MMJ Magazine October 2013 by NGR Media and Publishing

! " # " $ % & ' (( ( ( ( ( ( ( ( ( ) * + , - ' . ( / 0 1 2

' & ! % $ # " ! ! ! ! !!!!!

* * * ) ' # ' ' (#

III

00- 0DJD]LQH LV :HVWHUQ :DVKLQJWRQ路V premier holistic magazine and resource guide to remind readers that MMJ is a viable, safe, and legal medical option. MMJ Mag was created for those interested in credible health topics and sexy cannabis lifestyles. PUBLISHER: DL CONSULTING FIRM EDITORIAL DIRECTOR NICK DUFFY ACCOUNT EXECUTIVE: KARINA HALVERSON LEAD WRITER: MATT TAYLOR CONTRIBUTING WRITER: MICAH GREENBERG JAKE COCHRANE RUBY ROMERO DANIEL PHILLIPS J.R DIETRICH SADIE KUNKEL ART MANAGER: BALLAST GRAPHIC ARTISTS: CARMEN GOUGH FRED GALVAN ALLISON ALMARIO TYLER ELSON RYAN MILANO MMJ MAGAZINE 1620 BROADWAY SUITE 204 SEATTLE, WA 98122 ADVERTISING INQUIRIES OR TO REQUEST DELIVERIES TO YOUR LOCATION 206-453-4181 The statements within this magazine have not been evaluated by the Food and Drug Administration and are not intended to diagnose, treat, cure, or prevent any disease. Always consult a physician before starting or trying any supplements, medications, or medical marijuana.

!"#$%&&'#()*+!

&670

$5@6 FA@@A

F7@@

>>?@AB01

.=D2-=

,-.,+(+/-01+&02+34506+ 6

!)H'%(H+F#I#!

096E3+

630+ A53364B+ J

@7G53

1:6302?AC

=.2DD-/

+78+36700968+:7+;<,=/ 7

00- 5(9,(:

!"#$%!$&&$% '$((")**&% !""+,*:ULWWHQ %\ - * &RFKUDQH +DOORZHHQ LV D P\VWLFDO WLPH RI \HDU ZKHQ WKH )URP D PHGLFDO VWDQGSRLQW WKH FRRNLHV SUR VZHHWQHVV RI FDQGLHV FRPELQHV ZLWK KDXQW

YLGH D YHU\ VPRRWK IHHOLQJ ZLWK D YHU\ LQWHQVH

LQJ LPDJHU\ RI PRQVWHUV DQG PHQ WKH\ FUHDWH SHDN DQG JUDGXDO GHFOLQH )RU WKRVH ZKR P\ IDYRULWH KROLGD\ 7KLV \HDU WKHUH V VRPH

VWUXJJOH ZLWK PXVFOH RU MRLQW SDLQ WKHVH FRRN

WKLQJ IRU HYHU\RQH WR ORRN IRUZDUG WR &RFD LHV ZLOO GHILQLWHO\ KHOS , RIWHQ GHDO ZLWK ORZHU &DQQD PDNHUV RI SUHPLXP HGLEOH GHOLJKWV EDFN LVVXHV ZKLFK FOHDUHG XS FRPSOHWHO\ DIWHU ZLOO EH SDUWQHULQJ ZLWK 00- 0DJD]LQH WR VKHOO PXQFKLQJ GRZQ WKH VQDFN -XVW EH DZDUH HG RXW D ZKROH SURGXFW OLQH RI VSRRN\ +DOORZHHQ LEOHV FRPH ZLWK DOO GLIIHUHQW SRZHUV DQG SRWHQ FRRNLHV

FLHV DQG WKHVH FRRNLHV SDFN D SXQFK

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

H[FXVH WR VWUDS RQ WKDW 7KRU FRVWXPH \RX YH

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

."/*%0,1-%0"%%

2/13"4*%%

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

%H WUDQVSDUHQW ZLWK \RXU IXQGLQJ 7KH ERDUG ZLOO FRQGXFW D ILQDQFLDO LQYHVWLJDWLRQ LQ RUGHU WR YHULI\ WKH VRXUFH RI IXQGV XVHG IRU WKH DFTXLVLWLRQ DQG VWDUWXS RI WKH EXVLQHVV WKH DSSOLFDQWV ULJKW WR WKH UHDO DQG SHUVRQDO SURSHUW\ DQG WR YHULI\ WKH WUXH SDUW\ LHV RI LQWHUHVW

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

$IWHU \RX YH GRQH WKLV UXE D UDEELW V WDLO SUD\ WR D KLJKHU EHLQJ VOHHS ZLWK D KRUVHVKRH DQG FURVV \RXU ILQJHUV

$,L$*PM/3,.H*'1#,&,K1 ."*'11.*G/.,1K.!*K11#! 0BC*DE;9@2>

G3/.,KM' &""I,1!

