COLLABORATIVE INSIGHTS February 25, 2019
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COWEN
COLLABORATIVE INSIGHTS February 25, 2019
Tinctures are the market leading form factor within CBD, which is reflected in the
absolute number of companies that play across different price segments. Ona price /
mg CBD basis, Lord Jones leads the pack on premium pricing, with its tincture priced at
$0.24 per mg of CBD. Lazarus falls at the opposite end of the price spectrum at $0.04
per mg of CBD. The vast number of price points throughout this segment reflects an
abundance of choice for the consumer, providing options for all income cohorts.
2
Figure 31 Notable Competition Within Tinctures Segment
$0.30 CBD Tinctures by Price Segment
g025 $0.24 69 23 0.22
$0.20
$0.17 $0.17 $0.17 $0.16 $0.16 $0.16 $0.16 é
: : : O15 ¢9144
$0.14 69 13 $0.11 $0.11$0.11$0.11$0.10 $0.09 60.08 $0.08 40.08 $0.08
; ! : : .08 §0.07
$0.05 $0.04
Lord Jones
Medix CBD
Diamond CBD
Green Roads
Premium Jane
CV Sciences
Mary's Medicinals
Mary's Nutritionals
Pure Kana
Sunday Scaries
Highline
Papa & Barkley
Veggimins
Hemp Bombs
Canna Hemp
Charlotte's Web
Curaleaf Hemp
Green Mountain
Super Premium Premium Main
(> $0.19) ($0.15-$0.19) ($0.09-$0.14)
Source: Company Websites and Cowen and Company
Note: Reflects price per mg of CBD; For companies with multiple SKUs, we used a straight line average
In our consumer survey, of respondents who use CBD, 44% of people use tinctures as a
form factor, which looks to be equally popular among both male and females.
Interestingly, tincture use looks to be the most prevalent form factor among older
consumers, as two-thirds of respondents within this cohort indicated use of a tincture.
Tinctures look to be the most popular form factor across all income demographics, with
over 50% of people using within the SSOK-S100K segment.
Figure 32 Tinctures Are The Most Popular Form Factor
CBD Tincture Use
= BH 66.7%
60.0%
50.0% 43.6% 43.4% 43.8%
40.0%
30.0%
20.0%
10.0%
0.0%
Male Female S50K-S100K >$ 100K
Gender Income
Source: Cowen Survey, N=~2500, January 2019
COWEN.COM 29
HOUSE_OVERSIGHT_024845
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