COWEN COLLABORATIVE INSIGHTS February 25, 2019 s Appendix SSS Figure 136 Cannabis Comp Table Price 52 Week Enterprise Value / 7 Local r Market Enterprise FY1 FY2 FY3 Tick 2/22/2019 L High LTM R FYiRev FY2Rev FY3R Company Name - Non-Coverage IGAEE cag BARRE om 8 Value Value oy oy om Y EBITDA EBITDA EBITDA 1933 Industries Inc TGIF.CD CAD 0.56 0.30 0.80 133 131 88 43 2yaE NA 312 11.8 NA Aphria Inc APHAN USD 10.18 375 13.45 2535 3,219 56.2 NA NA NA NA NA NA Aurora Cannabis Inc ACB USD 6.96 3.90 12.53 6,948 9,318 782 NA NA NA NA NA NA Charlotte's Web Holdings Inc CWEB.CD CAD 18.15 9.05 22.75 1,678 1,199 NA 17.4 7.6 44 5411 215 12.0 Cronos Group Inc CRON.O USD 21.92 5.12 25.10 3,892 5,113 NM NM 377 29.2 NM 122.0 96.1 Curaleaf Holdings Inc CURA.CD CAD 10.25 1.43 26.01 3,412 , 3,412 NA 38.3 93 47 NM 278 12.9 CV Sciences Inc CVSILPK = -USD 490 0.37 9.20 463 453 11.0 NA NA NA NA NA NA Elixinol Global Ltd EXLAX AUD 3.47 1.34 3.69 161 148 NA 1.4 1.2 1.0 14.6 7.6 6.3 Emblem Corp EMCV CAD 1.78 0.83 242 234 202 35.4 24.4 27 1.4 NM 18.2 5.6 Emerald Health Therapeutics Inc EMH.V CAD 3.89 2.04 6.35 554 504 NM NA NA NA NA NA NA Green Organic Dutchman Holdings Ltd TGOD.TO CAD 3.69 2.06 9.64 989 789 NA 53.6 40 14 NM NM 6.3 Green Thumb Industries Inc GTII.CD CAD 19.69 8.21 32.50 1,257 859 NA 13.0 40 19 NM 19.2 5.6 Khiron Life Sciences Corp KHRN.V CAD 4.05 0.87 4.35 308 294 NA NM 24.6 39 NM NM 153 Level Brands Inc LEVB.N USD 5.05 2.60 8.41 51 43 47 NA NA NA NA NA NA Neptune Wellness Solutions Inc NEPT.O USD 3.67 2.27 5.14 295 374 145 14.1 6.1 27 84.2 30.6 414 OrganiGram Holdings Inc OGLV CAD 7.74 3.26 8.55 1,013 1,016 NA 8.2 43 Ba 19.5 11.6 88 Company Name - Coverage Canopy Growth Corp WEED.TO CAD 58.54. 23.88 76.68 20,071 16,142 NA NM 74.2 34.9 NM NM 105.0 KushCo Holdings Inc KSHB.PK CAD 6.38 3.76 7.20 560 16,142 NA NM NM NM NM NM NM Tilray Inc TLRY.OQ USD 79.07 20.10 300.00 7,367 16,142 NM NA NA NA NA NA NA Turning Point Brands Inc TPB USD 41.00 19.414 47.00 802 16,142 NM NM NM NM NM NM