L,-3*!&"M. &""I,1!

L-/G1 IM!$

!'"I,KL*/&&1!!"-,1! '/KH*O/H!*."*'1#,&/.1 '()*=42>?*=@A4>*+*8(;4<

NM#*0/G1 N$"*G1K!

#"'31!! .,./K,M'*K/,3

$/K#*N3"OK -1&H&31-!

'1#,&/.1#*L""#!

K"K*!'"I,KL*/3.1-K/.,01! 627*892:*8(;4<

$/GGH*&/I1!

!" . 0

&/G.*&"!',&!

/ %1234

/BC*!@DEF *( - ./-$ /$*). ++'4 Ȑ 3+$- . ǔǕȟǓǔȟǔǖ ȣ

<=>?>@@

'/-H*J/K1!

# %&& 5 '()*+*,-(

A=>?>@@

!"#"$$%&"' ()()*+,-!.*/012*!1/..31 4)567*)89*:*859; 15

00- )($785(6

?,#+%5"63%'$@* :ULWWHQ %\ QLFN 'XII\

:H DW 00- DUH SURXG WR SUHVHQW RXU KROLGD\ +D]HV :DVKLQJWRQ 6WDWH LV RQH RI WKH ODUJHVW SURGXFHUV RI WKH KD]H W\SH RI VWUDLQ 7KH VXSHU KLJK 7+& DQG XVXDOO\ ORZ &%' WKH VDWLYD EUHHG LV RQH RI WKRVH |DPSKHW ZHHGV}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

0"1,#$(%A$B =%C"D*3E-%% .$4,&<%F3$#* :ULWWHQ %\ 0DWW 7D\ORU , KDYH EHHQ ZULWLQJ LQ 00- IRU D IHZ LVVXHV QRZ DQG VLQFH \RX UH DOO VWDUWLQJ WR JHW WR NQRZ PH , WKRXJKW , ZRXOG LQMHFW D VPDOO ELW RI P\ SHUVRQDO OLIH LQWR DQ DUWLFOH WKLV DUWLFOH %HOLHYH LW RU QRW EXW P\ VNLOO VHW H[WHQGV EH\RQG MXVW ZULWLQJ 2QH RI P\ KREELHV ER[LQJ KDV PH XVLQJ SURGXFWV IURP 7RSLFDO :D\ DQG , P KHUH WR VKDUH P\ ILUVW KDQG DFFRXQW ZLWK P\ |DYLG}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

WKH DQWL LQIODPPDWRU\ SURSHUWLHV DUH TXLWH RXWVWDQGLQJ UHGXFLQJ UHFRYHU\ WLPH IURP LQMXULHV DQG SURPRWLQJ KHDOLQJ :KHQ 7RSL FDO :D\ SURGXFWV DUH DEVRUEHG WKURXJK WKH VNLQ WKH\ E\SDVV WKH VWRPDFK DQG OLYHU IRO ORZLQJ VXLW ZLWK QHZ IRUPV RI PHGLFLQH WKDW DUH DSSOLHG WKLV ZD\ <RX FDQ EH WKH MXGJH RQ ZKLFK PHWKRG \RX SUHIHU EXW LW V P\ WKLQNLQJ WKDW LW PDNHV PRUH VHQVH WR FXW RXW WKH PLGGOH PDQ

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|WU\} WR 7RSLFDO :D\ LV D JUHDW ZD\ WR HQKDQFH \RXU ZRUNRXW EXW PRVW LPSRU WDQWO\ \RXU UHFRYHU\ 3DLQ LV VXEGXHG E\ WKH RYHUSRZHULQJ KHDOLQJ SURSHUWLHV RI 7RSLFDO :D\ V RXWVWDQGLQJ OLQH RI SURGXFWV )RU PH SHUVRQDOO\ WKH QXPEHUV RI SURGXFWV , FRQ VLGHU |YLWDO} DUH IHZ DQG IDU EHWZHHQ EXW 7RSLFDO :D\ FKDQJHG P\ OLIH IRU WKH EHW WHU DFFHOHUDWLQJ P\ SXUVXLW RI WKH JRDOV , KDYH VHW E\ DOORZLQJ PH WR ZRUN KDUGHU DQG UHFRYHU IDVWHU 6HW \RXU RZQ JRDOV DQG OHW 7RSLFDO :D\ EH D FRQWULEXWRU WR \RXU VXFFHVV

00- 5(9,(:

.61*3%.,(4*3% '$@* :ULWWHQ %\ - * &RFKUDQH

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

!"#$$%"&'(( )%$"*+#$,-"(."/,0,+"( (

123(!$*#,+' 4"-"*#5"' 6,+0$7*"' 689,0#%' :/,;%"' (0%8+"' <#'= >,"? 8,%' @#A B .8*" CD2EF(GH2IGJDK( KH21(%#L"(0,$M(@#M(( !"#$$%"(@#'=,+5$8+ @@@N5*""+',/"O"/,0#%N08O 25

