HOUSE_OVERSIGHT_024912.jpg

COWEN COLLABORATIVE INSIGHTS February 25, 2019 Appendix Figure 136 Cannabis Comp Table Price 52 Week Enterprise Value / Company Name- Non-Coverage Ticker vocal 2/22/2019 Low High Manet En rise LTMRev FY1Rev FY2Rev FY3Rev caND n cue n cup n 1933 Industries Inc TGIF.CD CAD 0.56 0.30 0.80 133 Bil 88 43 Ba NA 31.2 11.8 NA Aphria Inc APHA.N USD 10.18 305 13.45 2,535 3,219 56.2 NA NA NA NA NA NA Aurora Cannabis Inc ACB UsD 6.96 3.90 12.53 6,948 9,318 782 NA NA NA NA NA NA Charlotte's Web Holdings Inc CWEB.CD CAD 18.15 9.05 22.75 1,678 1,199 A 17.1 7:6 44 5120 215 12.0 Cronos Group Inc CRON.O USD 21.92 52 25.10 3,892 5,113 NM NM 377 29.2 M 1220 96.1 Curaleaf Holdings Inc CURA.CD CAD 10.25 1.43 26.01 3412. 3,412 A 38.3 93 47 M 278 12.9 CV Sciences Inc CVSI.PK USD 490 0.37 9.20 463 453 11.0 NA NA NA NA NA NA Elixinol Global Ltd EXLAX AUD 3.47 1.34 3.69 161 48 A 1.4 1.2 1.0 14.6 7.6 6.3 Emblem Corp EMCV CAD 1.78 0.83 242 234 202 35.4 24.4 27 1.4 M 18.2 5.6 Emerald Health Therapeutics Inc EMH.V CAD 3.89 2.04 6.35 554 504 NM NA NA NA NA NA NA Green Organic Dutchman Holdings Ltd TGOD.TO CAD 3.69 2.06 9.64 989 789 A 53.6 40 14 M M 6.3 Green Thumb Industries Inc GTII.CD CAD 19.69 8.21 32.50 1,257 859 A 13.0 40 19 M 19.2 5.6 hiron Life Sciences Corp HRN.V CAD 4.05 0.87 4.35 308 294 A NM 246 39 M M 153 Level Brands Inc LEVB.N USD 5.05 2.60 8.41 54 43 47 NA NA NA NA NA NA Neptune Wellness Solutions Inc NEPT.O USD 3.67 2.27 5.14 295 374 145 14.1 6.1 27 842 30.6 411 OrganiGram Holdings Inc OGIV CAD 7.74 3.26 8.55 1,013 1,016 A 8.2 43 Be 19.5 11.6 88 Company Name - Coverage Canopy Growth Corp WEED.TO CAD 58.51 23.88 76.68 20,071 16,142 A NM 74.2 34.9 M M 105.0 KushCo Holdings Inc KSHB.PK CAD 6.38 36 7.20 560 16,142 A NM NM NM M M NM Tilray Inc TLRY.OQ USD 79.07 20.10 300.00 7,367 16,142 NM NA NA NA NA NA NA Turning Paint Brands Inc TPB USD 41.00 19.44 47.00 802 16,142 NM NM NM NM M M NM Overall Min 50.6 426 4? 1.4 1.2 1.0 14.6 7.6 5.6 Overall Mean 2636.1 4582.0 29.8 19.4 14.9 8.0 40.1 30.0 25.9 Overall Median 895 937 14.5 14.4 5.2 32 31.2 19:2 14.4 Overall Max 20,071 16,142 78.2 53.6 74.2 34.9 84.2 122.0 105.0 Source: Thomson Reuters and Cowen and Company 96 COWEN.COM HOUSE_OVERSIGHT_024912