Earth Science Tech Inc. (ETST)

[PennyMaster]

$ETST We are maintaining our price target at $4.12 for ETST

We are maintaining our price target at $4.12 for ETST. The recent JV announcement with Varsity Group and the
launch of four products under KannaBidioid subsidiary by Aug 2017 are positive in our view. The revenue
realization from KannaBidioid subsidiary comes earlier than anticipated in our last model. Also, ETST noted of
finalizing new distributors in the international markets. In our last report, we had noted of continued traction in
company’s CBD products amid new strategic partnerships and new product launches.

The company’s strategic moves are not yet complete, as ETST has stated that it has plans to aggressively spend on
marketing, R&D and enter in new markets via JVs and acquisitions. ETST acquired a company, Kannabidioid Inc., in
June 2017 and hence more acquisitions could be likely in future. Given the fact that company is in expansion mode,
more capital raising cannot be ruled out in the near term. Going forward, company’s ability to generate positive cash
flows remains a key area to focus on.

http://www.seethruequity.com/wp-content/uploads/2017/08/ETST-UPDATE-August-2-FINAL.pdf