!3*$;,4*(B%.1*$+,&<G%%

HHI%4-J%% 07*%2&&*3%!3,;,#

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

:H YH DOO KHDUG VRPHRQH VD\ ~ZHHG PDNHV PH FUHDWLYH DQG LW V WUXH LW FDQ GHILQLWHO\ KHOS \RX FRPH XS ZLWK DZHVRPH QLFNQDPHV IRU HY HU\GD\ LWHPV RU PDNH \RX ZDQW WR SDLQW \RXU VKHOYHV GLIIHUHQW FRORUV RU FDQ DQG PRVW OLNH O\ ZLOO LQVSLUH \RX WR PDNH D ILYH FRXUVH JRXUPHW PHDO IRU \RX \RXU URRPPDWH DQGx WKHLU GRJxEXW KRZ FDQ \RX JLYH DOO WKDW FUHGLW WR D VDWLYD GRPLQDQW K\EULG ZKHQ LW LV \RXU EUDLQ FKHPLVWU\ LW KDG WR PL[ ZLWK SHUIHFWO\ WR FUHDWH WKDW PDVWHUSLHFH"

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~LW V MXVW VR FUD]\ LW MXVW PLJKW ZRUN VROXWLRQV \RX G FRPH XS ZLWK

, EHOLHYH WKDW WKH VDPH LV WR EH VDLG DERXW DQ\ DVSHFW RI WKH FUHDWLYH SURFHVV +RZ , VHH LW FDQQDELV SXWV WKH LQQHU FULWLF WR VOHHS VKXWV KLP XS IRU D IHZ KRXUV DQG OHWV \RX EH WKH KRQHVW LQWHOOHFWXDO \RX DUH :KHQ \RXU EUDLQ ZDQGHUV IUHHO\ DQG HYHQ \RX DUHQ W SDVVLQJ MXGJPHQW RQ WKH LGHDV WKDW FRPH WR PLQG FUHDWLYLW\ IORZV %\ WKH WLPH WKH LQQHU FULWLF ZDNHV EDFN XS \RX OO KDYH FUHDWHG D PDVWHUSLHFH WKDW ERWK LQVSLUHV KLP DQG PDNHV KLP VFUDWFK KLV KHDG |7ZR WKXPEV XS } +H OO VD\

.;$;*%4-J%H*K,#$( E\ 5XE\ 5RPHUR

7KH WUXWK LV FRPLQJ WR OLJKW DV WKH ODZ ZULWHUV EH QDWH SULYDF\ DQG DYDLODELOLW\ IRU SDWLHQWV ZKR KLQG , GR H[DFWO\ ZKDW ZH IHDUHG WKH\ ZRXOG XVH PDULMXDQD DQG GLVPDQWOH ZKDW ZH QHHG 1RW RQO\ GLG WKH FLW\ FRXQFLO DVN IRU DOO PHGLFDO PRVWx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

HPSOR\HH EDVH ZKR LV WUXVWZRUWK\ DQG NQRZO HGJHDEOH DERXW WKH SURGXFW 7KH OLFHQVLQJ LV

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

LQJ SURFHVV %XW IRU ULJKW QRZ ZH UHPDLQ LQ D JUD\ DUHD ZKLOH WKH LGHD RI SRVVLEOH HOLPLQD

3HUVRQDOO\ , WKLQN PDNLQJ :DVKLQJWRQ D VWULFWO\ WLRQ RI D FRPPXQLW\ ZRUNHG VR KDUG RQ E\ LW V UHFUHDWLRQDO VWDWH ZLOO FUHDWH FRQIXVLRQ HOLPL PHPEHUV ORRPV RYHU RXU KHDGV

00- 5(9,(:

.61*3%.,(4*3% '$@*%%% :ULWWHQ %\ 0 + *UHHQEHUJ

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|6XSHU }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

&2 1&(17 5$7 ( 2 ) 7+( 0 2 17+

% LA%82>. % :ULWWHQ %\ QLFN 'XII\

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

!"#$$%"&'(( )%$"*+#$,-"(."/,0,+"( ( #++12+0,+3(12*(+"4

( 514"*(6*,0"'7 8 9:$"+/"/(;12*'7( ( (

.1+(<(=*,>(?@>@@#A(<B>@@CA !#$(<(!2+>(?@>@@#A(<D>@@CA

EF@GH(IJ@<I?FB( (

BJ@K(%#L"(0,$M(4#M(( !"#$$%"(4#'N,+3$1+ 444O3*""+',/"A"/,0#%O01A 34

0 0 - , 1 7 +( 1(:6

L$&"<3$//$3

M3,4,&<%),;7%2NOPQ%

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|VREHU} GULYHUV RXW WKHUH DUH $IWHU DVNLQJ D VRPHZKDW GLYHUVH JURXS RI SD HQRXJK RI D PHQDFH ZLWK RXW ZKHHOLQJ \RXU WLHQWV WKHLU RSLQLRQ WKH\ YDULHG ZLGHO\ RQH SDU VHOI DURXQG LQ D GLVWUDFWHG GD]H WLFXODUO\ IHLVW\ ROGHU JHQWOHPDQ FODLPHG WR KDYH EHHQ GULYLQJ VWRQHG VLQFH |WKH GDZQ RI WLPH}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

