On December 5, 2017, the MIT Enterprise Forum of Cambridge brought together a spectrum of cannabis cognoscenti across business, academia, and technology to offer a range of views, insights, and opinions for how best to face the brave new world of legalized cannabis to maximize its contribution to the people of Massachusetts and beyond.

1. Tonight’s Schedule
Cannabis Tech
Follow the Conversation
@mitefcmb
#InnoSeries
www.mitforucambridge.org
5:30 - 6:00pm
Registration and Networking
6:00 - 7:45pm
Welcome & Panel Discussion
8:00 - 9:00pm
Networking in R&D Pub – 4th Floor

2. Thank You Annual Sponsors!

3. Innovation Series Team
Co-Chairs
• Chris Carlton
CHEN PR
• Christina Licursi
Wolf Greenfield
MIT Enterprise Forum of Cambridge Staff
• Katja Wald
Executive Director
• Amy Goggins
Program Director
• Ronnie Deaver
Program & Sponsorship Coordinator
Committee Members
• Dean Adams, Adams Intellex
• Ricky Ashenfelter, Spoiler Alert
• Randy Cronk, greatwriting
• Carolyn d’Agincourt, PretiFlaherty
• Chris Denaro, Digital Guardian
• Chitra Dwarka
• Peter Dwyer
• Keegan Caldwell, Caldwell Intellectual
Property
• Suresh Gopalan, ReSurfX
• Gabriel Itoka, Canopy City
• Susan Kennedy, Marketing Boston
• Juan Necochea, ChileMass
• Rita Sahu, cogniHive
• Chris Sowa, ToonCrier
• Alan Steele, LathropGage
• Jerry Wolosenko, Terrific Corp

4. Upcoming Events
• December 11, 2017
Launch Smart Clinic (EdTech)
• January 10, 2018
Entrepreneur & VC Perspectives On Patents
• January 18, 2018
The Inversion Factor, How to Thrive in the IOT
Economy
• February 26, 2018
Start Smart Class

5. Cannabis Tech
• Vinit Nijhawan, Entrepreneur, Venture Capitalist, Academic
• Aja N. Atwood, CoFounder, Trella Technologies, LLC
• John de la Parra, Department of Chemistry and Chemical
Biology, Northeastern University
• Richard Gibble, Founding Partner, Akras Research & Capital
• Shanel Lindsay, Founder and President, Ardent
• Russel Wilenkin, Senior Manager, Flower Sales, Kiva
Confections
Follow the Convo
@mitefcmb | #InnoSeries
Stick around for networking
@ R&D Pub (4th floor)!

6. MIT Enterprise Forum
Vinit Nijhawan
December 5, 2017
Questrom
School of Business

7. 12/6/2017
Source: CannaKorp
Cannabis a Global Opportunity
7

8. 12/6/2017
Source: Cannakorp
States leading the way…
8
• 29 States approved medical
cannabis
• ..of which 7 approving
recreational
• Federal
• Class 1 substance so cannot
ship across state lines
• Cannot deduct business
expenses
• Lack of Capital
• IPO in Canada

9. Cannabis Opportunity
Source: CB Insights
9

10. Cannabinoids are Medicine
Source: Hyasynth Bio
10
• But there are over 100 different cannabinoids and even more terpenes that are found
in cannabis
• Some of these, like THC and CBD are already established as medicines, and others are
being discovered

11. Cannabis Research
12/6/2017
Source: Hyacinth Bio
11

12. Cannabis Inventions
Source: UW
12

13. Canada a leader..
12/6/2017
Source: Deloitte
13

24. Tissue Culture,
Metabolic Engineering,
and Phenome Analysis
How Plant Biotechnology Techniques
Stand to Change the Cannabis Industry
John de la Parra
Vine Research and Consulting
john@vinerc.com
339-221-1203
Northeastern University
Department of Chemistry and Chemical Biology

25. Bio
Early Life
 Raised on a farm in Alabama
 Father’s family is from Mexico
 Grandmother taught me about medicinal plants
Education
 Cooper Union (engineering studies)
 Rutgers, University of South Florida (graduate research)
 Northeastern (PhD, Chemistry)
Work
 Owner, Vine Research and Consulting
 Ethnobotanical research and consulting around the country
 Cannabis biotech consulting around the country
 Visiting Lecturer, Tufts University

26. Technology: Tissue Culture
https://www.linkedin.com/pulse/plant-tissue-culture-dr-tohid-nooralvandi/

27. Technology: Metabolic Engineering
Metabolic
Network
Chemical
Analysis
Flux
Analysis
Genetic
engineering

28. Technology: Phenome Analysis

29. Why it’s important
Tissue Culture
 Scalability
 Controllable environment
 Allows for engineering
Metabolic Engineering
 Genetic manipulation
 Maximize potential
 Understand the influence of genetics
Phenome Analysis
 Analytical rigor
 Understand the influence of environment

