	
  B.A.	
  in	
  Finance	
  from	
  
University	
  of	
  Miami.	
  
Patrick	
  has	
  over	
  25	
  years	
  of	
  advanced	
  technology	
  leadership	
  and	
  innova,on	
  to	
  his	
  credit.	
  He	
  
has	
  leadership	
  experience	
  in	
  both	
  enterprise	
  and	
  start	
  up	
  organiza,ons,	
  including	
  being	
  CTO	
  
of	
  sephora.com	
  and	
  was	
  a	
  co-­‐founder	
  of	
  Lemonade,	
  Time	
  Magazine’s	
  “App	
  of	
  the	
  Year.”	
  
Patrick	
  lives	
  in	
  Portland,	
  OR	
  and	
  received	
  his	
  BS	
  from	
  Oregon	
  State	
  University.	
  
Bill	
  leads	
  Tumbleweed’s	
  company	
  and	
  opera,ng	
  unit	
  strategies,	
  including	
  posi,oning,	
  
marketplace	
  penetra,on,	
  branding,	
  and	
  communica,ons.	
  	
  With	
  25	
  years	
  of	
  prior	
  leadership	
  
posi,ons	
  in	
  a	
  variety	
  of	
  public	
  and	
  private	
  companies	
  focused	
  on	
  strategy	
  and	
  marke,ng,	
  Bill	
  
holds	
  a	
  degree	
  in	
  economics	
  from	
  St.	
  Lawrence	
  University.	
  	
  
Barry	
  Regenstein	
  is	
  a	
  global	
  senior	
  execu,ve,	
  with	
  more	
  than	
  25	
  years	
  leadership	
  experience.	
  
Mr.	
  Regenstein	
  most	
  recently	
  served	
  as	
  President	
  and	
  Chief	
  Financial	
  Officer	
  of	
  Command	
  
Security	
  Corpora,on.	
  He	
  is	
  a	
  Cer,fied	
  Public	
  Accountant	
  and	
  a	
  graduate	
  of	
  the	
  University	
  of	
  
Maryland	
  with	
  a	
  Masters	
  Degree	
  from	
  Long	
  Island	
  University.	
  	
  
Bill	
  Hewson	
  
Chief	
  Strategy	
  
Officer	
  
	
  
©	
  2015	
  Proprietary	
  &	
  Confiden,al	
   23	
  
Tumbleweed	
  Corporate	
  Leadership	
  
Gary	
  Herman	
  
Chairman	
  &	
  CEO	
  
Gary	
  
Herman	
  
Chairman	
  &	
  
CEO	
  
Gary	
  Herman	
  
Chairman	
  &	
  CEO	
  
Tumbleweed	
  Holdings,	
  Inc.	
  
720	
  Fioh	
  Ave,	
  10th	
  Floor	
  
New	
  York,	
  NY	
  10019	
  
212-­‐247-­‐0581	
  
gary@tumbleweedhldgs.com	
  
	
  
24	
  
Contact	
  
Seth	
  Lukash	
  
President	
  &	
  COO	
  
Tumbleweed	
  Holdings,	
  Inc.	
  
720	
  Fioh	
  Ave,	
  10th	
  Floor	
  
New	
  York,	
  NY	
  10019	
  
203-­‐246-­‐7871	
  
seth@tumbleweedhldgs.com	
  
	
  
©	
  2015	
  Proprietary	
  &	
  Confiden,al	
  

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Tumbleweed investor deck_may_2015_ir (public)

