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COLLABORATIVE INSIGHTS February 25, 2019
document IMAGES-008-HOUSE_OVERSIGHT_024914.txt Feb 25, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

COWEN COLLABORATIVE INSIGHTS February 25, 2019 This page left blank intentionally. 98 COWEN.COM HOUSE_OVERSIGHT_024914

Latin American Landscape
document IMAGES-008-HOUSE_OVERSIGHT_024900.txt Feb 25, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

COWEN COLLABORATIVE INSIGHTS 84 February 25, 2019 Latin American Landscape Chile Medical cannabis has been legal in Chile since 2017 following a pilot program conducting scientific research that began in 2014. A consortium of non-for-profit organizations, most notably the Da...

COLLABORATIVE INSIGHTS February 25, 2019
document IMAGES-008-HOUSE_OVERSIGHT_024916.txt Feb 25, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

COWEN COLLABORATIVE INSIGHTS February 25, 2019 - VALUATION METHODOLOGY AND RISKS Valuation Methodology Cannabis: Our valuation methodology is primarily based on Relative EV-to-Sales (EV-to-Sales divided by Sales-Growth), followed by EV-to-Sales. Investment Risks Cannabis: Can...

COLLABORATIVE INSIGHTS February 25, 2019
document IMAGES-008-HOUSE_OVERSIGHT_024902.txt Feb 25, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

COWEN COLLABORATIVE INSIGHTS February 25, 2019 The current licensed companies have already entered agreements with publicly traded cannabis companies. In 2018, Aurora acquired Uruguayan fully licensed ICC Labs Inc. (ICC) that operates a GMP-certified lab facility, indoor and out...

Thatcher, Mandela, Chavez Are Among Notable Deaths in 2013
document IMAGES-002-HOUSE_OVERSIGHT_013275.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…is month; and Muriel Siebert, 84, died in August. The year also included the deaths of politicians Edward Koch, 88, in February and Hugo Chavez, 58, in March; musicians Marian McPartland, 95, in August and Lou Reed, 71, in October; and athletes Stan Musial, 92, in January, and K...

COLLABORATIVE INSIGHTS February 25, 2019
document IMAGES-008-HOUSE_OVERSIGHT_024903.txt Feb 25, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

COWEN COLLABORATIVE INSIGHTS February 25, 2019 Additional Applications / Implications (Nadeau & Osborne) 2 Epilepsy & Psychiatric Conditions (Nadeau) For companies willing to invest in research and manufacturing, the development of FDA- approved cannabinoid-based drugs provid...

Pandora (BUY, $9 PO)
document IMAGES-003-HOUSE_OVERSIGHT_014916.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…w tracking more session starts than Pandora implying market share loss to Spotify. Given the leap year, we would expect February to track down Y/Y for monthly active listeners and user growth in February. Estimates vs. Consensus: Slightly above on revenue, below on EPS Our rev/...

Supreme Court Rejects Newman Requirement of “Pecuniary or Similarly Valuable” Personal
document IMAGES-005-HOUSE_OVERSIGHT_019857.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… the effective date of regulations published in the Office of the Federal Register have not taken effect as of yet. On February 3, 2017, President Trump signed a presidential memorandum to delay the Rule by six (6)-months, casting doubt on its viability. The memorandum instructs...

BREAKING DOWN DEMOCRACY: Goals, Strategies, and Methods of Modern Authoritarians
document IMAGES-005-HOUSE_OVERSIGHT_019248.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…rquhar and lvan Nechepurenko, “Aleksei Navalny, Viable Putin Rival, 1s Barred from a Presidential Run,” New York Times, February 8, 2017, https://www.nytimes.com/2017/02/08/world/europe/russia-aleksei-navalny-putin.html?_r=0. 10. Farid Guliyey, “End of Term Limits,” Harvard Inte...