30. Why it’s novel
Tissue Culture
 Standard R&D for large agricultural productions
 Not being used widely for cannabis
Metabolic Engineering
 At the cutting edge of medicinal plant understanding
 Not being used widely for cannabis
Phenome Analysis
 New priority for ASPB (and industrial agriculture)
 Not being investigated/cataloged rigorously for cannabis

31. How this can shape the industry
Tissue Culture
 Leads the way into more advanced biotech
 Portability of varieties
 Scalability
Metabolic Engineering
 Cannabis operation meets state-of-the-art
 Contribution to fundamental science leads to unexpected innovation
Phenome Analysis
 Pharmacuetical innovation must rely on analytical rigor
 Control over specific chemical production profiles

32. Case Examples
Tissue Culture
 Currently consulting on efficient cloning for industry
 Used first for transporting cloned material
Metabolic Engineering
 Many other medicinal plants
 Madagascar periwinkle, Taxus spp., Podophyllum spp.
Phenome Analysis
 ASPB emphasis
 MIT Media Lab
 Currently collaborating with Brown U.

33. Financing the Cannabis Industry
Richard Gibble, CFA
Akras Research & Capital

34. Disclosure
Information contained in this presentation is strictly confidential. Recipient shall use the confidential information only for
educational purposes. This presentation is for informational purposes only and does not constitute an offer to purchase any
securities.
The contents of this presentation have not been independently verified and they do not purport to be comprehensive, or to
contain all the information that a prospective investor or entrepreneur may need. No representation, warranty or
undertaking, expressed or implied is or will be made or given and no responsibility or liability is or will be accepted by the
Company or by any of its directors, employees or advisors in relation to the accuracy or completeness of this document or
any other written or oral information made available in connection with the Company.
Akras Research & Capital accepts no liability for the content of this presentation or for the consequences of any actions
taken on the basis of the information provided.
2
34

35. Richard Gibble, CFA
Founding Partner, Akras Research & Capital
Previous:
Portfolio Manager and Investment Analyst
FlowPoint Capital Partners, Longfellow Investment Management
Company, Lake Partners, Rydex Series Trust, Æxpert Advisory
Professor of Finance, Bentley University
Education:
MBA, MS, Bentley University
BA, Saint Anselm College
35

36. The Cannabis Capital Struggles
• No access to federally chartered banks
• Investors still wary of cannabis industry stigmas
• No traditional pathway to go public in the US
• Company valuation is difficult due to lack of transparency
36

37. Conventional Financial Solutions
• Private Capital: Angels/Friends and Family/Crowdfunding/Personal Credit
• Substantial risks: both financial and relational
• Private Equity/Venture Capital
• Expect large ownership stakes, sometimes cede control, onerous terms
• Convertible Vehicles
• Fixed income security with option to convert to equity
37

38. Innovative Financial Solutions
• New Private Equity Structures
• SAFE (Simple Agreement for Future Equity)
• KISS (Keep It Simple Security)
• Loan/Debt Vehicles
• Flexible/favorable term options
• Rarely have to cede equity or control
38

39. Disruptive Investments Drive the Future
• The first winners will be determined by earning large capital allocations
• Provide more funding options for smart entrepreneurs
• Encourage more financial transparency and best practices
• Generate rigorous due diligence
• Industry will truly launch, creating value for all stakeholders
39

40. Case Example
European-based vertically integrated cannabis cultivator
• Distressed financial state
• Classic start-up dilemmas, profitable with negative cash flow
• Convertible note with line of credit and American style purchase option
40

41. www.AkrasCapital.com
RGibble@AkrasCapital.com
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1

42. Cannabis &
Technology

46. How did we get here?
Strategies
Challenges

48. MA Cannabis Licenses
• Cultivation
• Manufacturing
• Retail
• Testing Laboratory
• On-site consumption
• Limited-use/Small business licenses

49. Social
Consumption

50. Cannabis Delivery

60. Cannabis Tech
• Vinit Nijhawan, Entrepreneur, Venture Capitalist, Academic
• Aja N. Atwood, CoFounder, Trella Technologies, LLC
• John de la Parra, Department of Chemistry and Chemical
Biology, Northeastern University
• Richard Gibble, Founding Partner, Akras Research & Capital
• Shanel Lindsay, Founder and President, Ardent
• Russel Wilenkin, Senior Manager, Flower Sales, Kiva
Confections
Follow the Convo
@mitefcmb | #InnoSeries
Stick around for networking
@ R&D Pub (4th floor)!