  • 1. Investor  Presenta,on   Public  Access   May,  2015   ©  2015  Proprietary  &  Confiden,al  
  • 2. Disclaimers   This  document  has  been  prepared  by  Tumbleweed  Holdings,  Inc.  (the  “Company”)  solely  for  investor   presenta,ons  as  of  March  2015.  This  document  does  not  cons,tute  an  offering  document.  This  document  is   the  sole  responsibility  of  the  Company.  Informa,on  contained  herein  does  not  purport  to  be  complete  and  is   subject  to  certain  qualifica,ons  and  assump,ons  and  should  not  be  relied  upon  for  the  purpose  of  making  an   investment  in  the  Company’s  securi,es  or  entering  into  any  transac,on  in  rela,on  therewith.  This  informa,on   and  opinions  contained  in  the  document  are  provided  as  at  the  date  hereof  and  are  subject  to  change  without   no,ce  and,  in  furnishing  this  document,  the  Company  does  not  undertake  or  agree  to  any  obliga,on  to  provide   recipients  with  access  to  any  addi,onal  informa,on  or  to  update  or  correct  the  document.  No  securi,es   commission  or  similar  regulatory  authority  has  passed  on  the  merits  of  any  securi,es  referred  to  in  this   document,  nor  has  it  reviewed  this  document.     This  presenta,on  includes  forward-­‐looking  statements  intended  to  qualify  for  the  Safe  Harbor  from  liability   established  by  the  Private  Securi,es  Li,ga,on  Reform  Act  of  1995.    These  forward-­‐looking  statements   generally  can  be  iden,fied  by  phrases  such  as  the  Company  or  its  management  “believes,”  “expects,”   “an,cipates,”  “foresees,”  “forecasts,”  “es,mates”  or  other  words  or  phrases  of  similar  import.    Similarly,   statements  herein  that  describe  the  Company’s  business  strategy,  outlook,  objec,ves,  plans,  inten,ons  or   goals  also  are  forward-­‐looking  statements.    All  such  forward-­‐looking  statements  are  subject  to  certain  risks  and   uncertain,es  that  could  cause  actual  results  to  differ  materially  from  those  in  forward-­‐looking  statements.     2  ©  2015  Proprietary  &  Confiden,al  
  • 3. About  Tumbleweed  Holdings,  Inc.   3   •  Trades  on  OTCQB:  DCDC   •  143MM  Shares  Outstanding;  Market  Cap:  ~$2.44MM   •  Float:  ~23MM  shares   Our  Mission:   •  Building  businesses  in  state-­‐legal  cannabis  and  related  high  growth  sectors   •  Target  opera,ons  in  science,  technology  and  data  that  support  the   cannabis  value  chain   •  Deploy  capital  strategically  to  leapfrog  exis,ng  market  players   •  Develop  scalable,  repeatable  models  that  creates  a  na,onal  footprint   •  Team  seasoned  in  cannabis,  financial  markets  and  public  company  opera,ons   •  LOI  in  place  with  cannabis  lab  tes,ng  business  in  fast-­‐growing  OR,     other  targets  ID’d   •  Opera,onal  in  Q2  2015  upon  comple,on  of  funding   ©  2015  Proprietary  &  Confiden,al  
  • 4. Tumbleweed’s  Business  Strategy   4  ©  2015  Proprietary  &  Confiden,al   Our  Strategic  Focus:     •  Cannabis  “business  intelligence”  services,  including   data,  technology  and  the  science  powering  the   cannabis  supply  chain  in  the  US  and  around  the   globe     –  Cannabis  tes,ng  labs  as  opera,ng  founda,on  for  our   corporate  strategy   –  Leapfrog  exis,ng  labs,  using  proven  quality  systems   aligned  with  ISO-­‐cer,fied  tes,ng  standards     •  We  have  assembled  a  team  of  proven  business,   technology,  scien,fic  and  strategic  experts   •  We  have  iden,fied  scalable,  repeatable  businesses   to  support  mul,ple  state-­‐specific  cannabis  markets    
  • 5. Formally   Establish     Company   Friends  &  Family   Raise  Completed   Define     Ac(va(on   Strategy   Ac,vate   Founda,on  via   Ini,al  Acquisi,on   Create  Investment   and  Acquisi,on   Momentum   Operate  and   Further  Develop   Strategy     Tumbleweed  Recent  Milestones   An(cipated  Milestones   1H  2015   2H  2015   2016   Q1  2014   Q2  2014   ©  2015  Proprietary  &  Confiden,al   5   Corporate  Milestones   •  Key  Leadership  Named   •  Business/Market  Strategy   •  Acquisi,on  Target  ID     &  Due  Diligence   •  Gather  Acquisi,on  Funding   •  Tumbleweed  benefits   from  a  well  established   historical  investor  base  
