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COWEN COLLABORATIVE INSIGHTS February 25, 2019 The current licensed companies have already entered agreements with publicly traded cannabis companies. In 2018, Aurora acquired Uruguayan fully licensed ICC Labs Inc. (ICC) that operates a GMP-certified lab facility, indoor and outdoor grow operations and distributes CBD-based products under the brand BIDIOL. In January 2019, Khiron acquired NettaGrowth International Inc., which gives the company access to one of the two currently held medical cannabis licenses in Uruguay. The amount of land cultivating hemp increased since 2016 but it not at the commercial scale yet. There are intentions to grow hemp in order to extract CBD for pharmaceutical and nutraceutical uses. Although cultivation of CBD with less than 1% THC is permitted, it is relatively difficult to access CBD products in Uruguay at the moment. In 2018, Auxly Cannabis Group acquired Uruguayan hemp cultivator and extractor Inverell S.A. with plans to develop and distribute CBD products. 86 COWEN.COM HOUSE_OVERSIGHT_024902