0 0 - , 1 7 +( 1(:6

R3:$&%F3"),&<% $%!"&;,&6$(%% '$34*-; :ULWWHQ %\ QLFN 'XII\

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

M""<-,;"1% 0,&#;63*%$&K% '"(,K$B%!7$, :ULWWHQ %\ - * &RFKUDQH

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f VPDOO VOLFH RI EXWWHU f FDUGDPRP SRGV f FLQQDPRQ VWLFNV f FORYHV f LQFK SLHFH RI JLQJHU FXW LQWR VOLFHV RSWLRQDO

f WVS RI EODFN SHSSHU f \RXU IDYRULWH PXJ V ZRUWK RI PLON RU YDQLOOD VR\ PLON f ELJ SLQFKHV RI DQ\ EODFN WHD RU DERXW WHD EDJ

f EURZQ VXJDU RU VZHHWHQHU XQWLO WDVW\ f GRVH RI 'RRJVLWRS V WLQFWXUH POJ RI DFWLYH 7+& DFFRUGLQJ WR $QDO\WLFDO

+RZ WR 3ORS D OLWWOH EXWWHU LQ D VPDOO SRW DQG WXUQ WKH EXUQHU WR PHGLXP ORZ KHDW :KHQ WKH EXWWHU KDV PHOWHG WRVV LQ \RXU VSLFHV DQG IU\ WKHP XQWLO WKH\ VWDUW VPHOOLQJ DPD]LQJ $IWHU D PLQXWH RU WZR SRXU \RXU PLON LQWR WKH SRW DQG WXUQ WKH KHDW XS WR KLJK *HW LW WR D ERLO DQG WKHQ WXUQ WKH KHDW EDFN GRZQ WR ORZ %H DZDUH PLON z HVSHFLDOO\ VR\ z ORYHV WR ERLO RYHU VR GRQ W OHDYH LW RQ WKH KHDW XQDWWHQGHG $IWHU WXUQLQJ GRZQ WKH KHDW DGG D KHDOWK\ GRVH RI VXJDU DQG VWLU XQWLO ZHOO PL[HG 7KHQ GURS LQ WKH WHD OHDYHV DQG OHW LW VLW IRU D IHZ PLQXWHV 2QFH LW V FRRO HQRXJK VWUDLQ RXW WKH VSLFHV DQG SRXU WKH &KDL EDFN LQWR \RXU IDYRULWH PXJ )RU WKH ILQDO VWHS DGG D GRVH RI 'RRJVLWRS V WLQFWXUH DQG FXUO XS ZLWK D QLFH ZDUP EODQNHW (QMR\

86;%,&%;7*%%

8N?*& :ULWWHQ %\ QLFN 'XII\

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|RS HQ:$} WR DQG HQWHU \RXU ]LS FRGH

$,L$*PM/3,.H*'1#,&,K1 ."*'11.*G/.,1K.!*K11#! 0BC*DE;9@2>

G3/.,KM' &""I,1!

L,-3*!&"M. &""I,1!

L-/G1 IM!$

!'"I,KL*/&&1!!"-,1! '/KH*O/H!*."*'1#,&/.1 '()*=42>?*=@A4>*+*8(;4<

NM#*0/G1 N$"*G1K!

#"'31!! .,./K,M'*K/,3

$/K#*N3"OK -1&H&31-!

'1#,&/.1#*L""#!

K"K*!'"I,KL*/3.1-K/.,01! 627*892:*8(;4<

$/GGH*&/I1!

!" . 0

&/G.*&"!',&!

/ %1234

/BC*!@DEF *( - ./-$ /$*). ++'4 Ȑ 3+$- . ǔǕȟǓǔȟǔǖ ȣ

<=>?>@@

'/-H*J/K1!

