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COWEN COLLABORATIVE INSIGHTS February 25, 2019 powered by: BlueMatrix 1:(1):$13.00 | | (1):$15.00 | | (1):$10.00 | | (1):$10.50 | | (1):$24.00 | | (1):$44.00 | | (1):$45.00 | | (1):$48.00 | | (1):$56.00 | | (1):$74.00 | | (1):$82.00 01/10/17 02/14/17 06/14/17 09/05/17 11M4N7 01/08/18 04/16/18 06/27/18 08/16/18 09/04/18 10/09/18 100 _ Canopy Growth Corporation Rating History as of 02/25/2019 80 60 * Pe adn 20 — 4 nS pel | Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Apr 18 Jul 18 Oct 18 Jan 19 Closing Price ——— Target Price Legend for Price Chart: | = Initiation | 1 = Outperform | 2 = Market Perform | 3 = Underperform | UR = Price Target Under Review | T = Terminated Coverage | $xx = Price Target | NA = Not Available | S=Suspended 104 COWEN.COM HOUSE_OVERSIGHT_024920