HOUSE_OVERSIGHT_024854.jpg
1.05 MB
Extraction Summary
1
People
2
Organizations
0
Locations
0
Events
1
Relationships
3
Quotes
Document Information
Type:
Financial research report / market analysis
File Size:
1.05 MB
Summary
This document is page 38 of a Cowen 'Collaborative Insights' financial report dated February 25, 2019, analyzing the CBD beverage market. It projects revenue growth to $900 million, with bottled water expected to comprise 65% of the market share. The document bears a 'HOUSE_OVERSIGHT_024854' Bates stamp, indicating it was part of a document production for a congressional investigation, though the content itself is strictly market research without direct reference to Epstein.
People (1)
| Name | Role | Context |
|---|---|---|
| michael.cella | Recipient/Employee |
Named in the sidebar watermark as the intended recipient of the report (michael.cella@cowen.com).
|
Organizations (2)
| Name | Type | Context |
|---|---|---|
| Cowen |
Financial services firm producing the report (Cowen and Company).
|
|
| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT_024854'.
|
Relationships (1)
Email address michael.cella@cowen.com listed in watermark.
Key Quotes (3)
"Over the next two years, we believe that the beverage category can grow to a $900 mm revenue opportunity."Source
HOUSE_OVERSIGHT_024854.jpg
Quote #1
"For 2019, we are forecasting a notable acceleration in growth, with revenues more than doubling to $600 mm."Source
HOUSE_OVERSIGHT_024854.jpg
Quote #2
"Below we provide a sub-segment build by category, where we believe CBD water will represent the lion's share of sales at 65%."Source
HOUSE_OVERSIGHT_024854.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,764 characters)
COWEN
COLLABORATIVE INSIGHTS
February 25, 2019
COLLABORATIVE INSIGHTS
February 25, 2019
Beverages
Over the next two years, we believe that the beverage category can grow to a $900 mm revenue opportunity. Our conviction in this category is underscored by our proprietary consumer survey, which shows that almost 20% of CBD users consume beverages, which we view as an encouraging sign. For 2019, we are forecasting a notable acceleration in growth, with revenues more than doubling to $600 mm. Assuming growth moderates in 2020 (to 50%), we believe revenues will approach the $1 bn mark.
Figure 57 Sales for Beverages Can Approach $1 BN Over the Next Two Years
Total Beverage CBD Sales ($ in mm)
$1,000
$800
$600
$400
$200
$0
$1,000
$800
$600
$400
$200
$0
2018: $156 (Bottled Water), $48 (Energy Drinks), $36 (Beer) Total ~$240
2019: $390 (Bottled Water), $120 (Energy Drinks), $90 (Beer) Total ~$600
2020: $585 (Bottled Water), $180 (Energy Drinks), $135 (Beer) Total ~$900
2019: $390 (Bottled Water), $120 (Energy Drinks), $90 (Beer) Total ~$600
2020: $585 (Bottled Water), $180 (Energy Drinks), $135 (Beer) Total ~$900
Bottled Water Energy Drinks Beer
Source: Cowen and Company
Below we provide a sub-segment build by category, where we believe CBD water will represent the lion's share of sales at 65%. Energy drinks have been focused on health and wellness and we believe that CBD-infused energy drinks will represent a niche segment in a category that continues to see more competition. We expect CBD beer to have a place in the category, though should admittedly be smaller in scale, given less interest from a lack of THC.
Figure 58 CBD Water Should Have An Outsized Contribution On Category Sales
CBD Sales Mix by Sub-Category
Beer 15%
Energy Drinks 20%
Bottled Water 65%
Energy Drinks 20%
Bottled Water 65%
Source: Cowen and Company
38
COWEN.COM
HOUSE_OVERSIGHT_024854
COWEN.COM
HOUSE_OVERSIGHT_024854
[Sidebar Text]: This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
Discussion 0
No comments yet
Be the first to share your thoughts on this epstein document