Equity Research Cannabis Click here to enter text. \ FEBRUARY 25, 2019 11 Cowen analysts across consumer, health care, industrials, and regulatory offer a comprehensive view of the global CBD opportunity. Nearly 7% of adults in our proprietary U.S. survey (n = ~2,500) reported using CBD as a supplement, far higher than we expected. We believe U.S. CBD can conservatively generate sales of $16 bn by 2025. We offer detailed analysis at the sub-category level, as well as company-specific discussions, including Outperform rated WEED, TLRY, and TPB. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Click here to enter text. Cowen Research 646 562 1330 [email protected] Vivien Azer 646 562 1351 [email protected] This report is intended for [email protected]. Unauthorized redistribution of this report is prohibited. COWEN COLLABORATIVE INSIGHTS February 25, 2019 This page left blank intentionally. This report is intended for [email protected]. Unauthorized redistribution of this report is prohibited. 2 COWEN.COM COLLABORATIVE INSIGHTS February 25, 2019 ■ Cannabis COWEN RESEARCH EQUITY RESEARCH Cowen Research 646 562 1330 [email protected] Vivien Azer 646 562 1351 [email protected] John Blackledge 646 562 1359 [email protected] Andrew M. Charles, CFA 646 562 1332 [email protected] Oliver Chen, CFA 646 562 1424 [email protected] John Kernan, CFA 646 562 1324 [email protected] Phil Nadeau, Ph.D. 646 562 1336 [email protected] Charles Neivert 646 562 1370 [email protected] Jeffrey Osborne 646 562 1391 [email protected] Charles Rhyee 646 562 1376 [email protected] Doug Schenkel 617 946 3918 [email protected] COWEN WASHINGTON RESEARCH GROUP MACRO POLICY Eric A