Cannabis NAVIGATING OPPORTUNITIES IN AN OPENING MARKET - DLA Piper

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Cannabis NAVIGATING OPPORTUNITIES IN AN OPENING MARKET - DLA Piper
Cannabis
NAVIGATING OPPORTUNITIES IN AN OPENING MARKET
Cannabis NAVIGATING OPPORTUNITIES IN AN OPENING MARKET - DLA Piper
CANNABIS

Introduction
Cannabis remains a controlled substance in
most jurisdictions, but the demand for medicinal,
wellbeing and recreational cannabis products and their
derivatives is undeniable.

The transformative potential of what is emerging,
as governments consider the public health and tax
benefits, reaches far beyond the simple growing and
selling of the plant, as cannabis promises to upend
the status quo in a number of industries.

Entrenched players in the food          DLA Piper’s team covers the range
and drink, energy, tobacco and          of corporate, intellectual property,
pharmaceutical sectors are all trying   technology and R&D, employment,
to anticipate this growing market.      regulatory (importantly, both life
Now executives across industries        sciences and financial) and litigation
as diverse as cosmetics and pet         services, and we are acting across
food are considering how cannabis       every segment of pharmaceutical,
is going to reshape their markets,      biopharmaceutical, wellness and
and if they should acquire, partner     medical sectors around the globe.
or compete with these new entrants.     The practice’s provision of legal
                                        services is limited to those clients
One thing is clear, they cannot         whose conduct is legal in the
be ignored and this industry is         jurisdiction in question.
primed for growth.
                                        High-growth industries with the
DLA Piper is a leading participant      breadth and scope of where
in the nascent cannabis industry;       cannabis can pervade come with
from start-up to private and            an enormous regulatory burden.
public fundraisings, acquisition        Smart firms must have a realistic
and post-merger, we are there to        plan to deal with the compliance
advise and help clients navigate        dragnet that inevitably follows
uncertain waters. We have               from a lack of geographical
observed a number of divergent          harmonisation. Smarter firms scan
streams materialising from the          the horizon and plan ahead of it
shifting tectonic plates of cannabis    and that’s where DLA Piper can help.
regulation across the globe.

Uncertainty and service gaps
are appearing as the forces of
innovation and disruption clash
with the variant maturity speeds
of global regimes.

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Cannabis NAVIGATING OPPORTUNITIES IN AN OPENING MARKET - DLA Piper
CANNABIS

Sources of funding for research and
development of cannabis products
                                                                              capital investment or intellectual
Due to the heavy regulatory burden and criminal
                                                                              property commercialisation vehicles
categorization of cannabis in a number of countries,                          and joint ventures, through to other
                                                                              sources of funding, including further
research on cannabinoids and their therapeutic
                                                                              rounds of private investment or on
benefits has been limited to date.                                            the public capital markets.

Change is on the horizon,                base on the therapeutic benefit      Small to medium-sized companies
as governments around the world          of these products so that we         in particular may not have sufficient
seek to liberalise their laws and        can maximize their potential as      funds to break into the market
regulations as it relates to cannabis,   medicines”. Such research and        which can be capital intensive,
in order to encourage, amongst           product development will no doubt    such as covering the costs of
other things, more R&D in the            require significant funding.         the regulatory and licensing
sector. For example, research                                                 requirements for the sector,
and development in the UK of             Companies seeking to develop or      or developing their business.
cannabis-based products is               sell cannabis products will need     They may wish to seek investment
expected to increase significantly       to consider how they will fund       from private, corporate or
following the UK government’s            their businesses. Depending on the   institutional investors or look to
recent announcement. In the              development stage of the product,    raise capital by way of an initial
announcement, the Secretary              this can either be through initial   public offering (IPO) of equity
of State for Health recognised the       funding by university research       shares on public markets.
need to “build a greater research        grants and spin-outs, venture

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Venture capital and private equity
                                                                               • Our experience – more than
We are a market leader in nurturing emerging growth
                                                                                 3,000 venture capital transactions,
companies, seeking access to venture and private                                 totalling over USD40 billion
                                                                                 in value since 2006. We are
equity growth capital, with 600 lawyers around the
                                                                                 consistently ranked among the
world who specifically serve entrepreneurs, start-up                             top five law firms for global
                                                                                 venture capital, private equity and
companies, funds and other stakeholders. With more
                                                                                 M&A by deal volume
than 95 offices globally, we are strategically positioned                        (PitchBook, 2006–2018).

