In this perspective piece, Level5 lays out our initial take on the Cannabis sector. Excess capacity combined with limited export opportunities will, in short order, place a greater emphasis on revenue growth, supply agreements, partnerships, and IP ownership. Building a sustainable branded business system in a historically commoditized environment requires purposeful differentiation from the pack, founded on a deep understanding and focus on the customer. At Level5, we define a brand as The Value of a Promise Consistently Kept™. For players in the cannabis industry, driving value and ending up on the right side of history will entail making an exceptionally clear promise to customers and partners. We hope you enjoy this perspective piece of our series on the Cannabis industry.