COWEN COLLABORATIVE INSIGHTS February 25, 2019 Given increasing interest, younger consumer demographic trends, and a lack of paid advertising within the space, below we offer a snapshot of the Instagram landscape as a proxy for current company social media activity. We would caveat that this is not an exhaustive list, nor does the below chart factor in the impact of influencer marketing, which is a popular trend in order for these companies to drive brand momentum. That said, we believe the below chart reflects the competitive nature of the category as we are already starting to see momentum from less known, emerging brands. Of the companies analyzed, the below chart reflects the top 17 brands by absolute Instagram followers, while also providing data on the absolute number of posts over the month of January, as well as the average number of likes per post. Absolute Followers. As it currently stands, three companies have an Instagram following of over 100K people, with CBDFX leading the pack at 181K. Kush Queen and GT's Kombucha also look to be well positioned with 168K and 145K followers, respectively. # of Posts. Blue Ridge Hemp was the most active over the month of January with 84 posts, followed closely by Hemp Bombs (79 posts) and Pure Hemp Shop (57 posts). Across the competitive set, the average number of posts for the month of January was 32, Avg Likes Per Post. In addition to having one of the largest number of absolute followers, GT’s Kombucha also led the way in average likes per post (1,863). This was followed by super premium CBD company, Lord Jones, with 1,318 average likes per post. Not Pot rounded out the top three with 1,257 average likes per post. We would note that while we consider the below analysis useful in terms of analyzing social media activity, it should not be used as a proxy for market leadership. Publicly traded companies such as Charlotte’s Web, CV Sciences and Elixinol have established themselves as market leaders within CBD, based on