to effectively advise and represent investors,
                                                                                CASE STUDY
licenced producers, licenced dealers, laboratories,                             Acreage Holdings
                                                                                We acted for Acreage Holdings, a
pharmaceutical companies, service providers,
                                                                                leading U.S. multi-state cannabis
start-ups and established businesses on a full range of                         operator on its USD3.4 billion
                                                                                arrangement with Canopy
legal issues relating to the cannabis industry where it is
                                                                                Growth. Canopy Growth received
lawful to do so.                                                                the option to acquire all of the
                                                                                issued and outstanding shares in
Growing your business                   Why choose us                           the capital of Acreage Holdings,
For today’s emerging growth             Emerging growth clients need            with a requirement to do so,
company to become tomorrow’s            more than just advice to help           upon a change in United States
success story, an organisation          their businesses prosper.               federal laws to permit the
must be prepared to face a host         They need a legal services provider     general cultivation, distribution
of challenges, and few industries       committed to serving companies          and possession of marijuana.
present more complex legal issues       at all stages of the corporate life
than the fledgling cannabis industry.   cycle, from start-up to mature         • Our focus – the attentiveness and
From protecting intellectual property   business. We offer a combination         responsiveness of locally qualified
and technology to selecting the right   of capabilities that enable us to        lawyers, combined with the
management team, many decisions         position companies for success           relationships and resources that
can have an immediate impact on the     including:                               only a global law firm can offer.
fortunes of a company.
                                                                               • Our approach and business
And the margin for error can be         • Our relationships – a network
                                                                                 insight – practical insights to
slight in the intensely competitive       of established relationships
                                                                                 develop entrepreneurs into
marketplace and regulatory                with angel, venture, institutional
                                                                                 leaders of successful businesses,
environment. The stakes become            and strategic investors within
                                                                                 including advice concerning
higher as companies look to trade         the venture capital and private
                                                                                 business problems they
across borders.                           equity community.
                                                                                 should anticipate and how to
                                        • Our unmatched network –                overcome them.
Our emerging growth and venture
                                          throughout Africa, Asia-Pacific,
capital group understands
                                          Europe, the Middle East, Canada
this environment. Our clients
                                          and the United States,
compete in high-profile areas
                                          we are one of the few firms
like high tech, insurtech, fintech
                                          with an established corporate
and biotech, and now, cannabis.
                                          practice that can effectively
We assist emerging companies at
                                          represent venture capitalists and
all stages of development, with a
                                          private equity houses investing
commitment to helping them build
                                          abroad and emerging companies
sustainable businesses.
                                          “going global”.

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Cannabis NAVIGATING OPPORTUNITIES IN AN OPENING MARKET - DLA Piper
CANNABIS

Growth, strategy and legal advice –
how we can help
Business growth and                  information, defining objectives       cannabis comes advancements in
exit strategy planning               of the transaction, identifying and    technology in adjacent markets,
As companies leave the “seed”        reconciling competing interests        as the market matures.
stage and begin to explore and       and driving parties toward mutually
test avenues for growth, their       beneficial agreements.                 Comprehensive legal
needs change and become more                                                counsel to emerging
sophisticated. We help them          Intellectual property                  companies
evaluate and prepare expansion       and technology                         We are a full service law firm in every
strategies, including partnerships   development,                           jurisdiction we operate. We counsel
and joint ventures, mergers and      exploitation and                       companies in areas critical to both
acquisitions and, if appropriate,    protection                             their short-term and ongoing
public equity investment.            Our IP services are particularly       success, including the following:
                                     important to companies that need       domestic and international tax,
Innovative business                  to harness, protect and exploit the    corporate, employment, finance,
arrangements, including              technologies behind their products     intellectual property and technology,
corporate partnering                 and services to realise their          international trade and transfer
and strategic alliances              objectives. For example, we provide    pricing, regulatory and government
Our lawyers help clients             IP advice to leading innovators in     affairs, litigation, arbitration and
formulate research and               fast-growing industries such as        investigations, projects, energy
development agreements,              life sciences, IT, digital media and   and infrastructure, real estate
applying our experience in           wireless communications. With          and restructuring.
evaluating complex technical         new innovations surrounding legal

