COWEN COLLABORATIVE INSIGHTS February 25, 2019 Equity Research Price Targets: Cowen and Company, LLC assigns price targets on all companies covered in equity research unless noted otherwise. The equity research price target for an issuer's stock represents the value that the ana...
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G@i=— COWEN WASHINGTON ~——-:« RESEARCH GROUP COLLABORATIVE INSIGHTS February 25, 2019 m Cannabis COWEN RESEARCH Cowen Research 646 562 1330 cowen.research@cowen.com Vivien Azer 646 562 1351 vivien.azer@cowen.com John Blackledge 646 562 1359 john.blackledge@cowen.com Andre...
COWEN COLLABORATIVE INSIGHTS POINTS OF CONTACT Author Profiles Cowen Research New York 646 562 1330 cowen.research@cowen.com Andrew M. Charles, CFA New York 646 562 1332 andrew.charles@cowen.com Andrew Charles is an analyst focused on restaurants. He has spent over seven y...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 ADDENDUM Stocks Mentioned In Important Disclosures Ticker Company Name WEED Canopy Growth Corporation GWPH GW Pharmaceuticals Plc TLRY Tilray TPB Turning Point Brands Important Disclosures and Information Relating to Cowen Wash...
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,...
COWEN COLLABORATIVE INSIGHTS Figure 18 Interest Broad Based from Edibles... February 25, 2019 Consumer Products Opportunities (Azer) In 2018, the CBD market in the U.S. has been estimated to have generated revenues ranging from ~S600 mm to as much as $2 bn. In our 2019 globa...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 To further reinforce how CBD has been gaining interest over time, we analyzed the historical number of hemp oil products offered by Amazon (AMZN, John Blackledge), where we can see a continued increase in the number of products sold...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 Bottled Water 2 Consumer interest in CBD continues to gain momentum. For beverages, in particular water, this is evidenced by analyzing current Google Trends, where interest rose considerably over the course of 2018 and looks to s...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 Consumer Products Market Sizing (Azer) In our proprietary Cowen consumer survey (~2,500, 18+ respondents), we found that in January 2019 close to 7% of respondents indicated that they use CBD as a supplement. While this is only th...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 Benchmarking across the topical market, we would highlight the absolute number of brands offering a product, which while not exhaustive, provides context on the popularity of the form factor. Similar to most other verticals, Mary's...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 Cannabidiol (CBD) Entrance Into Mass Retail May Start In Beauty Before Entering Broadlines (Chen) 2 Cowen’s take is that first movers may predominantly consist of independent operators, followed by beauty, convenience, and other m...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 Topicals 2 Outside of nutraceuticals, we expect the topical CBD market to provide the largest contribution to industry sales. We believe the non-ingestible nature of the product makes it more attractive to consumers looking to exp...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 Nutraceuticals Given robust consumer interest in CBD products, we estimate that over the next two years, the nutraceuticals category (which includes tinctures, capsules, gummy vitamins, etc.) can generate revenues of $2.4 bn. Unce...
COWEN COLLABORATIVE INSIGHTS Figure 110 Prime Member Purchaser % By Vertical, 1918-4018 February 25, 2019 Figure 109 Share Of U.S. eCommerce Sales '13 vs. ‘18E vs. ‘23E Office Equip/Supplies Garden Equip/Supplies Toys Sporting Goods Other 100% 90% 80% Media Auto 70% Foo...
COWEN COLLABORATIVE INSIGHTS February 25, 2019 Figure 6 - 2017 Production Less Operating Costs Per Acre (Cash Grower Margin/Acre} Corn Soybeans Gross Value of Production Operating Costs Seed 2 Fertilizer Chemicals Other Operating Costs Total Operating Costs Cash Grower Marg...