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1.35 MB
Extraction Summary
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People
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Organizations
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Locations
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Events
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Relationships
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Quotes
Document Information
Type:
Financial research report / market analysis
File Size:
1.35 MB
Summary
A page from a Cowen and Company financial research report dated February 25, 2019, analyzing the U.S. CBD market. The report projects a $16 billion revenue opportunity by 2025, breaking down the market into sectors such as nutraceuticals ($6.4bn), topicals ($4bn), and beverages ($2.4bn). The document bears a 'HOUSE_OVERSIGHT' Bates stamp, suggesting it was produced as part of a Congressional investigation, potentially related to financial records, though no specific Epstein connection is visible in the text of this specific page.
People (1)
| Name | Role | Context |
|---|---|---|
| Michael Cella | Recipient/Employee |
Email address michael.cella@cowen.com appears in the watermark indicating the report is specifically intended for him.
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| Cowen and Company |
Financial services firm that produced the report.
|
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| U.S. Census |
Cited for population projections.
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_024825'.
|
Locations (1)
| Location | Context |
|---|---|
|
The market geography being analyzed for CBD revenue.
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Relationships (1)
Email address domain @cowen.com in watermark.
Key Quotes (3)
"With growing consumer awareness, we conservatively believe that CBD use can grow to 10% of adults in the U.S., or ~25 mm consumers (using current population) by 2025."Source
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Quote #1
"If we assume that the average consumer ultimately spends $640 per year (or less than $2 / day), that would imply a $16 bn market opportunity for CBD."Source
HOUSE_OVERSIGHT_024825.jpg
Quote #2
"This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited."Source
HOUSE_OVERSIGHT_024825.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,814 characters)
COWEN
COLLABORATIVE INSIGHTS
February 25, 2019
COLLABORATIVE INSIGHTS
February 25, 2019
While we are keen to gain more insights into the evolving use of CBD in the coming months from our survey work, this initial snapshot offers a framework for sizing the ultimate CBD opportunity. With growing consumer awareness, we conservatively believe that CBD use can grow to 10% of adults in the U.S., or ~25 mm consumers (using current population) by 2025. If we assume that the average consumer ultimately spends $640 per year (or less than $2 / day), that would imply a $16 bn market opportunity for CBD. We would note that using the U.S. Census 18+ population projection in 2025, a 10% incidence rate would equate to just over $590 in annual spend to achieve $16 bn. Conversely, holding the $640 in spend constant with the U.S. Census forecasted population would result in over $17 bn in revenues by 2025.
That said, we view this estimate as somewhat conservative, as we can envision a scenario where a consumer that uses a CBD tincture or capsule, may also be inclined to convert his or her beauty regimen to include CBD (e.g., CBD infused beauty products), and or use a topical for targeted relief as well. Our $16 bn estimate assumes the following category contributions:
Figure 3 We Believe CBD Can Be a $16 BN Revenue Opportunity in the U.S. by 2025
[Diagram Description: A circular chart titled "$16BN CBD REVENUE OPPORTUNITY" surrounded by icons representing different sectors with monetary values in millions]
NUTRACEUTICALS $6,400
VAPOR $960
TOPICALS $4,000
BEVERAGES $2,400
FOOD $1,120
BEAUTY $1,120
[Diagram Description: A circular chart titled "$16BN CBD REVENUE OPPORTUNITY" surrounded by icons representing different sectors with monetary values in millions]
NUTRACEUTICALS $6,400
VAPOR $960
TOPICALS $4,000
BEVERAGES $2,400
FOOD $1,120
BEAUTY $1,120
Note: $ in mm unless otherwise stated.
Source: Cowen and Company
Source: Cowen and Company
COWEN.COM
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HOUSE_OVERSIGHT_024825
[Vertical text on right margin]: This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
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