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IPO opportunities –
which market to choose
Companies looking to raise equity         • how to ensure compliance with the     equity and debt capital raising
are not only presented with                 regulatory regime (including having   transactions. We have built a strong
the potential of private capital,           the required licences, certificates   global platform based on deep
but increasingly medicinal cannabis         and approvals);                       industry knowledge in key growth
companies have sought to raise                                                    sectors, including in the medicinal
                                          • how to ensure they are adequately
equity via the public markets.                                                    cannabis industry, and access to
                                            protected against participating in
The increased profile provided by an                                              global funding sources through
                                            the proceeds of crime;
initial public offering (IPO) presents                                            relationships with the business and
an opportunity to transform a             • how to ensure they have adequate      funding communities, including
company’s profile. The Toronto              brand and intellectual property       investment banks, private equity
Stock Exchange, the TSX Venture             protection;                           and venture capital providers and
Exchange and Canadian Securities                                                  hedge funds.
                                          • how much money is required to be
Exchange have been early movers
                                            raised; and
in providing a platform for investors
to access companies with global           • which market(s) to seek admission       CASE STUDY
ambitions. Elsewhere companies are          to trading on.                          We acted for leading hemp/
eager to understand their ability to                                                CBD company, Charlotte’s Web
                                          At DLA Piper, we offer integrated
raise capital on the NASDAQ or the                                                  Holdings, Inc. in connection with
                                          securities advice on complex
NYSE in the US, the ASX in Australia                                                their CAD$115 million Initial
                                          cross-border transactions to
and on the NEX, LSE’s Main Market,                                                  Public Offering and Secondary
                                          companies as issuers, their key
AIM or the Frankfurt Stock Exchange                                                 Offering and listing on the
                                          stakeholders and management,
in Europe. As countries around the                                                  Canadian Securities Exchange
                                          underwriters, sponsors, and lead
world liberalise regulation in relation                                             in August of 2018. Nine months
                                          managers on IPOs and a broad range
to cannabis, the opportunity to                                                     later in May of 2019,
                                          of other securities offerings and any
raise public capital is an attractive                                               after approval of the Farm Bill
                                          associated market compliance.
prospect in an industry that                                                        in the United States, we advised
demands significant capital.                                                        the company again on their
                                          Companies, underwriters and
                                                                                    uplisting to the Toronto Stock
                                          placement agents rely on us to
There are a number of factors                                                       Exchange, increasing their
                                          deliver global advice and unmatched
that cannabis companies who                                                         profile and a reflection of the
                                          local, on-the-ground resources
are looking to raise money will                                                     company’s continued growth.
                                          to support public and private
need to consider, including:

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Cannabis NAVIGATING OPPORTUNITIES IN AN OPENING MARKET - DLA Piper
CANNABIS

Operating in the regulated
cannabis sector
The legal issues and considerations for businesses operating in the cannabis sector
will vary depending on which aspect(s) of the production cycle they operate within.

The following is therefore only a brief summary of some of the issues and
considerations in this nascent market:

• At each stage in the supply              made through the illegal drugs       • Companies will need to ensure
    chain (e.g. supply, cultivation),      trade, or indeed holding/              the products being supplied by
    manufacture and distribution,          transferring illegal cannabis          them (if applicable) meet any
    companies will need to ensure          itself or indirectly participating     minimum required standards
    they have all of the necessary         in the sale of recreational            for products of that type.
    certificates, licences and             cannabis in jurisdictions where        They should also ensure the
    approvals. Companies should            it is unlawful. For example, a         products meet their own internal
    ensure they have these in place as     company processing cannabis            standards or market expectations,
    early as possible.                     leaf or manufacturing the              which may be higher than the
                                           medicine needs to be certain of        regulatory minimum.
• Recreational cannabis is
                                           the provenance of its supply and
    still and will continue to be                                               • Linked to the above, they should
                                           disposal of its by products.
    illegal across a number of                                                    also consider whether they
    jurisdictions. Companies will        • Labelling and packaging                need relevant quality control
    need to ensure that they have          requirements will need to be           certification such as EU-GMP and
    adequate protections in place          complied with at each stage            engage appropriate consultants
    to prevent them incurring any          in the production cycle, as will       and lawyers to advise.
    liability under, for example,          health and safety requirements
                                                                                • Companies holding or
    the UK’s Proceeds of Crime Act         (particularly relating to the
                                                                                  distributing cannabis seeds,
    2002, or its drugs legislation.        handling and storage of
                                                                                  cannabis plants or cannabis-
    They will need to be certain           cannabis or cannabis-related
                                                                                  based products will need to
    that they are not receiving/           products where applicable).
                                                                                  ensure they have adequate
    transferring proceeds of crime

