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rogerlmartin.com

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Investments

8

Portfolio Exits

3

About Roger Martin

Roger Martin is Dean of the Rotman School of Management at the University of Toronto and author of several business books. He is alo an angel investor and advisor to CEOs of corporations and startups.

Roger Martin Headquarter Location

Toronto, Ontario,

Canada

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Latest Roger Martin News

HeroGrown’s Mission Continues After Death of Co-Founder Roger Martin

May 11, 2021

HeroGrown’s Mission Continues After Death of Co-Founder Roger Martin Nick Martin, Roger’s son and HeroGrown co-founder, talks about continuing the father-son team’s mission to save ‘as many heroes’ as it can using cannabis. If you’ve attended Cannabis Conference or any number of other industry events over the past decade, you may have seen the late Roger Martin. A towering figure at 6’6”, the grayish-white-haired man could be found strolling the expo floor or sitting in conference session rooms, talking with everyone he could in a kind, soft-spoken manner to spread the word about HeroGrown Foundation , an organization he and his son Nick Martin founded in 2011. Originally named “Grow for Vets,” the organization’s founding mission was to help provide veterans with access to cannabis and CBD as an alternative to opioids. Roger—a former U.S. Army veteran and law enforcement officer who developed (and overcame with cannabis) a “VA-fed opioid addiction,” as Nick explains it—died in June 2020; Nick is now continuing to carry out HeroGrown’s expanded mission as its director and working to “save heroes” by providing access to cannabis as a safer alternative to opiates to as many veterans and first responders as possible. Here, Noelle Skodzinski, editorial director of GIE Media’s Cannabis Group (including Cannabis Business Times , Cannabis Dispensary , Hemp Grower , Cannabis Conference and Hemp Grower Conference ), talks with Nick about what it’s like working to build on his and his father’s original vision, how the Reno, Nev.-based 501(c)(3) charitable organization has evolved over the years, and what those in the cannabis industry who want to support veterans and first responders can do to help. Courtesy of Nick Martin Nick Martin Nick Martin: I helped my father beat his VA-fed opioid addiction using cannabis in 2010. Having discovered the power of the plant, we began giving free cannabis to veterans starting in 2011. In 2018, we began accepting first responders as members and changed our name to HeroGrown Foundation. NS: What was the original mission vision for it and why were you and your father passionate about it? NM: Over 50 veterans and first responders die every day from suicide and drug overdose. Cannabis saved my dad’s life, so we set out to save as many heroes as we could using cannabis. NS: What is it like for you expanding on the work you both started together? NM: My dad was passionate about helping his brothers and sisters, and carrying on this fight has turned into my life’s mission. There is no higher honor than to serve the men and woman who keep America safe. NS: How has HeroGrown evolved over the years? NM: What began as delivering free medicine to a few dozen veterans in 2011 has grown beyond anything we could have imagined. To date, we have given away over $4 million worth of cannabis and CBD to 25,000 veterans and first responders. We ship out between $25,000 and $50,000 worth of CBD per month through our Warrior Airdrop program. NS: What are some of the HeroGrown accomplishments of which you are most proud? NM: I’m proud of many of HeroGrown’s accomplishments, including being the first organization to give free cannabis to veterans. Having a positive impact on the life even a single veteran is a major accomplishment for us. I’m also proud of the role we played in the legalization of cannabis across the country. Our work to liberate cannabis for veterans has gone long way in winning the hearts and minds of cannabis opponents. But this mission won’t be accomplished until all Americans have safe and legal access to cannabis. NS: What initiatives do you have coming up and to commemorate HeroGrown’s 10-year anniversary this year? NM: We plan to make our 10th year helping veterans our biggest year ever. We are working towards our goal of giving away $1 million worth of cannabis and CBD over the next year. As COVID restrictions are eased across the country, we will be giving more cannabis away though Bud4Bottles—our program in which members trade old prescription bottles for free cannabis. NS: What are the organization’s biggest challenges? NM: When we started this journey, we lived under the constant threat of arrest and prosecution for giving cannabis to veterans. Though laws are changing, many people in power are still opposed to our mission—cannabis is still illegal both federally and in many states. And even in legalized states, giving free cannabis to veterans doesn’t generate tax revenue, so we have faced pushback from some enforcement bodies. We are also restricted and “shadow-banned” for our involvement with cannabis and veterans, so reaching the public has become more challenging. I talked to our social media manager about how we are being shadow banned, and he gave a couple more examples and stats. One of the biggest and most frustrating issues we deal with is how Facebook will typically only show our posts to two to three percent of our followers. And when combined with not being allowed to advertise on social media, getting our message out is very difficult. “To date, we have given away over $4 million worth of cannabis and CBD to 25,000 veterans and first responders.” – Nick Martin, Director, HeroGrown Foundation … I'm assuming it's very similar to what all other [cannabis] companies