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COWEN COLLABORATIVE INSIGHTS February 25, 2019 Beauty products, and face treatments in particular, command price points notably above other form factors across the space, which will presumably offer by far the highest gross margins. Among high-end face creams, Cannabliss Organic and CTFO provide 30 mgs and 20 mgs of CBD respectively, while commanding price points ranging from $50-S80. 2 Figure 80 Beauty Facial Products Command Meaningfully Higher Price Points CBD Face Cream by Price Segment $3.00 $2.67 $2.55 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Cannabliss CTFO imbue RX Mary's Sopris Dragonfly Myaderm American Organic botanicals CannaCare | Nutritionals Botanicals Shaman Super Premium Premium i Value (> $2.05) ($1.44-$2.05) : : (< $0.82) 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 Face serums look to be even more expensive across all segments, with price points from mainstream through super-premium ranging from over $1 to $3 per mg of CBD. Figure 81 Face Serums Are The Most Expensive On A Price/MG Basis $3.00 2.80 CBD Face Serum by Price Segment $067 $059 $036 $034 $025 $022 $0.21 SORNWES ONUNON Oudcudw Cannabliss Or ganic Mary's Nutritionals Pur eblis Naturals Crave of 40 Winks Code of Harmony Skin Dope Joy Organics IIdi Pekar Dragonfly Botanicals Saint Jane Veggimins Super Premium Premium Main ( > $2.30) ($1.61-$2.30) ($0.91-$1.60) 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 COWEN.COM 45 HOUSE_OVERSIGHT_024861