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  security and stock control         • Brand protection will be
                                                                             RECREATIONAL USE
  protections in place to ensure       important, particularly
                                                                             Use of cannabis in the UK will still
  that supplies are secure and         for companies involved in
                                                                             be strictly limited to medicinal
  accounted for at all times.          developing and marketing new
                                                                             purposes on prescription from
                                       cannabis-derived medicinal
• Companies involved in                                                      a specialist doctor (excluding
                                       and wellness products to
  the distribution of either                                                 CBD-derived products). This
                                       hospitals/pharmacies and health
  cannabis or cannabis-derived                                               is limited to activity with the
                                       food stores.
  products will need to ensure                                               definition of cannabis-based
  they comply with all laws          • If a company is developing its        products for medicinal use.
  regarding distribution and good      own cannabis-based medicines,         In its announcement on
  manufacturing processes.             it should also consider how to        21 September 2018, the UK
                                       protect its intellectual property.    government made it clear that
• If a company is renting
                                                                             it does not intend to legalize
  premises, it will need to ensure   • Relaxation of the drug laws
                                                                             the recreational use
  that its lease does not prohibit     globally to allow the medicinal use
                                                                             of cannabis.
  it from carrying out its work in     of cannabis is an emotive issue
  relation to medicinal cannabis,      which attracts strong opinions
  e.g. manufacturing or research.      on both sides. Companies will
  Even if the company owns             therefore need to consider that
  its premises, it will need to        they may need to deal with
  ensure its proposed use of the       negative press and should ensure
  site is permitted use from           their security arrangements
  a planning perspective.              are sufficient to deal with
                                       potential hostility.

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Cannabis NAVIGATING OPPORTUNITIES IN AN OPENING MARKET - DLA Piper
CANNABIS

Relevant cannabis experience
A regulated cannabis market could create significant business opportunities and
Europe is seen as a key source of funding for medicinal cannabis developers.
Both domestic European companies and established companies from countries
such as Canada are expected to come to major European financial centres to raise
capital and grow their businesses.

Canada is the acknowledged leader in the cannabis sector and it is expected to lead
globally in this industry.

OUR RECENT EXPERIENCE INCLUDES ADVISING:
• Acreage Holdings (CSE: ACRG.U) on its USD3.4 billion         • CannTrust Holdings’ (TSX: TRST) CAD100 million
  arrangement with Canopy Growth.                                bought deal offering of units.

• Acreage Holdings on its USD428 million financing             • Golden Leaf Holdings’ CAD15 million bought deal
  and reverse takeover and CSE listing (CSE: ACRG.U).            private placement.