are experiencing. And we find it very frustrating, not just because of the cannabis aspect of it, but also because we're a veteran organization, and that's the heart of us. So, we're still being treated that way. It definitely makes things difficult. But we're never going to give up this fight. We're going to keep going for as long as we can until our mission is complete. NS: What can cannabis and hemp growers and dispensaries, as well as others in the industry, do to support the organization? Are these industry groups important to helping achieve HeroGrown’s mission? NM: HeroGrown is a family of all volunteers, so our partners are extremely important to our life-saving mission. We are able to operate and continue this fight because of the products and sponsorship support that we receive from the industry. We are very grateful that the cannabis industry is full of incredible people that support our mission. NS: More specifically, what types of support is most helpful? Are you looking for product donations or financial or logistical support from volunteers, or dispensaries to accept donations on behalf of HeroGrown? NM: We are all volunteer-based here. So, basically anything and everything. And my real vision, too, is to build an organization and a resource for all veterans that are going to feel like they're at home and they're going to be able to connect with each other and help each other as well. And so, anything and everything you mentioned would obviously help that cause and that mission. We're open to working with anybody in the industry who wants to help our veterans, anybody with a dispensary donating products, logistical support—everything. We're also always open for great minds to help us. And that's really what it's all about: bringing together a good core group of individuals and companies to really make a difference in what we're trying to accomplish. … Everything that comes into us, we put it right back out and give it to our veterans. So, the more we bring in, the more we can help is basically our philosophy. TGOD expects the Valleyfield facility sale to "increase its financial flexibility in order to reduce its debt and capitalize on future opportunities," the company says. TGOD anticipates closing a purchase agreement for the facility by the end of June. "We are pleased with the level of bids for the full Valleyfield facility, which upon closing would allow us to potentially retire all debt and provide additional expansion working capital," says Sean Bovingdon, CEO and interim CFO at TGOD. "Furthermore, most of the offer include the ability for TGOD to leaseback the small portion of the Valleyfield facility we are currently using, such that there will be minimal disruption to our current operations at the Valleyfield facility and no requirement for the company to expend capital for any relocation." To date, TGOD has realized $2.64 million in various excess asset sales, the company says. U.S. Implications In light of the U.S. House of Representatives' passage of the the SAFE Banking Act , continued state decriminalization and legalization , TGOD says it continues to explore strategic options towards a potential entry into the U.S. market. Among those considerations are potential acquisition and partnership opportunities; expanding the company's board from six to seven directors; and applying for listing on the Canadian Stock Exchange, which would allow for investment capability into the U.S., the company says. "We are excited by the progress in quality, consistency and potency of our flower portfolio and remain optimistic about the company's financial prospects as we expand distribution and add new SKUs to boost our sales in the coming months," Bovingdon says. WASHINGTON, May 11, 2021 – PRESS RELEASE – Members of the board of directors for Minority Cannabis Business Association (MCBA), the largest trade association dedicated to serving the needs of minority cannabis businesses and minority communities, held their annual election last month to fill four open board seats and elect the association’s board officers. MCBA | minoritycannabis.org New board members include: Mario Guzman, owner of cannabis brand Sherbinskis , who is best known as the breeder behind legendary strains such as Sunset Sherbert and Gelato; Cedric Haynes, who currently serves as the director of emerging marketplaces for WeedMaps; Willie Mack, a brand marketing executive who has worked for clients including Absolut Vodka, Estee Lauder, GQ, Microsoft, Obama Administration, Vanity Fair and Wired Magazine (he now serves as CEO and co-founder of Think BIG and Frank White ); and Kika Keith, founder and CEO of Life Development Group , and co-founder and president of Social Equity Owners and Workers Association . “I could not be more proud to represent minorities in the cannabis space. It’s always been in my heart to help people, now I have a tribe of like-minded people that I can join arms with and help make much-needed changes in our community. Thank you MCBA for the honor of being able to serve on this board,” Guzman said. “It’s an honor and privilege to serve on the MCBA Board of Directors, and I’m excited to offer my public policy experience in furtherance of the mission. I look forward to working with MCBA leadership, staff, members and partners to create equal access for minority-owned cannabis businesses and advance economic empowerment for communities of color,” Haynes said. “The team at MCBA has been vital to Think BIG’s education around cannabis legalization. I am grateful and honored to be joining the board as it will allow me to continue as a resource and representative of the Black and Queer communities’ fight for cannabis industry access, funding and legalization,” Mack said. In addition to adding four new board members, MCBA’s board also elected Kaliko Castille, an industry veteran and co-founder of