  • 6. Cannabis  is  a  Rapidly  Growing  Market   6  ©  2015  Proprietary  &  Confiden,al   •  The  legal  cannabis  market  is  expected  to   grow  to  $8.2BB  in  the  next  3  years   •  34%  CAGR1   •  Recrea,onal  sales  growing  faster  than   medical  sales1     •  24  states  and  DC  have  legalized   cannabis  for  medical  or  adult  use   •  3-­‐5  addi,onal  states  an,cipate   recrea,onal  legaliza,on  in  2016   1  
  • 7. Cannabis  is  Gaining  Na,onal  Acceptance   Sources:  Gallup,  Brookings   7  ©  2015  Proprietary  &  Confiden,al   •  American  antudes   towards  cannabis  are   shioing  rapidly   •  Shios  cross  all  age  groups   •  Federal  Gov’t  beginning  to   shio  their  stance   “There  is  some  preliminary   data  showing  that  for   certain  medical  condi6ons   and  symptoms,  that   marijuana  can  be  helpful.”    -­‐  V.  Murthy,  US  Surgeon  General  
  • 8. Guiding  Principles   Principles  that  guide  and  differen,ate  Tumbleweed:   1.  Broad  penetra,on  of  mul,ple  cannabis  market  sectors   2.  Geographically  scalable  business  models  with  limited  regulatory  barriers  to  cross-­‐ border  expansion   3.  Development  of  repeatable,  synergis,c  businesses   4.  Fundamentals  driven   o  revenue-­‐  and  margin-­‐capable  in  12-­‐24  months  of  acquisi,on   5.  Innova,on  focus   o  priori,zing  market  crea,ng  or  fast  follower  model  opportuni,es   6.  Data-­‐rich  opera,ons  crea,ng  mone,zable  intellectual  property   7.  Ac,ve  holding  company  management  and  support   8.  Transparent  posture  to  build  marketplace  trust  with  investors,  regulators  and  the   cannabis  community   16  
  • 9. Segmen,ng  the  Category   9   1   1   2   2  
  • 10. Opportunity  &  Ra,onale   Tumbleweed  is  leveraging  the  intersec,on  of  two  key  trends  in  this   rapidly  growing  economy,  sharing  focus  on  business  data   Business   Intelligence   Technology   Few  solu,ons     yet  in  market   Lab  Tes,ng   >100%  CAGR   through  2018   Data   Trend  #2   Consumer  Safety   Pa,ent  and  consumer  safety  is  paramount,   driving  states  to  require  scien,fically  rigorous   product  safety  and  quality  tes,ng   Trend  #1   Business  Matura,on   Produc,on,  manufacturing  and  retail  cannabis   businesses  are  demanding  more  sophis,cated   technology  services  and  systems   10  ©  2015  Proprietary  &  Confiden,al   Source:  Tumbleweed  Analysis  
  • 11. Long  Term  Data  &  Technology  Vision   Quality  lab  tes,ng  is  our  “first-­‐step”  founda,on  for  a     long  term  growth-­‐oriented  data  and  technology  strategy   Business   Intelligence   Data   Lab  Tes,ng   Grow  &   Produc,on   Support   Retail     Point  of  Sale   Digital   Marke,ng   Automa,on   11   We  are  developing  a  proprietary  technology  architecture  that  builds  value     from  capturing,  analyzing,  repor,ng  and  mone,zing     mul,ple  data  streams  for  mul,ple  customers  and  stakeholders   ©  2015  Proprietary  &  Confiden,al  
  • 12. Benefits  to  Lab  Tes,ng  Businesses   12  ©  2015  Proprietary  &  Confiden,al   •  Rapidly  maturing  service  layer  in  cannabis   economy   •  Tes,ng  requirement  growing  steadily     •  Direct  supply  chain  integra,on  with  cannabis   producers,  MIPs  manufacturers  and  dispensaries   •  Data  rich  output  delivering  insight  to  mul,ple   stakeholders   •  High  degree  of  repeatability  of  services  model   across  the  country   •  Early  stage  partners  with  rela,ve  speed  to  net-­‐ posi,ve  revenue   •  Alterna,ve  revenue  streams  available  including   hemp  and  general  agriculture   •  Developing  partnerships  with  university-­‐backed   medical  research  studies  
  • 13. Regulated  Cannabis  Market  Value  Chain   13  ©  2015  Proprietary  &  Confiden,al   •  There  are  many  possible  points  in  the  cannabis  value  chain  from  producer  to     consumer  where  lab  tes,ng  is  mandated  by  government  and  demanded  by  users   •  We’ll  provide  tes,ng  services  throughout  the  product  lifecycle     •  The  data  that  is  generated  allows  us  to  provide  addi,onal  services     •  Real-­‐Time  access  to  test  results   •  Labeling  for  compliance  and  consumer  confidence   •  Analy,cs  services  to  aid  producers  in  product  development     -­‐  Lab  Revenue  Opportunity  