• Advising ASX listed medicinal cannabis company,              • MedReleaf’s CAD132.5 million bought deal offering
  Althea Group Holdings Ltd (ASX: AGH), on its                   of units.
  acquisition of Canadian extraction and contract
                                                             • Canaccord Genuity, in connection with Aurora
  manufacturing company Peak Processing Solutions,
                                                               Cannabis’ (TSX: ACB) USD115 million special
  together with Althea’s associated AUD30 million
                                                               warrant offering.
  capital raising.
                                                             • Canaccord Genuity, in connection with Golden
• Advising an American multinational
                                                               Leaf Holdings’ (CSE: GLH) USD20.4 million secured
  biopharmaceutical company on trademark
                                                               convertible debenture offering.
  clearances and filings in China, Hong Kong and Macau
  for new products.                                          • Canaccord Genuity, as lead underwriter, on a private
                                                               placement for Canaccord Genuity Growth, a special
• An Australian medicinal cannabis company in
                                                               purpose acquisition corporation, in connection with
  relation to its development and construction of a
                                                               its proposed acquisition of Columbia Care.
  cannabis growing and processing facility.
                                                             • A syndicate of underwriters, led by Canaccord
• A boutique retail chain on its own brand CBD
                                                               Genuity, in connection with a USD40.3 million bought
  cosmetic line and the legality of its products and their
                                                               deal private placement of Supreme Pharmaceuticals
  provenance across Italy, UK, Switzerland and France.
                                                               Inc.’s (TSXV: FIRE) convertible debentures.
• A syndicate of agents led by Canaccord Genuity, in
                                                             • A syndicate of underwriters, co-led by Canaccord
  connection with:
                                                               Genuity and Eight Capital, in connection with
  • Aurora Cannabis’ (TSX: ACB) USD230 million                 ABcann Global’s (TSXV: ABCN) USD70 million bought
     bought deal offering of convertible debentures.           deal offering of units and convertible debentures.

  • CannaRoyalty’s USD32.9 million offering of
     unsecured convertible debentures.

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• A syndicate of agents, led by Canaccord Genuity and    • Charlotte’s Web Holdings (CSE: CWEB) on its
  PowerOne Capital Markets and including Gravitas          USD110 million IPO and CSE listing.
  Securities in connection with a Sante Veritas
                                                         • China AgroTech Holdings Limited on the acquisition
  Therapeutics USD20 million offering.
                                                           by China Agrotech Holdings Limited, a company listed
• A syndicate of underwriters, led by Canaccord            on the Main Board of the Hong Kong Stock Exchange,
  Genuity and including Beacon Securities, Cormark         of a company engaged in the planting and sales of
  Securities, Eight Capital, GMP Securities and PI         landscaping seedlings in PRC, with a deal value of
  Financial, in connection with a USD40.3 million          USD129 million.
  bought deal private placement of Supreme
                                                         • Representing one of the largest Chinese
  Pharmaceuticals (TSXV: FIRE) convertible debentures.
                                                           biotechnology CMOs/CROs in multiple cross-border
• A syndicate of underwriters, led by Canaccord            transactions, including an in-license of DNA library
  Genuity and including GMP Securities, PI Financial,      screening technology from a top U.S. university and a
  Eight Capital, Industrial Alliance Securities,           joint development and collaboration agreement with
  Beacon Securities and Mackie Research Capital,           a U.S. supplier of API compounds.
  in connection with Aurora Cannabis (TSX: ACB)
                                                         • A syndicate of dealers co-led by Cormark Securities
  USD75 million bought deal and concurrent private
                                                           and Canaccord Genuity in connection with
  placement.
                                                           Growforce Holdings’ USD38 million subscription
• A syndicate of agents, led by Canaccord Genuity          receipt offering.
  and including Industrial Alliance Securities, Mackie
                                                         • A developer of a medicinal cannabis delivery
  Research Capital and Sprott Capital, in connection
                                                           device in relation to the regulatory requirements
  with Maricann Group (CSE: MARI) USD31 million
                                                           of the Australian market, as well as in relation to
  secured convertible debenture offering.
                                                           corporate and tax issues.
• A syndicate of agents, co-led by Canaccord Genuity
                                                         • The Flowr Corporation on trade mark portfolio
  and GMP Securities in connection with Maricann
                                                           management, trade mark searching and clearance,
  Group’s USD37.4 million special warrant offering.
                                                           trade mark prosecutions and related brand
• A syndicate of agents, including Canaccord Genuity       enforcement in the Asia-Pacific region.
  and PI Financial, in connection with ABcann Global’s
                                                         • A global payment services provider on the legal
  (TSXV: ABCN) USD15 million convertible debenture
                                                           framework for the sale and import of cannabis
  financing, reverse take over and TSX Venture
                                                           derived products in over 15 jurisdictions in Europe.
  Exchange listing.

