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11 Cowen analysts across consumer, health

Dated February 25, 2019 Ref IMAGES-008-HOUSE_OVERSIGHT_024817.txt Release House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pages

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COWEN AHEAD OF THE CURVE? SERIES COWEN'S COLLECTIVE VIEW OF CBD FEBRUARY 25, 2019 11 Cowen analysts across consumer, health care, industrials, and regulatory offer a comprehensive view of the global CBD opportunity. Nearly 7% of adults in our proprietary U.S. survey (n = ~2,500) reported using CBD as a supplement, far higher than we expected. We believe U.S. CBD can conservatively generate sales of $16 bn by 2025. We offer detailed analysis at the sub-category level, as well as company-specific discussions, including Outperform rated WEED, TLRY, and TPB. Cowen Research 646 562 1330 [email protected] Vivien Azer 646 562 1351 [email protected] Equity Research Cannabis Suelu! SI odes Siu, OND “pelgiyoid si yoda siuj Jo UONNQUISIPes peZUOUINeUL “WOd"'USMOI®e]/90 Pees N Y CANNABIS WY COWENRESEARCH COWEN.COM HOUSE_OVERSIGHT_024817

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