COWEN COLLABORATIVE INSIGHTS February 25, 2019 Canadian LP Commentary on CBD a | =e In addition to the public companies already actively involved in the hemp / CBD market, we would note that all of the major Canadian public cannabis companies have been vocal in terms of expressing their interest in the space, as reflected in the below commentary. Aphria (APH) “Depending on the country, there is a lot of movement in Europe...with a CBD light. That CBD, that source from hemp, and what we are contemplating in certain countries, Portugal being one, Italy being one.” Chairman, CEO & President Victor Neufeld (1019 Earnings Call) Aurora (ACB) “I think the hemp industry, | tell a lot of the people here that | think it's going to be as big or bigger than the cannabis industry.” Founder, CEO and Director Terry Booth (4Q18 Earnings Call) “We've got -- obviously, we're first mover in the hemp space out of any other of our competitors. And we'll enter when it's proper to enter and when it's legal to enter into the United States market.” Founder, CEO and Director Terry Booth (2019 Earnings Call) Canopy Growth (WEED, Outperform, C$82 PT) “But CBD every day is moving through a progression where it's going to become part of the normal course available ingredient set..and | think we're doing a very good job of getting in front of that.” CEO Bruce Linton (1Q19 Earnings Call) “CBD is] going to come down to who gets the data to get the branded product that actually works. And | think we're doing a very good job on that and | believe we have a leadership position on that.” CEO Bruce Linton (2Q19 Earnings Call) Cronos (CRON) “At Cronos, we seek to build the world's most innovative cannabinoid company, where we develop and research efficient processes to effectively produce and formulate the full spectrum of cannabinoids, not just THC and CBD.” Chairman, President & CEO Michael Gorenstein (3Q18 Earnings Call) Emblem Corp (EMC) On 8/1/18, Emblem and GreenSpace