                                                                                                                  11
CANNABIS

• Hanway Associates, a London-based cannabis                • Advising Soma Group Limited, a medical research
  consultancy on all their legal matters, corporate           and health foods company, in connection with its seed
  strategy and expansion plans.                               capital raise.

• Advising Hanway Associates, the cannabis                  • The Cannabis Company, a developer and supplier
  consultancy business, on the disposal of their interest     of hemp infused FMG and consumable products for
  in HAPP Holdings Limited to NOBL Group. HAPP                humans and pets, in relation to venture capital and
  Holdings owns the market leading conference series          seed investments.
  Cannabis Europa.
                                                            • Trulieve Cannabis (CSE: TRUL) on its CAD65 million
• HEXO Corp with its dual listing on the NYSE in              private placement of subscription receipts, reverse
  addition to its TSX listing.                                take over of Schyan Exploration and CSE listing.

• High Street Capital Partners on its USD314.2 million      • Advising Ultra Hemp Extract, on the regulatory
  subscription receipt financing, reverse take-over of        requirements for importing hemp CBD products
  Applied Inventions Management and the listing of the        (dietary supplements and/or food products)
  resulting issuer, Acreage Holdings (CSE: ACRG.U), on        into New Zealand.
  the Canadian Securities Exchange.
                                                            • A US manufacturer of hemp oil on Australian and
• Advising a Malaysian biotech company in relation to         New Zealand regulatory and import requirements
  a plantation acquisition in China and in joint venture      relating to cannabis products.
  negotiations with U.S. multinational companies.
                                                            • Assisting a large US pharmaceutical company in
• Materia Ventures on its expansion plans into Europe.        relation to a number of internal investigations across
                                                              various cities in China.
• Newstrike Brands (TSX-V: HIP) in a share purchase
  agreement for interest in Neal Brothers Brands Inc.
                                                            We are ready to apply our
  and joint venture agreement.
                                                            knowledge and experience of
• Ping An Good Doctor as special corporate counsel
  in its initial public offering on the Hong Kong Stock     the cannabis sector to help
  Exchange and pre-IPO restructuring, with the whole
                                                            companies, investors and
  company valued at USD7.5 billion.
                                                            other stakeholders navigate
• A producer of medicinal cannabis and cannabis oils
  on the Australian regulatory regime for cannabis and      and operate in the UK and
  cannabis products, as part of an international project.
                                                            European markets.
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     Ranked #1                                          Ranked #1
 Global M&A by deal                                  Global M&A by
 volume 2010 – 2019                                 deal volume 2019
     (MERGERMARKET)                                    (THOMSON REUTERS)

     Ranked #1                                          Ranked #1
Worldwide Mid-Market                                 European M&A
and Small-Cap M&A by                                 by deal volume
  deal volume 2019                                     2013 – 2019
    (THOMSON REUTERS)                                    (MERGERMARKET)

     Ranked #1                                          Ranked #1
Most active law firm                                 Europe Private
in Europe for private                              Equity, Buyouts and
  equity deals 2019                                 Exits 2016 – 2019
       (PITCHBOOK)                                       (MERGERMARKET)

     Ranked #2                                     #2 Most active law
Most active law firm                                firm in Europe –
 globally for private                                venture capital
  equity deals 2019                                     deals 2019
       (PITCHBOOK)                                          (PITCHBOOK)

  Deal of the Year:                                        Law Firm
  Global Corporate                                      of the Year
     M&A Deal,                                         Transactions
                                                     (UNQUOTE PRIVATE EQUITY
  Mid-market 2019
                                                            AWARDS 2018)
    (M&A ATLAS AWARDS)

                     The only firm to rank as one of the
                      top five most active law firms for
                      private equity, venture capital and
                           M&A deal volume 2019
                                   (PITCHBOOK)

                                                                                 13
CANNABIS

Our European team
To learn more about our capabilities in Europe, please contact one of our team
members below.

