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1.23 MB
Extraction Summary
2
People
3
Organizations
0
Locations
1
Events
1
Relationships
3
Quotes
Document Information
Type:
Financial market research report
File Size:
1.23 MB
Summary
This document is page 8 of a Cowen market research report dated February 25, 2019, analyzing the market size and consumer demographics of CBD products. It details survey results from January 2019 showing a 6.9% usage rate, skewing towards younger demographics (18-34), and identifies tinctures as the dominant delivery mechanism. While the document bears a 'HOUSE_OVERSIGHT' Bates stamp (often associated with financial probes into banks connected to Jeffrey Epstein), the content of this specific page is strictly financial market analysis regarding CBD and tobacco/vaping products.
People (2)
| Name | Role | Context |
|---|---|---|
| Michael Cella | Recipient/Employee |
Email address michael.cella@cowen.com appears in the restrictive watermark indicating the report is intended for him.
|
| Azer | Analyst/Author |
Name appears in the report title 'Consumer Products Market Sizing (Azer)'.
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| Cowen |
Authoring firm of the report (Cowen Collaborative Insights).
|
|
| JUUL |
Mentioned for statistical comparison regarding consumer usage rates.
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_024824'.
|
Timeline (1 events)
Relationships (1)
Watermark explicitly states the report is intended for his Cowen email address.
Key Quotes (3)
"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."Source
HOUSE_OVERSIGHT_024824.jpg
Quote #1
"Indeed, to put the 6.9% incidence rate in context, that compares to JUUL use of 4.2%, and 19.6% of consumers that consider themselves a current tobacco user, per our survey."Source
HOUSE_OVERSIGHT_024824.jpg
Quote #2
"This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited."Source
HOUSE_OVERSIGHT_024824.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,020 characters)
COWEN
COLLABORATIVE INSIGHTS
February 25, 2019
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 the first month's reading of the data (which can fluctuate from month to month), this initial response piqued our interest considerably, as it was much higher than we would have suspected. Indeed, to put the 6.9% incidence rate in context, that compares to JUUL use of 4.2%, and 19.6% of consumers that consider themselves a current tobacco user, per our survey.
From a user perspective, category engagement not surprisingly skews younger, with use among 18-24 and 25-34 year olds at over 9%, while it is below 4% for consumers 55+.
Figure 1 CBD Use Over-Indexes to Consumers Aged 18-34
Do You Use CBD as a Supplement?
[Chart visual data]
Total 6.9%
18-24 9.2%
25-34 9.5%
35-44 7.8%
45-54 6.4%
55+ 3.7%
[Chart visual data]
Total 6.9%
18-24 9.2%
25-34 9.5%
35-44 7.8%
45-54 6.4%
55+ 3.7%
Source: Cowen Survey, n=~2500, January 2019
While the category remains nascent (with revenue estimates ranging from $600 mm to $2 bn in 2018) it seems clear that the abundance of choice, which we discuss in more detail herein, has been a key driver of that consumer engagement. In particular, we were surprised to see that beverages already account for close to 20% of reported form factor use, given that this segment is among the newer offerings in the market place. Meanwhile, tinctures, which were arguably one of the original delivery systems, has a dominant 44% share.
Figure 2 Tinctures Are the Most Popular Delivery Mechanism
CBD Form Factor Use
[Pie Chart visual data]
Beverages, 19.2%
Tinctures, 43.6%
Topicals, 26.2%
Capsules, 22.1%
Other, 20.9%
[Pie Chart visual data]
Beverages, 19.2%
Tinctures, 43.6%
Topicals, 26.2%
Capsules, 22.1%
Other, 20.9%
Source: Cowen Survey, n=~2500, January 2019
Note: Users had the option to choose multiple form factors
Note: Users had the option to choose multiple form factors
[Sidebar Watermark text]
This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
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