HOUSE_OVERSIGHT_024847.jpg
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COWEN
COLLABORATIVE INSIGHTS
February 25, 2019
Along with tinctures, capsules represent one of the more mature form factors within
CBD. Mary's looks to be squarely positioned as the most premium brand across all
companies analyzed, in particular for their Elite capsule line, which offers 150 mgs of
CBD and retails for $90. For context, the closest price paint to Mary’s comes fram
Sagely Naturals at $0.17 per mg. Brands look to be very competitively priced in terms of
value, with seven of the brands coming in at $0.10 or below.
2
Figure 37 Capsules Competitively Priced On Value
$075 $0.60
50.60
$0.45
$0.30
$0.15
50.00
$0.46) | $0.46)
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$0.43
Mary's Nutritionals
CBD Capsules by Price Segment
$0.17 $014 $012 $012 $012 $012 $012 $011 $010 $0.09 $0.09 $0.07 $0.05 $0.05 $0.05
Sagely Naturals
Hemp Bombs
Green Roads
CV Sciences
Premium Jane
Pure Kana
Lord Jones
Canna Hemp
Try The CBD
Curaleaf Hemp
Green Mountain
Source: Company Websites and Cowen and Company
Note: Reflects price per mg of CBD; For companies with multiple SKUs, we used a straight line average
Utilizing our proprietary consumer survey, CBD capsule use looks to over-index with
males, which shows over a 10 pt delta relative to women. In addition, on a relative basis
to other form factors, CBD capsule use is more popular with younger, lower-income
consumers, which perhaps explains the notable competition seen within the value
segment.
Figure 38 Capsule CBD Use Over-Indexes To Males And Skews Younger And Lower Income
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
22.1%
27.7%
16.9%
CBD Capsule Use
24.7%
22.2% eae 21.8%
16.7%
14.8%
Total
Male
Gender
Female 18-34 35-54 S54 <$50K S50K-S1L00K >$100K
Age Income
Source: Cowen Survey, N=~2500, January 2019)
COWEN.COM 31
HOUSE_OVERSIGHT_024847
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| Filename | HOUSE_OVERSIGHT_024847.jpg |
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| OCR Confidence | 85.0% |
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| Indexed | 2026-02-04T16:55:27.201878 |