  • 14. Planned  Rollout  -­‐  Tes,ng  Labs     •  Shared  procedures   and  services  model   •  Founda,on  for   rapidly  scalable   na,onal  footprint   14  ©  2015  Proprietary  &  Confiden,al   •  Ini,al  Acquisi,on:  Portland,  Oregon   –  Ready  to  launch  -­‐  60  days  to  opera,ons   –  Planning  advanced  level  of  instrumenta,on,   processes,  service  and  obtaining  cer,fica,on   •  ISO-­‐17025   •  NELAC   –  Ini,al  customers  and  channel  partners  iden,fied,   agreements  in  place   –  LOI  in  place  with  Portland  team  with  strong   cannabis  network  and  rela(onships   •  Other  prospec,ve  priority  states   –  CA,  WA,  CO,  NV,  IL,  MA  based  on  market   dynamics  and  scale  of  opportunity   –  Extend  our  founda,onal  quality,  proprietary   processes  and  cer,fied  opera,ons  model  via   partnership  and  licensing  opportuni,es  
  • 15. Tes,ng  Lab  Founda,on  Market:  Oregon   15   •  OR  Medical  Marijuana  Program  (OMMP)     •  Established  1998   •  65,000  current  OMMP  pa,ents  -­‐  25,000+   Portland/Salem  area   •  200+  licensed  dispensaries   •  All  legal  cannabis  in  Oregon  is  required  to  be   tested  prior  to  release  to  pa,ents   •  Current  state  tes,ng  requirements  not  in  line   with  general  laboratory  industry  standards     •  Lack  of  consistency  and  accuracy  in  results   •  OR  Recrea,onal  Marijuana  Program:  Ballot  Measure  91-­‐  Approved  November  2014   •  Allows  for  licensed  and  regulated  cul,va,on  and  sales  of  cannabis  by  January  2016   •  Massive  market  for  tes,ng  services  -­‐  70,000  pounds  per  year  forecast     •  Oregon  Liquor  Control  Commission  (OLCC)  to  administer  program.  Rules  will  likely   mirror  current  OMMP  regula,ons  and  Washington  State  regula,ons   ©  2015  Proprietary  &  Confiden,al   Source:  2015  oregon.gov  
  • 16. Our  Compe,,ve  Posi,oning:  Tes,ng  Labs   16  ©  2015  Proprietary  &  Confiden,al   •  Our  lab  model  is  designed   to  deliver  improved   cannabis  tes,ng  accuracy,   consistency  and   transparency  than  what’s   available  to  Oregon   customers  today     •  Our  seasoned  lab  sciences   leadership  team  and   advanced  instrumenta,on   packages  will  empower  us   to  leapfrog  our  compe,,on   Source:  Tumbleweed  Marketplace  Analysis,  2015   At  launch,  Tumbleweed  plans  to  have  a  more  sophis,cated  set  of  cannabis   tes,ng  and  technology  services  than  any  other  Oregon  cannabis  lab  today  
  • 17. Poten,al  Rollout  -­‐  Tes,ng  Labs     Portland,  OR   Boston,  MA   Seatle,  WA   Los  Angeles,  CA   Las  Vegas,  NV   Denver,  CO   immediate   an,cipated   Chicago,  IL   17  ©  2015  Proprietary  &  Confiden,al  
  • 18. Cannabis  Data  &  Technology  Business  Opportunity   •  Providing  business  intelligence  is  a  key  long  term   pillar  for  the  cannabis  industry  supply  chain   •  Available  category-­‐specific  sooware  is  currently   immature,  with  tradi,onal  supply  chain  sooware   not  yet  focused  on  cannabis     •  Sooware  and  data  represent  repeatable,     high-­‐margin  assets   •  We  have  an  LOI  in  place  to  develop  delivery   soHware  in  a  Joint  Venture  with  a  leading  home   delivery  service  in  California   •  We  plan  to  leverage  a  variety  of  data   –  Lab  tes,ng  results   –  Product  formula,on  insights   –  Gene,c  traceability   –  B2B  business  intelligence   –  Consumer  behavior   18  ©  2015  Proprietary  &  Confiden,al   18  
  • 19. Data  as  a  Business   •  We  plan  to  leverage  our  founda,onal  businesses  and  exper,se  in  labs  and  sooware  to   capture,  analyze  and  profitably  sell  access  to  the  output  of  our  analyses.   •  Initally,  two  primary  data  mone,za,on  opportuni,es   –  Aggregated  cannabis  lab  tes,ng  data     •  Analyzed,  packaged  and  sold  to  growers,  extractors  and  retailers   –  Consumer  behavior  data   •  Aggregated,  anonymized  and  sold  as  targe,ng  data  to  cannabis  marketers  and  general  product   manufacturing  marketers  in    parallel  industries   19   Produc,on  Data   Point  of  Sale  Data   Consumer  Behavior  Data  
