COWEN COLLABORATIVE INSIGHTS February 25, 2019 s Figure 8 - U.S. Planted Hemp Acres - 2017 and 2018 Montana 542 22,000 Colorado 9,700 21,578 Oregon 3,469 7,808 Kentucky 3,271 6,700 Tennessee 200 3,335 North Carolina 965 3,184 North Dakota 3,020 2,778 New York 2,000 2,240 Nevada 417 1,881 Wisconsin 0 1,850 Vermont 575 1,820 Minnesota 1,205 710 Pennsylvania 36 580 Maine 30 550 Oklahoma 0 445 South Carolina 0 256 West Virginia 14 155 Washington 175 142 Virginia 87 135 Massachusetts 0 21 Indiana 5 5 Hawaii 1 2 Nebraska 1 1 “Includes 232 acres of greenhouse or indoor cultivation Source: votehemp.com, State Departments of Agriculture, Cowen and Company Challenges For Growth We see several issues that we expect will moderate growth of hemp CBD in years to come. As a commodity, we see economics diminishing as CBD supply rises with increased acres along with higher costs for seed from increased seed demand. We also see a lack of best practices for cultivation, storage restrictions and uncertainty about the consistency of seeds/clones available increasing the probability that yields are compromised. 16 COWEN.COM HOUSE_OVERSIGHT_024832