# %&& 5 '()*+*,-(

A=>?>@@

!"#"$$%&"' ()()*+,-!.*/012*!1/..31 4)567*)89*:*859; 52

0*-;,&<%% =3"6&K%0")& :ULWWHQ %\ ,QWUD 2LOV ,Q ZKHQ , ZDV PDQDJLQJ D FROOHFWLYH JDU

UHDG ZULWWHQ E\ 'DOH *LHULQJHU DQG 'U $UQR

GHQ WKH ILUVW WKLQJ , ZDQWHG WR GR ZDV ILQG WKH +D]HNDPS WKDW GLG WKH VDPH WKLQJ ZLWK WHVW QHDUHVW WHVWLQJ ODE , PHDQ KRZ FRXOG ZH FDOO LQJ IORZHU SRWHQF\ LQ &DOLIRUQLD :KHQ , GLV WKLV PHGLFLQH DQG JLYH LW WR SHRSOH ZLWKRXW ILUVW VHFWHG WKHLU ILQGLQJV D FRXSOH \HDUV DJR LW NQRZLQJ ZKDW ZDV LQVLGH" &DOLIRUQLD ZDV DO

ZDV FOHDU WKDW +3/& ODEV ZHUH IDU PRUH DF

UHDG\ GRLQJ SRWHQF\ WHVWLQJ EXW , FRXOGQ W ILQG FXUDWH DQG WHQGHG WR DFKLHYH D WLJKWHU UHVXOWV D VLQJOH ODE LQ WKH VWDWH RI :DVKLQJWRQ $QG QRW EDQG WKDQ *& RU 7/& 7KLQ /D\HU &KURPD RQO\ FRXOG , QRW ILQG D VLQJOH ODE EXW LW VHHPHG WRJUDSK\ %XW WKH RYHUDUFKLQJ PHVVDJH RI DV LI QRERG\ HYHQ FDUHG DERXW WHVWLQJ 7KH RQO\ WKH DUWLFOH ZDV WR NQRZ \RXU ODE 7KH DUWLFOH SHUVRQ ZKR ZDV WU\LQJ WR LPSOHPHQW VWDQGDUG

PHQWLRQHG ILQGLQJ PDQ\ PLVOHDGLQJ UHVXOWV

L]DWLRQ RI WHVWLQJ XVLQJ WKH PRVW VFLHQWLILF PHWK

DQG VXE VWDQGDUG ODEV 7KLV ILQGLQJ LV OLNH

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

SURSHU FUHGHQWLDOV FRQVLVWHQF\ LQ UHVXOWV LV

DWWOH DUHD DQG WZR RI WKHP RIIHU +3/& WHVWLQJ

HTXDOO\ LPSRUWDQW :H VKRXOG EH DEOH WR VXE PLW WKH VDPH VDPSOH WR D ODE WKUHH WLPHV DQG

%DVHG RQ WKH DXWKRULWDWLYH VWXGLHV DQG VFL

JHW UHVXOWV EDFN WKDW YDU\ E\ QR PRUH WKDQ

HQFH ZH NQRZ WKDW +3/& LV WKH JROG VWDQGDUG 7KLV PHDQV WKDW LI WKH WUXH 7+& FRQ IRU WHVWLQJ DVVXPLQJ WKDW WKH ODE WHFKQLFLDQV WHQW LV IRU H[DPSOH ZH ZRXOG H[SHFW D NQRZ ZKDW WKH\ DUH GRLQJ 1RW RQO\ LV +3/& UHVXOW WKDW IDOOV VRPHZKHUH EHWZHHQ DERXW WHVWLQJ SUDLVHG DV WKH PRVW DFFXUDWH PHWKRGRO

DQG +DYLQJ XQLIRUPLW\ LQ WHVWLQJ RI

RJ\ EXW LW DOVR KDV DQ DGYDQWDJH RYHU *& *DV WKH VDPH VDPSOH LV LPSRUWDQW VR WKDW ZKHQ &KURPDWRJUDSK\ LQ WKH ZD\ WKDW LW GRHVQ W KHDW D FRQVXPHU ORRNV DW WHVWV IURP D VLQJOH ODE WKH VDPSOH WKXV SUHVHUYLQJ WKH DFLG IRUPV RI WKH UHODWLYH SRWHQFLHV FDQ EH FRPSDUHG DQG WKH FDQQDELQRLGV 3UHVHUYLQJ WKH DFLG IRUPV LV UHOLHG XSRQ 8QIRUWXQDWHO\ ZH GLGQ W WHVW IRU LPSRUWDQW EHFDXVH 7+& DQG 7+&$ DV ZHOO DV FRQVLVWHQF\ ZLWKLQ D ODE IRU WKLV DUWLFOH EXW &%' DQG &%'$ KDYH GLIIHUHQW WKHUDSHXWLF EHQ