  • 20. Technology  Plan   •  Business  Intelligence  Value  Proposi,on   –  Mul,ple  use  cases  being  underserved  and  market  seeking   more  sophis,cated  solu,ons   –  Data  from  lab  tes,ng  business  and  various  supply  chain   rela,onships  will  be  leveraged   •  Pursuit  of  Dual  Revenue  Streams   –  “Sooware  as  a  Service”  subscrip,on  fees   –  Mul,-­‐source  data  capture,  aggrega,on,  analysis  and  value-­‐ added  mone,za,on   •  R  &  D:  Tumbleweed  Technology   –  Led  by  accomplished  Chief  Technology  Officer     –  Pre-­‐Revenue,  trac,on  dependent  on  market  forces     •  “Sooware  as  a   Service”  (SaaS)   •  Labs  data  founda,on   •  Data  mone,za,on   20  ©  2015  Proprietary  &  Confiden,al  
  • 21. 4  Year  Development  Roadmap   21   Tes,ng  Labs   OR   WA   CA   MA   IL   Technology   Delivery  Logis,cs   Grow  Monitoring   mCommerce   Data  Services   Business  Intelligence   Market  Targe,ng   Corporate   Management   Finance   Strategy   1H  FY1   2H  FY1   1H  FY2   2H  FY2   FY3   FY4   Current  Raise:   2nd  Raise   Self-­‐Sustaining  
  • 22. Barry  Regenstein   Chief  Financial  Officer   (interim)   Gary  Herman   Chairman,  CEO   Seth  Lukash   President,  COO     Bill  Hewson   Chief  Strategy  Officer     Patrick  Moore   Chief  Technology  Officer     ©  2015  Proprietary  &  Confiden,al   22   Tumbleweed  Corporate  Leadership   General  Manager*   Tes,ng  Lab  Services   General  Manager*   Data  &  Technology   Services   *  Currently  confiden,al  
  • 23. Seth  Lukash   President  &  COO   Patrick  Moore   Chief  Technology   Officer   Barry   Regenstein   CFO  (interim)   Gary  is  an  experienced  execu,ve,  seasoned  porxolio  manager  and  investor.    He  was   previously  an  investment  banker.    Gary  has  sat  on  the  boards  of  many  public  and  private   companies.    He  has  a  B.S.  from  the  University  at  Albany.       Seth  is  past  Chairman  and  CEO  of  Tridex  Corpora,on,  a  $100  million  manufacturing  and   technology  holding  company.  Seth  also  led  Progressive  Sooware,  a  leading  provider  of   applica,on  sooware  to  the  restaurant  and  hospitality  market.  He  has  his  B.A.  in  Finance  from   University  of  Miami.   Patrick  has  over  25  years  of  advanced  technology  leadership  and  innova,on  to  his  credit.  He   has  leadership  experience  in  both  enterprise  and  start  up  organiza,ons,  including  being  CTO   of  sephora.com  and  was  a  co-­‐founder  of  Lemonade,  Time  Magazine’s  “App  of  the  Year.”   Patrick  lives  in  Portland,  OR  and  received  his  BS  from  Oregon  State  University.   Bill  leads  Tumbleweed’s  company  and  opera,ng  unit  strategies,  including  posi,oning,   marketplace  penetra,on,  branding,  and  communica,ons.    With  25  years  of  prior  leadership   posi,ons  in  a  variety  of  public  and  private  companies  focused  on  strategy  and  marke,ng,  Bill   holds  a  degree  in  economics  from  St.  Lawrence  University.     Barry  Regenstein  is  a  global  senior  execu,ve,  with  more  than  25  years  leadership  experience.   Mr.  Regenstein  most  recently  served  as  President  and  Chief  Financial  Officer  of  Command   Security  Corpora,on.  He  is  a  Cer,fied  Public  Accountant  and  a  graduate  of  the  University  of   Maryland  with  a  Masters  Degree  from  Long  Island  University.     Bill  Hewson   Chief  Strategy   Officer     ©  2015  Proprietary  &  Confiden,al   23   Tumbleweed  Corporate  Leadership   Gary  Herman   Chairman  &  CEO   Gary   Herman   Chairman  &   CEO  
  • 24. Gary  Herman   Chairman  &  CEO   Tumbleweed  Holdings,  Inc.   720  Fioh  Ave,  10th  Floor   New  York,  NY  10019   212-­‐247-­‐0581   gary@tumbleweedhldgs.com     24   Contact   Seth  Lukash   President  &  COO   Tumbleweed  Holdings,  Inc.   720  Fioh  Ave,  10th  Floor   New  York,  NY  10019   203-­‐246-­‐7871   seth@tumbleweedhldgs.com     ©  2015  Proprietary  &  Confiden,al