ThndrStrm Strategies, as its president and Jazmin Aguiar, president of The Working Group, as its vice president. “I’m humbled to have been given this tremendous responsibility at such a critical time and I’m committed to making sure that our industry and our elected officials understand the historical importance of creating an equitable and inclusive industry,” Castille said. “I’m proud of the work MCBA has done to lead this conversation and look forward to helping bring an end to federal prohibition in a way that begins to repair the very real damage done to black and brown communities by cannabis prohibition.” Trulieve Cannabis Corp., the largest fully licensed medical cannabis company in Florida, announced May 10 its definitive arrangement agreement for the acquisition of Arizona-based Harvest Health and Recreation Inc., in a $2.1-billion deal. Primarily a vertically integrated “seed-to-sale” company, Trulieve touted the all-stock transaction as one that creates the most profitable multistate operator in the U.S. Harvest Health and Recreation , a multistate operator in its own right, has a retail and wholesale footprint that recorded continued growth over the past decade. The handshake was not surprising as far as merger-and-acquisition activity in the cannabis space, which has been hot and heavy since the November 2020 election, but the whopping price tag attached to the deal was a head-turner, said Jonathan Havens, a partner at  Saul, Ewing, Arnstein and Lehr’s  Philadelphia-based law firm. He counsels clients on transactional matters in the cannabis industry. “This is a big deal. The price tag is obviously quite notable,” Havens said. “But look, the M&A, the deal activity in the cannabis space, has been hot for a while and I think will continue to be hot. The price tag here is big. Trulieve is a very strong operator with a strong balance sheet, which gives them the opportunity to go out and make acquisitions like this.” The Trulieve-Harvest deal shows that the cannabis industry is maturing and pursuing more targeted, strategic acquisitions rather than the land grab of early 2019, said Sander C. Zagzebski, a member at  Clark Hill , a multidisciplinary, international law firm. Based in California, Zagzebski represents clients in mergers, acquisitions, dispositions and other change-of-control transactions. “This is the latest, and largest, in a series of significant recent deals, starting with Curaleaf’s acquisition of Grassroots and followed by Verano’s deal with AltMed, Ayr’s acquisition of Liberty Health, Columbia Care’s deal with Green Leaf, and BRND’s deal with Glass House,” Zagzebski said. “These deals, along with Cresco’s $1-billion shelf registration and GTI’s recent debt announcement, show a renewed bullishness on the part of leading cannabis companies to go for the win after playing defense since late 2019.” Recent M&A enthusiasm is not only buoyed by the November 2020 elections, but also by the excitement around New York’s legalization, the recently announced legislation in Texas and other states, and the hope that the Secure and Fair Enforcement (SAFE) Banking Act may finally be signed into law, Zagzebski said. As operators like Harvest get stronger and amass more licenses under their belts for a bigger footprint, they’re going to become attractive to potential acquirers, Havens said. “And that’s what you saw here,” he said. “Harvest is obviously a big operation, as is Trulieve. Combined, it’s going to be quite a big player in the space.” Minutes before Trulieve announced the acquisition, Harvest reported its first-quarter 2021 financial results, highlighting $88.8 million in revenue—up 101% from $44.2 million in the first quarter of 2020. The first-quarter revenue results also represent a 27% increase compared to $69.9 million in the fourth quarter of 2020. As of March 31, Harvest owned, operated or managed 37 retail locations in six states. Meanwhile, Trulieve is a licensed operator in Florida, California, Massachusetts, Connecticut, Pennsylvania and West Virginia. Upon completion of the Trulieve-Harvest transaction, as well as the closing of other previously announced acquisitions by Harvest and Trulieve, the combined business will have operations in 11 states, comprising 22 cultivation and processing facilities with a total capacity of 3.1 million square feet, and 126 dispensaries serving both the medical and adult-use cannabis markets, according to Trulieve. “What’s interesting about the cannabis space is, because of the regulatory requirements, you’re going to continue to see mergers and acquisitions between companies that are in different footprints,” Havens said. “You’re obviously not going to acquire someone that’s in the same footprint you are because there’s limited licenses and you can’t have too many licenses in most jurisdictions. So, you’re going to find a dance partner, a merger partner, who fills the gaps you have in your business, in regions or whole sections of the country where you don’t have licenses.” The acquisition will not only expand Trulieve’s presence in the Northeast and Southeast but also establish a Southwest hub. On Jan. 22, Harvest recorded the first adult-use cannabis sale in the state of Arizona at its Scottsdale location—Arizona was one of four states where voters passed adult-use cannabis measures in November—and began serving adult-use customers, in addition to medical patients, at all 15 of its Arizona dispensaries that same day. “Harvest provides us with an immediate and significant presence in new and established markets and accelerates our entry into the adult-use space in Arizona,” Trulieve CEO Kim Rivers said. “Trulieve and Harvest are leaders in our markets, recognized for our innovation, brands and operational expertise with true depth and scale in our businesses. We look forward to providing best-in-class service to patients and customers on a