LQVWHDG ZH ZHUH ORRNLQJ IRU FRQVLVWHQF\ EH

HILWV QRW WR PHQWLRQ WKDW 7+&$ KDV QR SV\FKR

WZHHQ WKH ODEV DQG PHWKRGRORJLHV

DFWLYH HIIHFWV :H VXEPLWWHG D VDPSOH RI RXU &2 RLO WR 6LQFH +3/& LV SUDLVHG DV WKH EHVW PHWKRG ZH WKUHH SODFHV WKDW FRQVLVWHG RI WZR +3/& V ZDQW WR NQRZ KRZ DFFXUDWH WKH WHVWLQJ DURXQG DQG RQH 7/& PHWKRGRORJ\ , ZLVK ZH WRZQ UHDOO\ LV DPRQJ WKH PDMRU ODEV LQ WKH FRXOG KDYH JRWWHQ DW OHDVW RQH *& IRU WKH DUHD DQG KRZ WKH\ VWDFN XS DJDLQVW HDFK RWK

VDNH RI FRPSDULVRQ EXW , P QRW VXUH LI DQ\

HU , SUHVHQWHG WKH LGHD RI FRPSDULQJ ODE UH

RQH LQ WKH DUHD LV HYHQ GRLQJ *& DQ\PRUH

VXOWV WR 00- 0DJD]LQH EHFDXVH RI DQ DUWLFOH , +HUH DUH RXU UHVXOWV 7+& $ 7+& &%' $ &%' &%1 &%& &%*

+3/&

7/& 1 $

&RQWLQXHG RQ SDJH

1950 1ST AVE S SEATTLE, WA 98134 54

A8A :KLOH RWKHU IRXUWHHQ \HDU ROGV VSHQW WKHLU VXPPHUV ZDWFKLQJ PRYLHV DQG UHDGLQJ PDJD]LQHV $LPHH |$K} :DUQHU VHW XS VKRS ZLWK KHU WULSOH EHDP DW D JLUOIULHQG V KRXVH ,W ZRXOG EH D ORQJ VXPPHU IOLSSLQJ TXDUWHU SRXQGV IRU KHU EURWKHU EXW VKH ZRXOG GR LW QHYHUWKHOHVV 6WDUWLQJ ZLWK :DUQHU V JUDQGSD VPXJJOLQJ EULFNV RYHU IURP 0H[LFR LQ WKH EULP RI KLV KHOPHW PDULMXDQD ZDV WKH IDPLO\ EXVLQHVV 7KUHH GHFDGHV ODWHU WKDW WHHQDJH ZHLJKW SXVKHU LV QRZ WKH &(2 RI &DQQDELV %DVLFV WKH WRS PDULMXDQD LQIXVHG WRSLFDO FRPSDQ\ LQ :DVKLQJWRQ 6WDWH DQG D IRXQGLQJ PHPEHU EHKLQG PDUL MXDQD V ODUJHVW ZRPHQ V JURXS |:RPHQ RI :HHG} RU :2: 7KH JURXS LV FRPSRVHG RI RI WKH ELJJHVW IHPDOH UHEHOV LQ WKH LQGXVWU\ , KDG WKH SOHDVXUH RI VSHDNLQJ ZLWK WZR RI WKHP $LPHH |$K} :DUQHU DQG 6KDZQ 'HDH (GG\ (GG\ KDV VSHQW DERXW \HDUV LQ WKH PDULMXDQD LQGXVWU\ PRVW RI WKDW WLPH LQ WKH XQGHUJURXQG |SUH PHGLFDO}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|7UXVW LV WKH QHZ FRPPRGLW\ } WKH SDLU VWDWHG :2: PHPEHUV UHSUHVHQW PRWKHUV GDXJKWHUV VLVWHUV KHDOHUV JURZHUV ZULWHUV DQG HQWUHSUHQHXUV DOO FRPELQHG WR FUHDWH WKH PRGHO PDULMXDQD EXVLQHVV ZRPDQ ,Q DQ HUD RI VR FLDO PHGLD H[SORVLRQ WKLV SRGLXP JLYHV ZRPHQ D VDIH DQG SRVLWLYH DUHQD WR GLVFXVV LVVXHV LQ WKH FRPPXQLW\ ZLWK RWKHU ZRPHQ HQWUHSUHQHXUV

3KRWR FUHGLW 'DULHQQH =RD

HHI%>"4*-%=3;S% =&K%."%M"%5"6T :ULWWHQ %\ QLFN 'XII\

00- ZHQW WR WKH |6HDV}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|VHDV IDFHERRN FRP} IRU PRUH LQ IRUPDWLRQ

&RQWLQXHG IURP SDJH :H IRXQG WKHVH UHVXOWV WR EH YHU\ LQWULJXLQJ EH WKH WUXO\ LPSRUWDQW PHDVXUHV LQ PHGLFLQH EHFDXVH WKH +3/& ODEV ZHUH FHUWDLQO\ YHU\ :H EHOLHYH WKDW LW LV LPSRUWDQW WR WDNH QRWH WLJKWO\ ERXQG RQ WKH 7+& ZKLOH WKH 7/& PHWK

