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COWEN COLLABORATIVE INSIGHTS February 25, 2019 _ Figure 8 - U.S. Planted Hemp Acres - 2017 and 2018 North Carolina North Dakota Minnesota Pennsylvania Maine Oklahoma South Carolina Massachusetts Indiana Hawaii Nebraska “Includes 232 acres of greenhouse or indoor cultivation Source: votehemp.com, State Departments of Agriculture, Cowen and Company Challenges For Growth We see several issues that we expect will moderate growth of hemp CBD in years to come. As a commodity, we see economics diminishing as CBD supply rises with increased acres along with higher costs for seed from increased seed demand. We also see a lack of best practices for cultivation, storage restrictions and uncertainty about the consistency of seeds/clones available increasing the probability that yields are compromised. 16 COWEN.COM HOUSE_OVERSIGHT_024832