broader national scale as we create an iconic U.S. cannabis brand.” Based in Florida, Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded dispensaries throughout the state, as well as directly to patients via home delivery, according to the company. Under the terms of the acquisition arrangement agreement, shareholders of Harvest will receive 0.117 of a subordinate voting share of Trulieve for each Harvest subordinate voting share (or equivalent) held, representing total consideration of approximately $2.1 billion based on the closing price of the Trulieve shares on May 7. “We are thrilled to be joining Trulieve, a company that has achieved unrivaled success and scale in its home state of Florida,” Harvest CEO Steve White said in a statement. “As one of the oldest multistate operators, we believe our track record of identifying and developing attractive market opportunities combined with our recent successful launch of adult-use sales in Arizona will add tremendous value to the combined organization as it continues to expand and grow in the coming years.” With cannabis stocks up significantly from their March 2020 lows, it is safe to expect continued consolidation for the next several quarters, Zagzebski said. MINNEAPOLIS, May 5, 2021 – PRESS RELEASE – Cannabis retailers have a new tool to enhance legal compliance, fight fraud, protect their staff and be certain of their ID checks. Veridocs Inc. , a leader in solutions for ID authentication and identity management, is introducing the Veridocs BrightTower Retail Safety and Security System . This affordable, modular system automates the age verification process with technology far more advanced than a barcode scan and can also check internal and external watch lists according to state and local regulations. With ID readers, software, training, and additional options and integrations, BrightTower Retail delivers a flexible tool that outperforms standard ID verification systems and helps cannabis retailers maintain strict compliance. BrightTower Retail’s ID authentication starts when a customer or staff member inserts an ID into the reader. It is quickly compared against a global database to confirm the presence of security features such as UV and other specialized inks, plus other electronic features present in the document. The technology confirms a match between the encoded data (such as barcodes and chips) with the data printed on the front of the document. This helps retailers easily spot barcode forgeries, which are increasingly common on fake IDs. Cannabis retailers also have the option of incorporating watch list checks, automatically comparing the data on the ID document to databases as required by any state and local regulations. An option for facial matching compares the ID photo to a live image of the person presenting the ID, giving staff a useful tool to flag customers “borrowing” an older sibling or friend’s ID. Retailers can also use the technology to keep audit trails of ID scans for future reference and enforcement concerns. BrightTower Retail includes on-demand training modules designed by experts in organizational safety and security. With this training, retailers can easily onboard staff members and help them make the right decisions when a fake ID is flagged, or a security concern arises. Additional options such as security cameras with covert triggers are available for users to add extra layers of protection customized for their environments. BrightTower’s security experts—veterans of safety, security and fraud prevention—are also available for custom consulting and on-site assessments and trainings. “BrightTower Retail was designed to help eliminate staff guesswork in spotting fake or ‘borrowed’ IDs,” Veridocs President and CEO Joe Oprosko said. “We’re giving retailers the tools—in both technology and training—to be certain they’re protecting themselves against fines, possible threats and fraud.”

Roger Martin Investments

8 Investments

Roger Martin has made 8 investments. Their latest investment was in Kira Talent as part of their Series A on August 8, 2016.

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Roger Martin Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/10/2016

Series A

Kira Talent

$3.8M

No

6

5/21/2015

Seed - II

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$99M

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10

3/11/2015

Seed VC - III

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$99M

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10

12/3/2014

Seed

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$99M

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10

9/15/2014

Seed VC

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$99M

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10

Date

8/10/2016

5/21/2015

3/11/2015

12/3/2014

9/15/2014

Round

Series A

Seed - II

Seed VC - III

Seed

Seed VC

Company

Kira Talent

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Amount

$3.8M

$99M

$99M

$99M

$99M

New?

No

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Co-Investors

Sources

6

10

10

10

10

Roger Martin Portfolio Exits

3 Portfolio Exits

Roger Martin has 3 portfolio exits. Their latest portfolio exit was Kira Talent on November 11, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/11/2021

Acq - Fin

2

00/00/0000

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10

00/00/0000

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$991

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10

Date

11/11/2021

00/00/0000

00/00/0000

Exit

Acq - Fin

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Companies

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Valuation

$991

Acquirer

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Sources

2

10

10

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