COWEN COLLABORATIVE INSIGHTS February 25, 2019 Private Companies a Botanica. Best known for its portfolio of adult use edible brands, which includes Spot, = Journeyman and Mr. Moxey’s Mints, Botanica recently launched a CBD only line of Mr Moxey’s Mints, following the passage of the 2018 Farm Bill. The products are currently offered in the U.S. and the U.K. and are available in one package format consisting of 60 mints at 5 mgs per CBD each. In the U.S., the mints retail for ~$40 per tin and going forward, the company will look to come to market with smaller / lower priced offerings to help drive immediate point of sale consumption across brick and mortar retail locations. Over time, management forecasts that ~40% of sales will come from e- commerce, with the balance coming distribution. GenCanna. Based in Kentucky, GenCanna is a cultivator of premium hemp-derived CBD. Additionally, the company offers whole-plant hemp extracts in the form of full spectrum or isolated crystalline cannabinoid CBD for wholesale, available to customers in the form of powders and oils and can be prepared as a proprietary water dispersible powder to support large scale manufacturing needs. Their powders have a CBD concentration of 99.5%+, which is isolated using CO2 extraction and crystal precipitation (as is their bulk oil). GenCanna also offers a full range of packaged goods including bottled oil drops, capsules and topical creams. All GenCanna products are produced in an FDA registered and inspected, food-grade, GMP-compliant facility and are tested by third parties for safety and quality. In November 2018, MariMed (MRMD, not covered) invested $30 mm in GenCanna, which established a long-term supply agreement whereby GenCanna became MariMed’s global hemp CBD supplier. Highline Wellness. Co-founded by former Cowen alum Chris Roth and his business partner Chris D’Alberti, Highline Wellness is a NYC-based CBD company currently offering tinctures, chews (gummies) and topicals (pain cream)