RI WKHVH UHVXOWV DQG WKH YDULDWLRQV EHWZHHQ

RG ZDV D FOHDU RXWOLHU 7KH WRWDO 7+& IRU WKH WKHP EHFDXVH WHVWLQJ ZLOO EHFRPH LQFUHDVLQJ +3/&V WHVWHG ZHOO ZLWKLQ WKH EDQG UH

O\ LPSRUWDQW ZLWK WKH LPSOHPHQWDWLRQ RI ,

TXLUHPHQW DW DQG 'HVSLWH WKH ZKLFK KDV \HW WR FRPH RXW ZLWK SXEOLVKHG UH IDFW WKDW , ZRXOG ORYH WR VKRZ WKH EHVW SRVVLEOH TXLUHPHQWV DQG VWDQGDUGV IRU WHVWLQJ 7KH UHVXOWV IRU RXU RLO 7/& V WRWDO 7+& LV ODZ FOHDUO\ UHTXLUHV WHVWLQJ DQG ZLOO LPSOHPHQW WKH FOHDU RXWOLHU UHSRUWLQJ DPRXQWV IDU JUHDWHU 7+& FRQWHQW UHVWULFWLRQV EXW WKH /LTXRU &RQ WKDQ ZKDW LV OLNHO\ LQ WKH RLO 3OHDVH QRWH WKDW WURO %RDUG /&% KDV IDLOHG WR GHOLYHU WKH SURS \RX FDQQRW VWUDLJKW DGG 7+& $ DQG 7+& WR DU

HU VHW RI UHTXLUHPHQWV IRU WHVWLQJ 7KH SHRSOH

ULYH DW D WRWDO EHFDXVH \RX QHHG WR DGMXVW IRU DSSO\LQJ IRU OLFHQVHV DOVR GR QRW NQRZ LI DQ\ RI WKH GLIIHUHQFH LQ PROHFXODU ZHLJKWV LQ RUGHU WR WKH HVWDEOLVKHG ODEV ZLOO PHHW WKHVH \HW WR EH DUULYH DW WKH WUXH SV\FKRDFWLYH FRQWHQW RI WKH GHWHUPLQHG UHTXLUHPHQWV ,W V D VKDPH WR VHH PHGLFLQH :KDW LQWULJXHG PH WKH PRVW DERXW HYHU\RQH UXVK IRUZDUG WR OHJDOL]DWLRQ ZLWKRXW WKH UHVXOWV ZDV WKH OHVVHU FDQQDELQRLG FRQ

ILUVW SURSHUO\ GRLQJ WKHLU KRPHZRUN DQG ZULW

WHQWV 7KH WKUHH ODEV ZHUH DOO RYHU WKH ERDUG LQJ DOO WKH UXOHV QHFHVVDU\ IRU OHJDOL]DWLRQ WR EH RQ UHVXOWV DQG HYHQ WKH WZR +3/& ODEV GLI

VXFFHVVIXO 2I FRXUVH WKHUH LV PRUH WR FRPH

IHUHG GUDVWLFDOO\ LQ WKHLU ILQGLQJV 'HVSLWH WKH RQ WKLV WRSLF LQ IXWXUH DUWLFOHV GLIIHUHQFHV KHUH , P QRW VXUH WR ZKDW GHJUHH WKLV LV LPSRUWDQW VLQFH 7+& DQG &%' VHHP WR

DELIVERY SERVING PATIENTS CONSTANTLY

In proud partnership with

Sure Can is the ONLY Delivery Service for Patients in Washington, Exclusively Carrying The C.P.C.'s Line of Products, including, Capsules, Caramels, Tinctures, and Small-Batch BHO and RSO!

11am-10pm 7 days a week 66

Delivering to Seattle and the Greater Area Seatac Kent Renton Mercer Island Bellevue Bothell Shoreline

Your Rolling Access Point! SURE CAN

surecan.org

FREE DELIVERY

206-535-7645 67

00- 5(9,(:

=((%2;E-%'B1*K% 61%;"%C* 'B1*'*3:$((B% U*4,*) :ULWWHQ %\ - 5 'LHWULFK

+\SH+HUEDOO\ LV ORFDWHG DERXW PLQXWHV QRUWK RI ZKHUH , OLYH , ZDQW WR PDNH LW FOHDU ULJKW QRZ WKDW LW ZDV ZRUWK WKH WULS UHJDUGOHVV RI UXVK KRXU WUDIILF , OLYH D VWRQHU V WKURZ DZD\ IURP VHYHUDO TXDOLW\ GLVSHQVDULHV VR P\ VRPHZKDW OLPLWHG H[SORUDWLRQ RI 7DFRPD DQG RWKHU 6HDWWOH GLVSHQVDULHV PHDQW WKDW , QHYHU NQHZ ZKDW DOO WKH K\SH ZDV DERXW 7KH ULGH ZDV VWRS DQG JR \HW , ZDV VXUSULVHG KRZ TXLFNO\ , DUULYHG WR +\SH+HUEDOO\

