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COWEN sen Cannabis AHEAD OF THE CURVE? SERIES COWEN'S COLLECTIVE VIEW OF CBD Suequl Ss! ode Siu, OND FEBRUARY 25, 2019 11 Cowen analysts across consumer, health care, industrials, and regulatory offer a comprehensive view of the global CBD opportunity. Nearly 7% of adults in our proprietary U.S. survey (n = ~2,500) reported using CBD as a supplement, far higher than we expected. We believe U.S. CBD can conservatively generate sales of $16 bn by 2025. We offer detailed analysis at the sub-category level, as well as company-specific discussions, including Outperform rated WEED, TLRY, and TPB. “pelqiyoid si odes siuj Jo UONNQUISIPe1 PeZUOUINEUP “WOd"USMOI®)e]/90 Pee Cowen Research 646 562 1330 cowen.research@cowen.com Vivien Azer 646 562 1351 vivien.azer@cowen.com N Y CANNABIS WY COWENRESEARCH COWEN.COM HOUSE_OVERSIGHT_024817