The document summarizes a panel discussion on trends and transactions in the hemp industry. The panelists include experts from Dragon Realty Capital, Wilson Elser law firm, SingerLewak valuation firm, and FTI Consulting. They will discuss topics such as the hemp market overview, legal and regulatory issues, investment opportunities, valuation trends, due diligence, brand building, and industry outlook.

1. Moderator: Alexander B. Kasdan, Senior Managing Director, DelMorgan & Co.
Panel:
• Craig Higdon, Chief Executive Officer, Dragon Realty Capital and Dragon Capital Funds
• Ian A. Stewart, Co-Chair Cannabis Law Practice, Partner, Wilson Elser
• Alexander H. Arnote, Senior Director, Forensic & Litigation Consulting, FTI Consulting
• Vanita Spaulding, CFA, ASA, Practice Director of the Cannabis Valuation Group, SingerLewak LLP
© Copyright 2018 Expert Webcast – All Rights Reserved
TRENDS AND TRANSACTIONS IN HEMP
November 29, 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: Craig Higdon is Chief Executive Officer at Dragon Realty
Capital and Dragon Capital Funds. Dragon Realty Capital (DRC) is a
private money direct lender focused on commercial real estate projects
located throughout the United States with transaction sizes running from
$500,000 to $25,000,000 or more. Dragon Capital Funds is the Hedge
Fund that provides the capital for Dragon Realty Capital through its
various Funds.
Craig has extensive expertise in commercial and real estate lending and
has written a manual on commercial loan brokering and several white
papers on various aspects of commercial lending. He has financed all
types of properties and can understand most financing situations. Craig
and his firm are active in providing growth and real estate capital for the
Cannabis and Hemp industries.
Craig is a “recovering engineer” having survived the Mechanical
Engineering curriculum at the University of Southern California,
receiving his BSME. He later went on to get his MBA at Heriot-Watt
University out of Edinburgh, Scotland.
Craig is a practicing black belt in Shaolin Kempo Kung Fu, skis,
SCUBAs, plays tennis, and bodybuilds.
Financial Engineering:
Structured Loan Solutions
18245 Paulson Drive
Port Charlotte, FL 33954
310-463-3799 Direct
888-578-5441 x81 Office
craig@dragonrealtycapital.com
www.DragonRealtyCapital.com

5. 4
Panelist: Ian A. Stewart, Partner, Wilson Elser. As co-chair of the
firm’s Cannabis Law practice, Ian leverages his 20 years of legal
experience to help clients navigate the challenging new risk management,
business practices and insurance landscape presented by the rapidly
developing area of Cannabis Law. Ian helps traditional and new
organizations prepare for regulatory changes and liability trends whether
dealing with regulatory compliance, product liability risks, defense of
false advertising and unfair competition claims, professional liability
risks, brand protection and obstacles to protecting intellectual property,
assisting startups with novel risk management methods, or insurance
coverage problems created by conflicting state and federal laws.
Ian works with licensed cannabis operators to comply with their
obligations under the law and to develop risk management best practices.
He regularly consults with insurance companies to assist with cannabis-
related underwriting practices and the development of new policy forms.
Ian is currently chair of the National Cannabis Industry Association
(NCIA) Finance and Insurance Committee, and vice chair of the
California Cannabis Industry Association (CCIA) Insurance Committee.
Ian holds a J.D. from Saint Louis University School of Law and a B.A.
from Washington University in St. Louis.
555 S. Flower Street
Suite 2900
Los Angeles CA 90071
(213) 330-8830
Ian.stewart@wilsonelser.com
www.wilsonelser.com

6. 5
Speaker: Vanita K. Spaulding, CFA, MBA, ASA is Managing Director
Valuation and Cannabis Practice Leader at Singer Lewak LLP, 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.
C: 310.991.0960
O: 818.999.3924
vspaulding@singerlewak.com

7. 6
Panelist: Alexander Arnote is a Senior Director at FTI Consulting in
the Data & Analytics practice and is based in San Francisco. Mr.
Arnote specializes in complex, data-intensive cases, including
government / regulatory investigations, class action suits, financial /
accounting investigations, bankruptcies and other cases requiring
complex modeling or information sharing.
Mr. Arnote co-leads FTI Consulting’s Cannabis practice and his extensive
experience with the banking, cannabis, and retail industries give him a
deep understanding of the challenges facing companies today. He has
over thirteen years of database development & data analysis experience
and eleven years of regulatory compliance and litigation support
experience with an emphasis on government regulatory compliance, fraud
investigations, and disputes.
Prior to joining FTI Consulting, Mr. Arnote worked at Deloitte as part of
the Analytic and Forensic Technology and Enterprise Risk Services
groups. His previous work experience includes SOX and FCPA
compliance work, due diligence and financial audits, computer forensics
collections, and application development.
Mr. Arnote holds three degrees from the University of Missouri: a B.S. in
computer engineering, a B.S. in computer science and an M.B.A.
50 California Street
Suite 1900
San Francisco, CA, 94111
+1 415 283 4257
alex.arnote@fticonsulting.com
www.fticonsulting.com

8. 7
MAJOR TOPICS
• Hemp market overview
• Legal and regulatory issues
• Investment opportunities – corporate and real estate
• Valuation trends
• Third-party due diligence
• Brand building and differentiation in the new industry
• Industry outlook