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1.15 MB
Extraction Summary
1
People
3
Organizations
3
Locations
1
Events
1
Relationships
2
Quotes
Document Information
Type:
Financial research report / disclaimer page
File Size:
1.15 MB
Summary
This document appears to be page 100 of a financial research report produced by Cowen Collaborative Insights, dated February 25, 2019. It details valuation methodologies and investment risks specifically related to the U.S. and Canadian cannabis industries. The page bears a House Oversight Committee Bates stamp, suggesting it was part of a larger production of documents, likely related to financial investigations, though the text itself does not mention Jeffrey Epstein.
People (1)
| Name | Role | Context |
|---|---|---|
| Michael Cella | Recipient/Employee |
Email address michael.cella@cowen.com appears in the watermark indicating the report is intended for him.
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Organizations (3)
| Name | Type | Context |
|---|---|---|
| Cowen |
Author of the report (Cowen Collaborative Insights).
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| Department of Treasury |
Mentioned regarding guidance on the Controlled Substances Act.
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| House Oversight Committee |
Implied by the Bates stamp prefix 'HOUSE_OVERSIGHT'.
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Timeline (1 events)
Locations (3)
| Location | Context |
|---|---|
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Context of cannabis regulation.
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Mentioned regarding legalization of cannabis activities.
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Context of cannabis regulation and emerging industry.
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Relationships (1)
Email address michael.cella@cowen.com in watermark.
Key Quotes (2)
"Our valuation methodology is primarily based on Relative EV-to-Sales (EV-to-Sales divided by Sales-Growth), followed by EV-to-Sales."Source
HOUSE_OVERSIGHT_024916.jpg
Quote #1
"The Department of Treasury has issued guidance that The Controlled Substances Act (“CSA”) makes it illegal under U.S. federal law to manufacture, distribute, or dispense cannabis and cannabis-related products."Source
HOUSE_OVERSIGHT_024916.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (1,962 characters)
COWEN
COLLABORATIVE INSIGHTS
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: Cannabis is an emerging industry and is subject to regulatory headwinds. While over 50% of the population is in favor of legalization, only a few states have thus far legalized cannabis for recreational use and the product remains illegal at the federal level. Looking forward, much work and change still needs to occur in order for this industry to realize its full potential.
Risks Pertaining to U.S. Cannabis-Related Companies: If you are considering investing in a U.S. company that is connected to the cannabis industry, be aware that cannabis-related companies may be at risk of federal and/or state criminal prosecution. The Department of Treasury has issued guidance that The Controlled Substances Act (“CSA”) makes it illegal under U.S. federal law to manufacture, distribute, or dispense cannabis and cannabis-related products. Many states impose and enforce similar prohibitions. Notwithstanding the federal ban, however, many U.S. states and the District of Columbia have legalized certain cannabis-related activities.
Risks Pertaining to Canadian Cannabis-Related Companies: In Canada, cannabis is an emerging industry and is subject to regulatory headwinds. While medical cannabis is legal in Canada, legislation has also been introduced to legalize adult-use sales on October 17, 2018. An initial regulatory framework has been laid out for the adult-use market, looking ahead, the category will be subject a number of potential headwinds, including taxes and restrictions on from factors and packaging.
[Sidebar Text]: This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
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