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

WR KHDU WKDW WKHUH ZLOO EH D FRQWHVW ZKHUH WKH ZULWHU RI WKH EHVW K\SHUEROH ZLQV IUHH JRRGLHV , P ERWKHUHG E\ WKH VWLJPD WKDW FDQ SRUWUD\ FDQQDELV SDWLHQWV LQ D EDG OLJKW PRVWO\ WKH VWHUHRW\SHV WKDW UHIHU WR LQWHOOLJHQFH

$IWHU P\ LQLWLDO YLVLW WR +\SH+HUEDOO\ , KDG WKH SOHDVXUH RI KDYLQJ D FRQYHUVDWLRQ ZLWK 0LFKDHO $V D UHVLGHQW RI :DVKLQJWRQ 6WDWH ZKR LV LQ P\ WZHQWLHV , UDUHO\ WKLQN DERXW WKH VWUXJJOHV WKDW RWKHU FDQQDELV SDWLHQWV IDFH LQ WKH UHVW RI WKH FRXQWU\ 0L FKDHO V VWRU\ LV WUXO\ RQH RI WULXPSK DQG FRQWURYHUV\ 0LFKDHO DJUHHV ZLWK EUHDNLQJ GRZQ WKH VWLJPD RI WKH VWXSLG VWRQHU WKLV IULHQGO\ FRPSHWLWLRQ LV RQH RI PDQ\ ZD\V WKDW +\SH+HUEDOO\ VWDQGV XS IRU UHIRUPDWLRQ

:LWK WKH ILUVW VWRUH FRPLQJ LQWR WKH ZRUNV RYHU \HDUV DJR WKLV VWRUH RZQHU KDG KLJK H[SHFWDWLRQV IRU WKLV VWRUH DV ZHOO DV D QHZ FUHDWLYH VSLQ RQ WKH WUDGLWLRQDO GLV SHQVDU\ 0LFKDHO ZDQWHG WR PDNH WKLV VWRUH D |RQH VWRS VKRS ZLWK D VPRNH VKRS UHFRUGLQJ VWXGLR DQG EDUEHU VKRS}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

+\SH+HUEDOO\ +ROLVWLF +HDOWK WK 6W 6: (YHUHWW :D

"#$%&'$

速 5 &"*) . 2+

!"#$%"&'(')*+$+)%,+

%34567$63859:;$-$+3:5; $<7=>7?7$@$;3:5$A>B6$56$C.C$>4$)=63D79E$ (59F7G$(394 C36$C>7; (59F7G$+H=I79; '=7$(975F J9543G5

!"#$%&"$'"%()*+,$-.$/0/1 6-77

-./$001$2-1/ !%$2*)3$ 4,1

TheHighEnd Natural Cannabis Products

()*$&'+,-&&.+/*0#-+,-&&.+#'1+2&0#'+

Options Available

,*))+3#$&-%'0+45-+"#-$%&6+#'1+78&'$6 955:+45-+'&;+4-5<&'+$-&#$6+ =5>%'0+655'+$5+"!"? Like Us On Facebook!

TheHighEndBakery.com

"#$%&'$

!"##$%&'($)*+,-$.)

!"#$%"&#'()&(*+',)"& ''''"&'-./"0%*1'2"&(*'3454666

<),1+'?*&2 @A4 EW2%F0.2

X1&)%"1&

K&L1F'1.+'M)&F'N.)0"%F' OPQC'R1+'F1.+',*&>

''''''''P&'U*(1#&"%"1&'1R'H+*)2%'T)&(*+'' JE)+*&*22'-1&%$9 U*(*"S*')' T1MM*M1+)%"S*' H)00'?1"&% ?*&'I"%$'K)($' X1&)%"1&'T1.+%*2F' 1R'Q"#$%&"&#'H.#' H+)&D"&#

<"2"%'=2> -9C)%'559B,M

?+1S"D"&#'%1,'N.)0"%F'M*D"("&*' !"#$%!&"'()*+#,$!(*-!.#"-/0# "&'C&1$1M"2$'T1.&%F',.+2.)&%' I)2$"&#%1&'C%)%*'UTI'V:685J6

B447'-./"0%*1' C,**DE)FG' C."%*'HA -./"0%*1G'IJ /0$1&)&")23'%')4'5&,"6

738937:9347;

!"# $%&'( !"#"$%&$'()&#"*+),%)"#"$%#'$-.($)%#-/%&#0%% $-1*+.$2$-"%&*334()")%0#-"%"*%'5"%"6$%% 7$/(.#&%8#--#3()%9."%(-%*5+%)"#"$%(-%% IDYRU RI XQIXOÃ&#x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