COWEN COLLABORATIVE INSIGHTS February 25, 2019 Curaleaf Hemp. Curaleaf (CSE: CURA; OTC: CURLF) is a vertically integrated U.S. multi- state operator (MSO), based in Massachusetts that focuses on selling Curaleaf branded =a products in its company-owned dispensaries. In September, the company launched a separate CBD focused line called Curaleaf Hemp, which is currently sold in 47 states. Form factors currently offered include tinctures, capsules, topicals, patches, vape pens, and pet treats. With both ingestible and topical CBD products currently offered in select Weegman’s stores, Curaleaf Hemp is focused on expanding into more channels and becoming a national CBD brand by the end of the year. Curaleaf Hemp products are mid- tier priced, coming in above value offerings, but below what would be considered super- premium. This allows them to competitively target pharmacy chains and grocery stores. Curaleaf believes women represent an outsized opportunity within CBD and will focus their efforts on positioning their products towards that specific cohort. This makes good sense to us as Our proprietary survey indicated that women slightly over-index to CBD relative to men. Through FY9M18, Curaleaf has generated ~$45 mm in revenues (including adult use and medical) reflecting a 247% YoY growth rate, while delivering a gross margin of 57%. CV Sciences. Headquartered in San Diego, CA, publicly traded CV Sciences (OTCQB: CVSI) has two distinct operating divisions, consisting of consumer products and specialty pharmaceuticals. Within consumer products, the company is engaged in the development, manufacturing, marketing, and distribution of hemp-derived CBD products, which are refined into its own PlusCBD Oi!™ brand. Form factors are broad based and include oils, capsules, sprays, balms, beauty products, and gummies, and are distributed nationally in health food stores and health care provider offices through select distributors and online. CV Sciences currently distributed to