COWEN COLLABORATIVE INSIGHTS February 25, 2019 e Mary’s Whole Pet. Whole plant CBD remedies for pets, sold in retailers and online in the U.S. and international markets. Mary’s is a high-end brand, focused on clean delivery methods through its transdermal patches, topicals and patented gel pen technologies. In March 2018, Mary’s Nutritionals was chosen as the preferred CBD vendor partner for all Ritz Carlton, Marriott, JW Marriott, W, and St. Regis Locations. Mile High Labs. Based in Colorado, Mile High Labs is the largest extractor of CBD in the world. The company sources hemp from third party cultivation partners across four states, which include Colorado, Oregon, New York, and Kentucky. Mile High Labs extracts exclusively from industrial hemp flower material to create full spectrum extract, distillate and isolate. Their full spectrum extract contains a full range of CBD terpenes and over 60% CBD on average, making it useful for low concentration formulations in holistic and wellness applications, including tinctures and capsules. Mile High Labs distillate is refined using proprietary molecular distillation technology and contains ~85% CBD on average, making it ideal for vape pen cartridges, tinctures and other high potency formulations. The company’s isolate contains ~99% CBD and is used as a main ingredient in bioceutical and nutritional product applications. Mile High offers end-to-end certified GMP hemp CBD manufacturing. In October 2018, Mile High Labs raised $35 mm ina Series A, which according to CEO Jason Roth represented a “record- breaking investment [which] is a reflection of the growth in demand for quality CBD products and Mile High Labs’ unique ability to meet that demand.” CFO Jonathan Hilley also recently noted that he believes “the CBD market is in the early stages of a 20-year secular growth trend.” Papa & Barkley. Papa & Barkley is based in California, with a diverse portfolio of products and lines. The company’s Re/eaf line spans multiple for