              Marco de Morpurgo                          Dylan Kennett
              Partner/Global Co-Chair (Life Sciences)    Senior Associate, Corporate
              Intellectual Property & Technology         (London)
              (Rome)                                     +44 20 7796 6159
              +39 06 68 880 520                          dylan.kennett@dlapiper.com
              marco.demorpurgo@dlapiper.com

              Laura Ford                                 Luca Gori
              Partner, Litigation & Regulatory           Partner, Corporate
              (Birmingham)                               (London)
              +44 20 7153 7058                           +44 20 7796 6469
              laura.ford@dlapiper.com                    luca.gori@dlapiper.com

              Ulrik Bangsbo Hansen                       Dr Roland Maaß
              Partner, Corporate                         Partner, Corporate
              (Copenhagen)                               (Frankfurt)
              +45 33 34 00 08                            +49 69 271 33 410
              ulrik.bangsbo@dlapiper.com                 roland.maass@dlapiper.com

              Jan Snogdal                                Robert Salter
              Partner, Corporate                         Partner, Corporate
              (Aarhus)                                   (London)
              +45 33 34 08 40                            +44 20 7153 7542
              jan.snogdal@dk.dlapiper.com                rob.salter@dlapiper.com

              Dr Mathias Schulze Steinen                 Dr Kokularajah
              Partner, Corporate                         Paheenthararajah
              (Frankfurt)                                Senior Associate, Intellectual
              +49 69 271 33 430                          Property & Technology (Cologne)
              mathias.schulze.steinen@                   +49 221 277 277 307
              dlapiper.com                               kokularajah.paheenthararajah@
                                                         dlapiper.com

              Rahool Sarjua
                                                         Guido Kleve
              Senior Associate, Intellectual
                                                         Partner, Litigation & Regulatory
              Property & Technology
                                                         (Cologne)
              (London)
                                                         +49 221 277 277 353
              +44 20 7153 7968
                                                         guido.kleve@dlapiper.com
              rahool.sarjua@dlapiper.com

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Our North American team
To learn more about our capabilities in North America, please contact one of our
team members below.

              Russel W. Drew                             Robert Fonn
              Partner, Corporate                         Partner, Securities & Corporate
              (Toronto)                                  Finance (Toronto)
              +1 416 369 5260                            +1 416 369 5280
              russel.drew@dlapiper.com                   robert.fonn@dlapiper.com

              Noam Goodman                               Robbie Grossman
              Partner/Global Co-Chair (Retail)           Partner, Corporate
              Corporate (Toronto)                        (Toronto)
              +1 416 862 3361                            +1 416 369 5265
              noam.goodman@dlapiper.com                  robbie.grossman@dlapiper.com

              Sanjay M. Joshi                            Vaughn MacLellan
              Partner, Corporate                         Partner, Securities & Corporate
              (Toronto)                                  Finance (Toronto)
              +1 416 369 5287                            +1 416 365 3407
              sanjay.joshi@dlapiper.com                  vaughn.maclellan@dlapiper.com

              Ted Maduri                                 Derek Sigel
              Partner/Co-Chair,                          Partner, Securities & Corporate
              Canadian Corporate Group                   Finance (Toronto)
              (Toronto)                                  +1 416 365 3516
              +1 416 941 5412                            derek.sigel@dlapiper.com
              ted.maduri@dlapiper.com

              Trevor Wong-Chor                           Jarrod Isfeld
              Partner/Chair                              Partner, Securities &
              Canadian Securities & Capital              Capital Markets
              Markets Group (Calgary)                    +1 403 776 8821
              +1 403 698 8711                            jarrod.isfeld@dlapiper.com
              trevor.wong-chor@dlapiper.com

              Sydney Kert                                Jamie Mandell
              Associate, Corporate                       Associate, Corporate
              (Toronto)                                  (Toronto)
              +1 416 941 5393                            +1 416 862 3353
              sydney.kert@dlapiper.com                   jamie.mandell@dlapiper.com

              Nicole Kapos                               Amy Pressman
              Counsel, Corporate                         Partner, Litigation, Arbitration &
              (Toronto)                                  Investigations (Toronto)
              +1 416 941 5418                            +1 416 369 5293
              nicole.kapos@dlapiper.com                  amy.pressman@dlapiper.com

                                                                                              15
CANNABIS

Our North American team cont.
           Michael Reid                     Morgan McDonald
           Partner, Corporate (Vancouver)   Counsel, Corporate (Vancouver)
           +604 643 2933                    +604 643 6416
           michael.reid@dlapiper.com        morgan.mcdonald@dlapiper.com

           Camilo Martinez
           Managing Partner (Colombia)
           +57 1 317 4720
           cmartinez@dlapipermb.com
WWW.DLAPIPER.COM

Our Asia Pacific team
To learn more about our capabilities in the Asia Pacific, please contact one of
our team members below.

