The below figure reflects the notable competition seen within vape as more companies

COWEN COLLABORATIVE INSIGHTS February 25, 2019 The below figure reflects the notable competition seen within vape as more companies continue to enter the space. In addition to CBD only-focused companies, we are starting to see crossover from adult-use / medical focused companies including Green Thumb Industries and Curaleaf Hemp. Indeed, GTI recently announced the acquisition of Beboe, which will offer a CBD vape pen with a focus on gaining distribution in high-end retail stores. Curaleaf will offer their pen through its e-commerce platform and dispensaries. Notably, crossover does not pertain solely to cannabis companies, as Turning Point Brands recently announced a minority stake in CASH, a privately held CBD extraction and production company. With a rapidly growing vapor infrastructure in place already (from Vapor Beast, Vapor Shark and Vapor Supply), TPB has a number of avenues and distribution points, both B2B and B2C, to introduce CBD vapor products to complement its portfolio. As such, we look for new CBD product introductions from TPB over the next year, with vapor as a logical entry point and key focus area. Figure 98 Competition Expected to Heat Up Across Vapor $0.40 $030 $0.30 $0.20 $0.10 $0.00 $027 so25 $024 Pure Kana Pure Ratios Canna Hemp Vape Bright Diamond CBD Curaleaf Hemp Super Premium (> $0.23) TERP@EX Rea Cannaths Terpenes $0.20 S018 $017 So46 $015 $0.14 $014 $014 ¢942 $012 CBD Vape by Price Segment 90.11 $0.10 $0.10 $0.10 $0.09 soos $0.07 $0.04 Medix CBD VeedVerks Company CBDistillery Just CBD Fresh Leaf Jolly Green Oil Hemp Bombs Funky Farms Pinnacle Hemp Carolina Hemp Pure Hemp Botanicals Main ($0.10-$0.17) VAPE PEN eo VAPING CBD OIL ; i tr) 2e =o Neng —_ = | cbdMD- 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 52 COWEN.COM HOUSE_OVERSIGHT_024868