              Melinda Upton                                Chris Mitchell
              Partner/Global Co-Chair, Intellectual        Partner, Corporate
              Property & Technology                        (Melbourne)
              (Sydney)                                     +61 3 9274 5145
              +61 2 9286 8209                              chris.mitchell@dlapiper.com
              melinda.upton@dlapiper.com

              Greg Bodulovic                               Jessie Buchan
              Special Counsel, Intellectual                Senior Associate, Intellectual
              Property & Technology                        Property & Technology
              (Sydney)                                     (Sydney)
              +61 2 9286 8218                              +61 2 9286 8552
              greg.bodulovic@dlapiper.com                  jessie.buchan@dlapiper.com

              William (Skip) Fisher                        Stewart Wang
              Partner, Intellectual Property &             Partner, Corporate
              Technology                                   (Shanghai)
              (Shanghai)                                   +86 21 3852 2080
              +86 21 3852 2198                             stewart.wang@dlapiper.com
              william.fisher@dlapiper.com

              Ting Xiao                                    Douglas Mancill
              Registered Foreign Lawyer,                   Senior Consultant, Corporate
              Intellectual Property & Technology           (Bangkok)
              (Shanghai)                                   +6626868559
              +86 21 3852 2039                             douglas.mancill@dlapiper.com
              ting.xiao@dlapiper.com

              Sam Wilson
              Senior Associate, Corporate
              (Auckland)
              +64 9 300 3842
              sam.wilson@dlapiper.com

                                                                                            17
CANNABIS

Our global footprint

     DLA Piper presence

     Cooperation firm

AMERICAS                                  EUROPE                        MIDDLE EAST   AFRICA          ASIA PACIFIC
Albany                  Philadelphia      Aarhus       Madrid           Abu Dhabi     Algiers         Auckland
Atlanta                 Phoenix           Amsterdam    Manchester       Al Khobar     Addis Ababa     Bangkok
Atlantic City           Raleigh           Antwerp      Milan            Doha          Accra           Beijing
Austin                  Rio de Janeiro*   Birmingham   Moscow           Dubai         Bujumbura       Brisbane
Baltimore               Sacramento        Bratislava   Munich           Jeddah        Casablanca      Hong Kong
Bogota                  San Diego         Brussels     Oslo             Kuwait City   Dakar           Melbourne
Boston                  San Francisco     Bucharest    Paris            Manama        Dar es Salaam   Perth
Buenos Aires            San Juan          Budapest     Prague           Muscat        Harare          Seoul
Calgary                 Santiago          Cologne      Rome             Riyadh        Johannesburg    Shanghai
Chicago                 São Paulo*        Copenhagen   Sheffield                      Gaborone        Singapore
Dallas                  Seattle           Dublin       St. Petersburg                 Kampala         Sydney
Edmonton                Short Hills       Edinburgh    Stockholm                      Kigali          Tokyo
Houston                 Silicon Valley    Frankfurt    Vienna                         Lagos           Wellington
Lima                    Toronto           Hamburg      Warsaw                         Luanda
Los Angeles             Vancouver         Helsinki                                    Lusaka
Mexico City             Washington, DC    Kyiv                                        Maputo
Miami                   Wilmington        Leeds                                       Mwanza
Minneapolis             Yellowknife       Lisbon                                      Nairobi
Montreal                                  Liverpool                                   Port Louis
New York                                  London                                      Tunis
Northern Virginia                         Luxembourg                                  Windhoek
                                                                                      Zanzibar
* Cooperation firms

18
WWW.DLAPIPER.COM

              19
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This publication is intended as a general overview and discussion of the subjects dealt with, and does not create a lawyer-client relationship. It is not intended to
be, and should not be used as, a substitute for taking legal advice in any specific situation. DLA Piper will accept no responsibility for any actions taken or not taken
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Copyright © 2020 DLA Piper. All rights reserved. | FEB20 | A03701
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